Turkey Will Reciprocate US Tariff Cuts, Trade Minister Says
Turkey will reduce import tariffs on 22 U.S. products in response to the U.S.’s May 16 decision to cut tariffs on Turkish steel imports, Turkey’s Trade Minister Ruhsar Pekcan announced May 22 on Twitter. Pekcan said Turkey will reduce tariffs…
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from $521.2 million to $260.6 million on certain U.S. imports after the U.S. announced it decreased tariffs on Turkish iron and steel from 50 percent to 25 percent. The U.S. also said in its announcement that it was terminating Turkey’s eligibility for benefits under the Generalized System of Preferences. “We’ll keep working on eradicating all obstacles to our bilateral trade and achieving 75 billion USD trade volume target set by our Presidents,” Pekcan said. The 22 U.S. products affected by Turkey's tariff reduction include passenger cars, alcohol, tobacco, cosmetics and polyvinyl chloride, Reuters reported May 21, saying that Turkey plans to cut in half the tariff rates on at least those five products and lower the rates on other goods. The new tariff rates will take effect this week, Reuters said.