Turkey Cuts Import Tariffs on Some US Goods

Even as the trade war between US and China simmers, there’s some good news for trade relations between the US and Turkey. After the US recently decided to cut import tariffs on Turkish steel by half, Turkey has responded by reducing tariffs on a few goods imported from the US.

Turkey has announced its plans to cut tariffs on passenger cars, alcohol and tobacco products, cosmetics and PVC by half. However, the US has removed Turkey from its list of countries eligible for its GTS trade program.

Turkish Trade Minister Ruhsar Pekcan remains optimistic that the two countries can continue working together to boost the trade between them to $75 billion.

In August 2018, the US had doubled tariffs on Turkish steel and aluminum imports over diplomatic tensions. This had caused the Turkish Lira to lose a significant amount of its value back then. Turkey had imposed retaliatory tariffs on US cars, tobacco and alcohol products.

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Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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