US after dropping more than 50 percent of the tariffs applied to the import of steel from Turkey 25, the Ministry of Commerce in additional financial obligations that the principle of reciprocity must be US origin 22 imported products to apply reduced by half. With the decision taken, KARDEMİR reduced the customs duty from 13,7% to 5% on imported coking coal, one of the most important raw materials used in its production.
Expressing their satisfaction with the decision taken, Kamil Güleç, Chairman of the Board of Directors of KARDEMİR, said the following in his assessment on the issue;
“As it is known, the US administration started to apply a 23 percent tariff on the imports of some steel products as of March 2018, 25. Following this decision qualified as trade wars in the world, our government has made in by the necessary initiatives, which Turkey should be exempted from this application has been forwarded to the US Administration with our justification, but failed to get a positive result. On top of that in Turkey, June 11, 2018 decision had put the equivalent of US origin issued tax application to the measures on imports of certain products into force of this country. But had removed the United States on August 13, 2018, this time the originating in Turkey customs duty applied to steel products to 50 per cent upgrade of the then Turkey in additional financial liability rates doubled imposed on imports of certain US-origin items. Finally, the US Administration has announced that May 17 in additional taxes imposed on imported steel products from Turkey dropped again to 50 percent from 25 percent.
On the basis of reciprocity on the basis of reciprocity in the Ministry of Commerce, US-based 22 reduced the additional financial obligations imposed on the imported product by half. We welcome this decision. As KARDEMİR, we import coking coal from the United States. Due to the increase of customs duties last year, our coking coal imports from the US have increased significantly as our 13,7 costs. It gave us an additional year-round 30 million dollars. As Kardemir Management, we have been taking initiatives in the Ministry of Trade for a long time to remove this. With the decision of our President published in the official newspaper today, the reduction of the customs duty on imported coking coal to 5 will help us to relax our coking coal costs from the US. We would like to thank our government for this decision taken at a time when the markets were congested sık.
The decision, which halves the additional financial obligation for imports of 22 products originating in the USA, will be effective as of May 21st.