Turkey starts implementing retaliatory tariffs against US

Turkey starts implementing retaliatory tariffs against US

Turkey starts implementing retaliatory tariffs against US

Turkey will start implementing retaliatory tariffs worth $266.5 million against the United States on June 21 over “ill-advised” and “unsupportable” additional steel tariffs enacted by Washington, Economy Minister Nihat Zeybekci has said.

The tariffs will be imposed on imports of U.S. coal, paper, walnuts/almonds, tobacco, unprocessed rice, whisky, automobiles, cosmetics, machinery equipment and petrochemical products.

“The total tariff burden today being imposed by Turkey on the U.S. is commensurate with the additional costs Turkey faces due to the tariffs imposed on it by the U.S.,” Zeybekci said in a statement on June 21, as quoted by Reuters.

“They are proportional, measured and designed to protect Turkey’s interests, while encouraging dialogue.”

U.S. President Donald Trump decided in March to impose import duties of 25 percent on steel and 10 percent on aluminum, drawing criticism from other countries for heightening the risk of a global trade war.

The United States is the fifth largest country where Turkey exports its goods and trade volume amounted to $20.6 billion in 2017, official data showed. 

Turkey remained committed to active, robust and reciprocal trade relations with the United States, Zeybekci said.

The U.S. tariffs have been imposed on Europe, Canada and Mexico, some of its biggest trade partners since June 1, after their temporary exemptions expired.

The European Union will begin charging import duties of 25 percent on a range of U.S. products on June 22, in response to U.S. tariffs imposed on EU steel and aluminum early this month, the European Commission said on June 20.

Canada has announced it will impose retaliatory tariffs on C16.6 billion ($12.5 billion) worth of U.S. exports from July 1. . Mexico put tariffs on American products ranging from steel to pork and bourbon two weeks ago.

Meanwhile, the European Union is ready to engage with the United States to solve a trade row triggered by its decision to impose tariffs on European metals, EU Trade Commissioner Cecilia Malmstrom said on June 21.