The decision by US President Donald Trump to cancel the preferential trade regime with Turkey will cost Ankara $63 million, Turkish Trade Minister Ruhsar Pekcan said on Friday
ANKARA (Pakistan Point News / Sputnik - 08th March, 2019) The decision by US President Donald Trump to cancel the preferential trade regime with Turkey will cost Ankara $63 million, Turkish Trade Minister Ruhsar Pekcan said on Friday.Trump said in a letter to US Congress on Tuesday that the administration had decided to terminate Turkey's duty-free status based on the latter's increased level of economic development. The preferential US access for Ankara has been in place for 45 years.
"After the US preferential trade regime ends, Turkey will have to pay an additional $63 million in customs payments," Pekcan said, as quoted by the Hurriyet newspaper.
The Turkish trade minister also said earlier this week that Washington's decision would negatively affect US small and medium businesses.
In August, Trump authorized the doubling of previously imposed import tariffs on Turkish aluminum and steel to 20 percent and 50 percent, respectively. The US move resulted in the Turkish lira hitting a historic low. Turkey responded by increasing tariffs on 22 types of US goods worth $533 million. In particular, Ankara has introduced higher levies on US cars, alcohol, fruit, cosmetics and tobacco.
