CIB chairman comments on Trump’s trade policies in terms of effects on steel imports

Tuesday, 14 February 2017 17:13:24 (GMT+3)   |   Istanbul
       

Turkish Steel Exporters' Association (CIB) chairman Namık Ekinci has commented on new US president Donald Trump’s trade policies in terms of the effects on steel imports into the US, stating that the US is the key playmaker for the global economic order and this role burdens Mr. Trump with a responsibility not only for his own country but also for the entire world.
 
According to Mr. Ekinci, the CIB thinks the Trump administration will not violate rules of the World Trade Organization (WTO) in principle and is convinced that they will never tolerate subsidized and dumped products. However, he added that world trade will be crippled and the weakening of trade ethics will be accelerated if the Trump administration continues to ignore WTO rules and unfairly imposes measures against products imported without dumping and subsidies such as Turkish steel products. The unfair measures on steel imports will hamper the development of the US industry and inflict significant harm on US domestic industry in the medium run, Mr. Ekinci stated. 
 
Mr. Ekinci also said that, considering that US steel production stood at 72 million mt in the first 11 months of 2016 according to the US International Trade Commission (USITC) data, while consumption was 100 million mt and imports amounted to 38 million mt in the same period, and the CIB estimates that the US will have to import steel in order to realize its promised investments. “If the Trump administration prefers to block imports duly performed under the WTO rules, the reduction in steel supply will cause prices in the country to surge. The price surge will increase costs for those industries using steel and, moreover, the domestic steel industry will have ensured a sort of profit transfer from the public and the state,” Mr. Ekinci added.

Similar articles

Turkey’s Ministry of Trade will keep defending its steel industry

13 Aug | Steel News

US declines Turkey’s request for consultations at WTO

24 Apr | Steel News

CIB: Section 232 exemption is a priority for Turkish steel industry

20 Mar | Steel News

Namik Ekinci: Section 232 exemptions for Canada, Mexico will leave Turkey out of picture

08 Mar | Steel News

TCUD: US measures on steel imports may direct cheap imports to Turkey

05 Mar | Steel News

CIB chairman: Turkey’s steel exports to US will continue even if US imposes 25% duty

02 Mar | Steel News

Yayan: Turkish steel industry would suffer great damage from US measures on imports

13 Jul | Steel News

Turkish steel pipe producers to appeal against US antidumping duties

09 Oct | Steel News

Turkey’s CIB comments on OCTG investigations in US

28 Aug | Steel News

US ITC decides to conduct sunset review of rebar from seven countries

10 Oct | Steel News