The Trump administration is reinstating elevated tariffs of 50% on Turkish steel exports in response to Turkey’s military action in Syria. The leverage held by the U.S. is arguably limited given the U.S. accounted for just 6.3% of Turkey’s steel exports in 2018 – the EU by contrast represented 43.2%. The higher tariffs may also make little difference to the U.S. steel industry given Turkey represented just 1.5% of imports in the 12 months to Aug. 31 after an 87.1% decline. Borusan Mannessman could be the largest corporate loser with shipments equivalent to 56.4% of t...