Turkey wins case against US tariffs at WTO
“We previously won a similar appeal against Morocco. We have a professional team, we will continue to do great jobs,” the minister said, speaking at a ceremony in Istanbul.
The U.S. had already imposed 10 percent and 25 percent additional tariffs on aluminum and steel imports respectively from all countries on March 23.
Turkey reciprocated by doubling additional duty on 22 U.S. products, tallying $533 million.
Turkey’s iron, steel, and aluminum exports to the U.S. were $1.1 billion in 2017—0.7 percent of total exports, according to the ministry’s statement.
Turkey’s steel exports were valued at $11.5 billion last year, accounting for 7.3 percent of its total exports worth $157 billion, according to the Turkish Steel Exporters’ Association.
The U.S. was the top destination for Turkish steel exports in 2017.
Turkey came in sixth place among the countries the U.S. imported steel from last year, while the share of Turkish steel was 7 percent of total U.S. steel imports.
Turkey’s steel exports continued their upward trend, rising 35.2 percent year-on-year in the first 10 months of 2018, reaching $12.4 billion, the Turkish Steel Exporters’ Association (CIB) said in November.
Steel exports soared 15.5 percent to 16.8 million tons this January-October compared to the same period in 2017.
In October, steel exports rose 46.3 percent year-on-year, reaching 2.2 million tons, while value-wise, exports climbed 46.9 percent year-on-year, reaching $1.49 billion.