Turkey Lifts Safeguard Measure on Steel Imports from S. Korea

12/05/2019 12:00 - 321 total view

Turkey has lifted a provisional safeguard measure against steel imports from South Korea and other foreign countries. 

According to the South Korean Ministry of Trade, Industry and Energy on Wednesday, the Turkish Ministry of Customs and Trade revealed the decision in its official gazette on Tuesday. 

Since October of last year, the Turkish government had implemented the safeguard measure on five steel import products amid fears of adverse effects from the U.S. and the European Union’s similar safeguard measures on its own steel industries. 

Under the measure, 25 percent tariffs were slapped on volumes exceeding the average import levels between 2015 and 2017. 

South Korea exported 818-thousand tons of steel products worth 850 million U.S. dollars to Turkey last year.

May 18, 2019
Source: KBS