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Pavel Ignatov/Adobe Stock

This morning in metals news, President Trump claimed his tariffs are saving the U.S. steel industry, steel supplies from Japan and South Korea to India have increased, and Turkey hits back with new tariffs in response to the U.S.’s doubling of the steel and aluminum tariffs.

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Saving Steel

In an interview with the Wall Street Journal, Trump argued that his tariff on steel is saving the U.S. steel industry.

He also argued that in the future U.S. steelmakers will face mostly domestic competition as a result of the tariffs.

Indian Steel Import Levels from Japan, South Korea Surge

According to a Reuters report, levels of steel heading from Japan and South Korea to India have increased significantly as a result of tariffs.

Per the report, citing government data, during the April-June period imports from South Korea were up 31%, while imports from Japan jumped 30%.

Turkey Hits Back

The recent tension between the U.S. and Turkey continued to rise Wednesday, as Turkey announced tariffs it would apply to U.S. goods.

The announcement comes after President Trump announced the U.S. would double the tariff rates on steel and aluminum for Turkey, bringing them to 50% and 20%, respectively.

Turkey announced tariffs on American automobiles, alcohol and tobacco.

The U.S. has lobbied for the release of detained American pastor Andrew Brunson, while Turkey has continued to ask for the extradition of exiled religious leader Fethullah Gulen, whom the government claims was behind the failed 2016 coup.

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The crisis has seen the value of the Turkish lira plummet in the plummet, hitting a record low against the dollar earlier this week before beginning to recover on Tuesday and Wednesday.

The U.S. Department of Commerce. qingwa/Adobe Stock

The U.S. Department of Commerce (DOC) announced this week that it had made a final affirmative determination in its anti-dumping and countervailing duty investigations of steel flanges imported from India.

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Stainless steel flanges from India were sold in the U.S. at less than fair value, ranging from 19.16% to 145.25%, according to the DOC. In addition, the DOC determined India has providing countervailable subsidies to its producers of stainless steel flanges, at rates ranging from 4.92% to 256.16%.

Imports of stainless steel flanges from India were valued at $44 million in 2017, according to the DOC. In 2015, the U.S. imported 10,584 metric tons of the product from India, coming in at a value of just over $54.8 million. That dropped to 8,031 metric tons in 2016 ($32.1 million) before moving back up to 10,975 metric tons last year.

The petitioners in the case were the Coalition of American Flange Producers and its two members: Core Pipe Products, Inc. (of Carol Stream, Illinois) and Maass Flange Corporation (of Houston, Texas).

The case now moves to the U.S. International Trade Commission, which is expected to make a final determination by Sept. 24. If it also rules in the affirmative, the DOC will issue anti-dumping and countervailing duty orders.

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The ruling marks a continuation of the Trump administration’s aggressive stance on trade. According to the DOC release, the Trump administration to date has launched 120 new anti-dumping or countervailing duty investigation, marking a 216% increase in such cases compared with the same time period during the Obama administration.