Turkey Cuts Import Tariffs on Some US Goods - Forex News by FX Leaders
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Turkey Cuts Import Tariffs on Some US Goods

Posted Wednesday, May 22, 2019 by
Arslan Butt • 1 min read

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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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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