FE Today Logo

Tariffs on Turkey help US steel stock

January 15, 2021 00:00:00

Outgoing US President Donald Trump has lashed out at Turkey, doubling import tariffs on steel and aluminum in protest of the detention of American pastor Andrew Brunson, report agencies.

Trump's decision tanked the Turkish lira and disrupted equity markets around the world, but analysts said it was more good news for the United States Steel Corporation.

Trump tweeted that he intends to double Turkish steel and aluminum import tariffs, making the new tariff rates 50 per cent and 20 per cent, respectively. According to Bank of America analyst Timna Tanners, the new steel tariff will make the cost of Turkey's steel prohibitively high for US buyers.

Share if you like