US President Donald Trump's decision to raise tariffs on steel from Turkey from 25 to 50 per cent is intended to act as a 'significant step' towards ensuring the viability of the US steel industry
US President Donald Trump's decision to raise tariffs on steel from Turkey from 25 to 50 per cent is intended to act as a 'significant step' towards ensuring the viability of the US steel industry. The higher duty will be collected on top of any special rate of duty applicable pursuant to existing US free trade agreements or trade preference programmes.
Mr Trump also said US relations with Turkey 'are not good at this time,' after the Office of the US Trade Representative earlier last week had announced it was reviewing Turkey's eligibility for the Generalized System of Preferences based on concerns regarding the nation's market access for US products.
US Customs said importers must now report Harmonised Tariff Schedule (HTS) Subheading 9903.80.02 for the 50 per cent ad valorem duty rate for iron and steel products imported from Turkey, in addition to reporting the regular classification for such goods under HTS chapters 72 and 73.
The White House proclamation said that domestic steel capacity utilisation has improved but is still below what Commerce Secretary Wilbur Ross recommended, noted American Shipper.
'Although imports of steel articles have declined since the imposition of the tariff, I am advised that they are still several percentage points greater than the level of imports that would allow domestic capacity utilisation to reach the target level,' Mr Trump said in the proclamation.
Said Mr Ross: 'Doubling the tariff on imports of steel from Turkey will further reduce these imports that the [Commerce] Department found threaten to impair national security as defined in Section 232.'
