The relatively low 10% baseline tariff that the United States has applied to Turkey could favour Turkish exporters, Turkey’s vice president told broadcaster CNN Turk on Saturday.
Along with the baseline tariff that took effect on Saturday, US President Donald Trump has announced higher levies on goods from 57 larger partners including China, European Union, Vietnam and Japan that are due to start next week.
The decision not to impose such levies on Turkey “seems to be to our advantage as of now, for access to the American market,” Vice President Cevdet Yilmaz told CNN Turk.
“There were already tariffs on iron, steel and aluminium (exports from Turkey to the US). When (the US) imposed similar tariffs on the others, there was an equalization there, it was in our favor,” he added.
Yilmaz said that as an importer, Turkey would also benefit from a drop in international commodity prices, including oil, following Trump’s announcement.
Turkey’s Trade Minister Omer Bolat said on Friday that the Turkish government wanted to negotiate with the US to lift the 10% in new tariffs.
He called them the “best of the worst,” given higher tariffs on many other countries. [AP]