Turkey has imposed an additional tariff of up to 30pc on imports of more than 800 items, which include hot- and cold-rolled steel products. These tariffs will come into effect immediately, the government announced in its Official Gazette on Wednesday.

 

Turkey has imposed a tariff of 14pc on hot-rolled products and a 10pc tariff on cold-rolled steel until September. These tariffs will reduce to 9pc after September 30 for the former and to 5pc after October 1 for the latter.

 

Goods that will come under the new tariff regime include work and agriculture machinery, some steel and iron products, spare parts in the automotive sector, and televisions. Moreover, the new tariffs, which could slow a rise in the current account deficit, can be lowered further by up to 10 percentage points after October 1, 2020 depending on the item, the announcement indicated. 

 

The tariffs will not be applied to imports from Japan, Thailand, Indonesia, and South Korea, all of which, are among the 20 countries that have a free trade agreement with Turkey. 

 

Last week, Turkey announced additional tariffs on dozens of other good including dishwashers, freezers, jewelry, sanitary products, and musical instruments. The products were assessed a tariff of 30pc until September 30, which will then be reduced to 25pc.

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