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Trump Stops Trade Conciliations With Turkey, Increases Its Steel Taxes To 50%

In recent times, President Donald Trump inked an executive order approving Turkish executives, increasing taxes on Turkish steel by 50% and “immediately” discontinuing trade conciliations with the country, Mike Pence—Vice President of the U.S.—confirmed. Trump had declared the order in a comprehensive statement disclosed on Twitter. Trump’s statement stated, “This order will facilitate the U.S. to inflict powerful supplementary sanctions on those who might be engaged in stern human rights abuses, hindering a truce, preventing dislocated persons from returning home, forcefully repatriating immigrants, or jeopardizing the security, peace, or stability across Syria.”

The tit-for-tat steps followed Trump’s verdict to order the removal of all U.S. troops from Syria’s northern border shared with Turkey, which has allowed Turkish forces to release an offensive against the U.S.-associated Kurdish forces in Syria. Shortly before publicizing the sanctions and levies hikes, Trump tweeted, “Anyone who wants to assist Syria in protecting the Kurds is good with me, whether it is Russia, China, or Napoleon Bonaparte.” In May 2019, the U.S. halved taxes by 25% on steel imports from Turkey, even as it frayed an existing preferential trade status with the nation. The import tariffs on Turkish aluminum and steel had initially been jacked up in the middle of Trump’s campaign to force Turkey to free Pastor Andrew Brunson—an American who was confined on terrorism charges, which he denied.

On a related note, analysts warned that levies would not stop Turkey’s invasion of Syria. Increasing the tariffs on Turkish steel imports, as Trump asserted he will do, may make financiers nervous. But it will take a much wider attack on Turkey’s economy to hold back its tanks from moving in Syria, analysts stated. The grounds for that are very simple: levies were approved in the last year by the White House authorities have already disappointed Turkey’s exports to the U.S. Trump’s threat to discontinue talks on what he stated as a $100 Billion trade accord with Turkey is not anticipated to have much of an impact, either.

Ivan Martinez
Ivan Martinez Subscriber
Managing Editor At Market Research 24

Ivan accomplished the Degree of Bachelors in Management Information Systems. Earlier, he was working as a Business Analyst. However, his zeal to connect with people and share the knowledge pushed him into the field of writing. Lately, Market Research 24 Business section team celebrated Ivan’s successful 5 years with our news portal. As the Head of the Business Department, he shows active involvement in the quality check of every news report created by his team. At the same time, he never fails to show his superlative proofreading and editing skills along with the precise presentation abilities while writing news for the Market Research 24 platform.

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