President Donald Trump's latest broadside against Turkish steel is a fresh blow to one of the country's most important industries and will reshape global trade flows.
Under a higher level of tariffs, Turkey will continue to lose American customers, once the country's top buyers of steel. The new tariffs won't put Turkish steelmakers out of business but will force them to find new markets, likely across North Africa or the Middle East, or displace other imports to Europe.
Steel, in its more basic form of slabs, sheet, or reinforcing bar, is a highly liquid market, and it's usually easy for a company to find new buyers. Attacking imports has become a favorite tool of politicians from Europe to the U.S., causing flows to be rerouted. The global industry has been described as a game of whack-a-mole. If exports are blocked in one market, the action shifts elsewhere.
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