U.S. President Trump today announced a plan to increase customs tariffs on steel and aluminum imports from Turkey pursuant to section 232 of Trade Expansion Act of 1962 (the law provision that allows for tariffs on national security grounds).
In a "twitter" message, the president wrote:
I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!
For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:
John L. McLoughlin
Luis (Lou) Abad
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