This morning in metals news, President Trump claimed his tariffs are saving the U.S. steel industry, steel supplies from Japan and South Korea to India have increased, and Turkey hits back with new tariffs in response to the U.S.’s doubling of the steel and aluminum tariffs.
In an interview with the Wall Street Journal, Trump argued that his tariff on steel is saving the U.S. steel industry.
He also argued that in the future U.S. steelmakers will face mostly domestic competition as a result of the tariffs.
Indian Steel Import Levels from Japan, South Korea Surge
According to a Reuters report, levels of steel heading from Japan and South Korea to India have increased significantly as a result of tariffs.
Per the report, citing government data, during the April-June period imports from South Korea were up 31%, while imports from Japan jumped 30%.
Turkey Hits Back
The recent tension between the U.S. and Turkey continued to rise Wednesday, as Turkey announced tariffs it would apply to U.S. goods.
The announcement comes after President Trump announced the U.S. would double the tariff rates on steel and aluminum for Turkey, bringing them to 50% and 20%, respectively.
Turkey announced tariffs on American automobiles, alcohol and tobacco.
The U.S. has lobbied for the release of detained American pastor Andrew Brunson, while Turkey has continued to ask for the extradition of exiled religious leader Fethullah Gulen, whom the government claims was behind the failed 2016 coup.
The crisis has seen the value of the Turkish lira plummet in the plummet, hitting a record low against the dollar earlier this week before beginning to recover on Tuesday and Wednesday.