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Trump Trade War - Turkey to reciprocate US import tariff reductions - Report

Steel News - Published on Thu, 23 May 2019

Image Source: Devdiscourse
Reuters reported that Turkey’s Trade Ministry will implement a reciprocal reduction in tariffs on US imports this week, after the United States halved tariffs on Turkish steel imports. Sources said Turkey will halve tariffs on passenger cars, alcoholic drinks, tobacco, cosmetics and PVC. The lowered tariffs will take effect this week with a presidential decree. Sources said that currently, tariffs on US whiskey stand at 140%, while the rate is at 120% for passenger cars, 50% for PVC and 60% for cosmetic products. Tariffs on these products will be halved and rates on other products will also be lowered.

Last week, the White House halved those tariffs, in a rare positive development between Ankara and Washington, but also terminated Turkey’s eligibility for the Generalized System of Preferences program, in a move Turkey said contradicted trade goals.

United States had doubled tariffs on Turkish steel and aluminum imports last August amid a diplomatic row between the NATO allies that accelerated a fall in the lira. Turkey retaliated by doubling tariffs on US cars, alcohol and tobacco imports.

The United States imported USD 1.66 billion worth of goods in 2017 from Turkey under the GSP, or 17.7% of total imports from Turkey, the US Trade Representative website said. Imports included vehicles, vehicle parts, jewelry and precious metals.

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Posted By : Sanju Moirangthem on Thu, 23 May 2019
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