Turkey Hikes Tariffs on China Cars to Fight Deficit
In a bid to curb imports and shrink its current account deficit, Turkey has imposed additional customs duties of 40% on all vehicles imported from China, according to Reuters.
The new measure, outlined in a presidential decree published on Saturday in the official gazette, stipulates a minimum additional tariff of $7,000 per imported vehicle. This provision applies even if the 40% tariff calculated from the import price falls below $7,000.
The move comes after Turkey introduced additional tariffs on Chinese electric vehicle imports in 2023, aiming to support the development of its domestic electric car industry. These measures are part of the Ankara government's broader strategy to combat inflation, which reached 75.5% by the end of May. The government is adhering to a strict fiscal and monetary policy to consolidate its public finances and reduce the current account deficit.
Translation by Iurie Tataru
