China's Dominance

Turkey to Impose 40% Tariff on Chinese Vehicle Imports to Boost Domestic Production

Main image to the post Turkey to Impose 40% Tariff on Chinese Vehicle Imports to Boost Domestic Production

Turkey has made a notable move by introducing a 40% additional tariff on imported vehicles from China in an effort to prevent a potential negative impact on its current account balance and to safeguard its domestic automakers. The decision aims to address the increasing pressure faced by China globally regarding its escalating exports of electric vehicles, with many nations accusing Beijing of heavily subsidizing these exports to prop up its struggling economy. Notably, the European Commission is slated to reveal its stance on imposing provisional extra tariffs soon, reflecting the broader international concern over China's trade practices.

According to a presidential decision published in Turkey's Official Gazette, the additional tariff will be a minimum of $7,000 per vehicle, taking effect from July 7. The move is part of Turkey's strategy to boost and protect its local production share by imposing tariffs on conventional and hybrid passenger vehicles imported from China. The Ministry of trade emphasized that the decision was made with considerations for the current account deficit targets and efforts to stimulate domestic investment and production, highlighting the government's broader economic objectives.

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May 21, 2023 | 05:09