Escalation of US sanctions on Turkish aluminium imports would devastate Turkish downstream sector
Commenting on today's announcement from Donald Trump regarding the US' intentions to double tariffs on aluminium imports from Turkey, Wood Mackenzie Senior Research Analyst, Kamil Wlazly, said:
"Turkish exports of aluminium products to the US are negligible, therefore doubling US imports duties on Turkish imports of aluminium will have a little impact on the aluminium market.
"However, Turkish fabricators rely heavily on imports of primary aluminium - over 1 million tonnes per year. As aluminium imports are handled in dollars, the possible escalation of sanctions to cover Turkish transactions in US currency would have devastating consequences on the Turkish downstream sector."