Thursday 21, June 2018 by Bloomberg

Turkey hits US with tariffs on $1.8 billion of goods

 

Turkish Economy Minister Nihat Zeybekci will not allow Turkey to be blamed for economic challenges in the US

The Turkish Government has imposed tariffs of $266.5 million on $1.8 billion worth of US goods in retaliation for President Donald Trump’s levies on steel and aluminium imports.

“We cannot and will not allow Turkey to be wrongly blamed for America’s economic challenges,” Turkish Economy Minister Nihat Zeybekci said in a statement. “We are part of the solution, not the problem.”

The tariffs will affect 19 per cent of the $9.4 billion worth of goods that the US exports to Turkey, according to data provided by the US Trade Representative. Total goods and services trade between US and Turkey was worth $22.4 billion in 2016, according to the most recent data available.

The move comes as other World Trade Organization members prepare to trigger retaliatory tariffs against the US.

Under the global trade body’s Safeguards Agreement members can apply “substantially equivalent concessions or other obligations” in response to tariffs imposed by another member.

In the coming weeks US farmers and manufacturers could face at least $3.5 billion worth of tariffs on at least $26.9 billion worth of goods from countries responding to Trump’s metal tariffs.

China imposed $611.5 million worth of tariffs on $2.75 billion worth of US goods on 2 April and the European Union will impose $1.6 billion worth of tariffs on $3.2 billion worth of US goods beginning 22 June.

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