Last week, in a surprising move, President Trump dramatically increased pressure on the Turkish Steel imports to the US:
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!— Donald J. Trump (@realDonaldTrump) August 10, 2018
There are still a lot of unknown details, but this will have a huge impact on structural steel support beams and rebar. Much of the steel in our market comes from Turkey. Imported steel is already difficult to find and the tariff would make it more difficult, therefore raising the price of other steel sources. Prices are not moving yet, but purchasers should start working on backup plans. Give us a call at 410-618-3100 or drop us an email at [email protected] so that we can work together to plan for your needs.