US tariff cut hope raises Turkish recovery prospects

摘要

Hopes that the US could reduce the steel tariff on imports from Turkey to 25% again, following the release of long-detained American pastor Andrew Brunson at the end of last week, raised the expectations of demand and price recovery among Turkish sheet market participants.The US raised the Section 232 tariff on Turkey to 50% in mid-August, as reported. US President Donald Trump's tweet over the weekend that the pastor's release "will lead to good, perhaps great, relations between the United States and Turkey" raised the hopes among some Turkish market participants that the US could reduce the tariff back to 25% thereby reopening the closed doors of this market to Turkish steel producers.