Turkey lowers tariffs on some US imports to reciprocate US move

Turkey earlier raised tariffs on US cars, alcohol and tobacco imports. (AFP/File)
Updated 22 May 2019

Turkey lowers tariffs on some US imports to reciprocate US move

  • Turkey is decreasing tariffs on US passenger cars, alcoholic drinks, tobacco, cosmetics and PVC
  • The country hopes to boost their trade with the US up to $75 billion

ANKARA: Turkey has reduced tariffs on some US imports in response to a similar United States move to halve tariffs on Turkish steel imports, the official gazette showed on Wednesday.
The United States had doubled tariffs on Turkish steel and aluminum imports last August amid a diplomatic row between the NATO allies that accelerated a fall in the lira. Turkey retaliated by doubling tariffs on US cars, alcohol and tobacco imports.
“Reciprocally we decided to reduce by half the additional duties levied on 22 products originating in the US,” Trade Minister Ruhsar Pekcan wrote on Twitter.
“With this decision duties levied on the US originating aforementioned products will be reduced from $521.2 million to $260.6 million,” she added.
On Tuesday, Reuters reported Turkey would halve tariffs on passenger cars, alcoholic drinks, tobacco, cosmetics and PVC.
Before the decision, tariffs on US alcoholic drinks stood at 140%, while the rate is at 120% for passenger cars, 50% for PVC and 60% for cosmetic products.
The White House decision last week to halve those tariffs was a rare positive development between Ankara and Washington, but the US administration also terminated Turkey’s eligibility for the Generalized System of Preferences (GTS) program, in a move Turkey said contradicted trade goals.
Pekcan said Turkey would continue working to boost trade with the United States to $75 billion.


Malaysia to study impact of India’s planned trade action

A truck carrying oil palm fruits passes through Felda Sahabat plantation in Lahad Datu in Malaysia's state of Sabah on Borneo island, February 20, 2013. (REUTERS)
Updated 43 min 17 sec ago

Malaysia to study impact of India’s planned trade action

  • Malaysia’s key imports from India include petroleum products, live animals and meats, metals, chemicals and chemical products

KUALA LUMPUR: Malaysia’s Prime Minister Mahathir Mohamad said his government will monitor the trade situation with India, which is reported to be considering trade curbs on the Southeast Asian nation over his criticism of actions in Kashmir, news wire Bernama reported.
Government and industry sources told Reuters last week that New Delhi is looking for ways to limit palm oil imports and other goods from Malaysia, in retaliation for Mahathir’s speech at the United Nations in September when he said India had “invaded and occupied” Jammu and Kashmir. Malaysia had said it did not receive “anything official” from India.
Mahathir said on Sunday his government will “study the impact of the action taken by India,” the government-owned Bernama said.
“They are exporting goods to Malaysia too. It’s not just one-way trade, it’s two-way trade,” Mahathir was quoted as saying in the report.
India is the world’s biggest importer of edible oils, and is the biggest buyer of Malaysian palm oil. It bought 3.9 million tons of Malaysian palm oil in the first nine months of 2019, according to data compiled by the Malaysian Palm Oil Board.
Malaysia’s key imports from India include petroleum products, live animals and meats, metals, chemicals and chemical products.