Minister Bolat: US Customs Tariffs seen as the lesser of two evils for Turkey

Minister of Trade Ömer Bolat stated that they consider the US customs tariffs as the lesser of two evils for Turkey. In a written statement regarding the additional customs tariffs decision of the US, Minister Ömer Bolat emphasized that the minimum additional customs tariff rate to be applied to all countries by the US has been set at 10%, pointing out that Turkey is among the countries with the lowest additional tax applied. Minister Bolat stated, “We see the imposition of much higher customs tariff rates by the US on many countries as a somewhat lesser of two evils situation for Turkey in terms of US imports.” He also mentioned that they will continue their trade relations with the US based on this principle in light of the new developments, and expressed their commitment to work towards increasing the economic relations between the two countries. Minister Bolat warned that the introduction of additional customs tariffs on every country by the US could lead to serious disruptions in bilateral relations with the US, as well as in their domestic markets and export markets. Mentioning the initiation of necessary dialogue with the US in the new period, Minister Bolat stated that they are working towards achieving the target of a $100 billion trade volume. He also highlighted the trade surplus of $2.4 billion in favor of the US in the foreign trade between the two countries for the year 2024, expressing their intention to discuss the removal of the 10% additional customs tariffs imposed on products exported from Turkey to the US with the US Department of Commerce and the Trade Representative in negotiations.