Türkiye stepping up efforts on trade ties with US, seek tariff relief

Record ID: 1968887

  • Title: Türkiye stepping up efforts on trade ties with US, seek tariff relief
  • Date: 4th April 2025
  • Summary: Türkiye stepping up efforts on trade ties with US, seek tariff relief SHOTLIST: ANKARA, TÜRKİYE (APR. 4, 2025) (ANADOLU - ACCESS ALL) 1. TURKISH TRADE MINISTER OMER BOLAT SPEAKING SCRIPT Türkiye will ramp up trade efforts with the US and push for the removal of new tariffs imposed by Washington, Trade Minister Omer Bolat said on Friday. In response to President Donald Trump’s decision to impose reciprocal tariffs ranging from 10% to 50% on US imports from multiple countries, Ankara plans to accelerate sectoral preparations, boost trade diplomacy, and negotiate directly for tariff relief on Turkish exports. Noting that Trump’s new trade policies are expected to accelerate shifts in global supply chains, Bolat said sectoral steps will be taken to increase Türkiye's share of the US market under the framework of a “win-win” principle. Türkiye plans to intensify trade activities with the US and strengthen economic cooperation by correctly analyzing the emerging trade landscape shaped by the new tariff regime, he said. He also warned the additional tariffs could cause significant disruptions in trade ties with the US, as well as in global export markets. To minimize the potential impact and leverage new opportunities, Türkiye will implement preparations in key sectors, including textiles, ready-wear clothing, and machinery, Bolat explained. These initiatives align with Türkiye’s broader "Far Countries Strategy," which includes the US, he said. These efforts aim to facilitate further trade liberalization between the two countries, Bolat added. Since January, when Trump returned to the White House, Türkiye has been closely monitoring all US trade-related decisions and has maintained an active dialogue at every level. Following last month’s phone call between Trump and Turkish President Recep Tayyip Erdogan, the deputy trade minister held a meeting with the US deputy trade representative, he said. The discussions focused on resolving mutual trade challenges, defining a roadmap for economic relations, and identifying new steps to enhance bilateral trade. Additionally, Bolat announced that both sides agreed to convene the next meeting of the Trade and Investment Council as soon as possible to enhance trade and investment cooperation. He also said he will personally attend the Turkish-American Conference in Washington in May, where he will hold official talks with the US commerce secretary and the trade representative to outline a joint business plan aligned with these objectives. Bolat highlighted that the trade volume between Türkiye and the US continues to grow. In 2024, bilateral trade jumped 4.7% to $35.2 billion. The US accounted for 6.2% of Türkiye’s total exports, making it the country's second-largest export destination. However, the US maintained a $2.4 billion trade surplus. Bolat reaffirmed Türkiye’s commitment to achieving the $100 billion trade volume target, which was initially set during Trump’s first term in 2017-2021. He underlined that efforts to reach this goal will continue without interruption. Given the $2.4 billion trade surplus in favor of the US, Türkiye seeks to negotiate with the US Commerce Department and the trade representative on removing the 10% additional customs duties imposed on Turkish exports. Bolat said Trump has already expressed openness to discussions on these tariffs. He added that, despite the new tariffs, Türkiye is in a relatively better position than other countries facing much steeper tariff increases. He described this situation as the "lesser of two evils" in terms of tariff rates.
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