Trump doubles tariffs on some Turkish metals

washington — US President Donald Trump said he’s authorised doubling some metals tariffs on Turkey, citing poor relations with the Nato ally amid an escalating conflict over its detention of an American pastor.

“I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!” Trump said on Twitter.

The US was the fourth largest trading partner of Turkey last year with $21 billion in commerce, behind Germany, China and Russia.

Shares of Turkish steelmakers Kardemir Karabuk Demir Celik Sanayi ve Ticaret and Eregli Demir ve Celik Fabrikalari plunged as much as eight per cent and 9.9 per cent, respectively, after Trump’s tweet.

Steel was Turkey’s fourth-largest export last year, valued at $11.5 billion and accounting for about seven per cent of total exports, according to the country’s Steel Exporters’ Association.

Turkey ranks as the world’s sixth-biggest steel producer.

While the US was the top destination for Turkish steel exports last year, it tumbled to third place in the first half of this year as earlier tariffs diminished the trade.

White House officials didn’t immediately respond to requests for additional information.