Trump will melt the $ 1 billion Turkish steel.

Donald Trump

With the lobbies of the US steel giants, President Trump’s plans to restrain steel imports have made the sector nervous. “We are losing $ 1 billion in exports,” said EIC President Ekinci.

The steel sector, which accounts for 7 percent of Turkey’s total exports, is suffering export losses due to anti-dumping investigations that have been exposed in various countries. Attempts by the US, the largest export market in the sector, to limit steel imports will further exacerbate Turkish exporters.

Steel Exporters’ Association (PMC) Chairman Namik Ekinci said that there has been a steady decline in steel exports to the US since April due to uncertainty following the import restriction restrictions. “Uncertainty has already caused a fall in exports. Turkey could face the danger of losing more than $ 1 billion a year to this country if the mentioned restrictions are put into effect. ”

Vigilance of the Americans!
“US producers prefer to accuse Turkey of exporting status in order to sell goods at higher prices in their own country markets when US producers are shrinking their profits,” he added, adding that US steel producers are unfairly accused of increasing their profit margins. : “We are also subjected to accusations and inquiries unfairly. As Turkish steel exporters, we do not export dumping or state-sponsored products to any country in the world. ”

Bearing in mind that restrictions imposed by the United States will cause damage to the economy of the country, Namik Ekinci noted that artificial price increases will cause difficulties.

According to the information given by Ekinci, 261 thousand tons of steel exports to the US in April was 240 thousand tons in May, 147 thousand tons in June and 114 thousand tons in July. While Turkey is exporting 2.3 million tons of steel to the US in 2016 amounting to 1.1 billion dollars, US was Turkey’s largest export market on a country basis.

We are 9 in the world
The steel sector is Turkey’s fifth largest exporter with $ 9.1 billion worth of exports in 2016. Turkey’s total exports accounted for about 7 percent. Turkey, which exports 16.5 million tons of steel in 2016, is the ninth largest steel exporter in the world.

US giants are pushing for tax
In April, US President Donald Trump launched an investigation into whether steel imports have put US national security at risk. According to the ‘Section 232’ law, which permits industry inspections to be carried out, import taxes or quotas can be brought in if threatening national security. Trump said in July that its final decision on steel would be delayed until other priority issues were resolved. Last week, however, the issue revived, prompting the directors of 25 of the US steel industry’s companies not to immediately limit imports from Trump.

Source : Vatan