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5/17, 6:25 AM (Source: TeleTrader)
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US cuts tariffs on Turkish steel, ends preferential trade deal

United States President Donald Trump announced Washington is lowering tariffs on Turkish steel from 50% to 25%. "This target level, if maintained for an appropriate period, will improve the financial viability of the domestic steel industry over the long term," Trump stated. The punitive measures were introduced in August when Trump cited deteriorating relations with Turkey as the reason for the move.

The president also decided to end the preferential trade agreement with Ankara under the Generalized System of Preferences (GSP) effective Friday. Trump said he concluded it is "appropriate to terminate the designation of Turkey as a beneficiary developing country under the GSP."

Breaking the News / DJ