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Trade Wars: How will the US’ steel tariffs affect Turkey?

10 11 6

On March 1, the White House announced plans to impose a 25 percent tariff on steel imports and 10 percent on aluminum imports. While the content of the bill is yet to be determined (along with U.S. President Donald Trump’s determination to see it through), the initiative has already prompted reactions from both home and abroad.

As the leader of the world’s premier liberal economy, the U.S. is shaking the foundation of free trade with a fateful move that could have global repercussions. We could witness a domino effect in which everyone gets in on the protectionism game in a race to safeguard their own economic national interests.

The timing of Trump’s statements also warrants notice, since they come at a time when U.S. officials are busy negotiating a seventh round of the North American Free Trade Agreement, which brings together the U.S., Canada and Mexico. The latter two just happen to be the leading steel exporters to the U.S. — which itself is the world’s largest importer of the product. The fact that Trump left the door........

© Hürriyet Daily News