US ends Turkey's preferential trade agreement, reduces tariffs on steel | Eurasia Diary - ednews.net

18 July, Thursday


US ends Turkey's preferential trade agreement, reduces tariffs on steel

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Ankara earlier said the move to terminate Turkey's preferential trade treatment is against the $75 billion target for mutual trade laid out by President Donald Trump and Turkish President Tayyip Erdogan.

The United States on Thursday terminated Turkey's preferential trade treatment that allowed some exports to enter the country duty-free, but it has halved its tariffs on imports of Turkish steel to 25 percent.

The White House said it was appropriate to terminate Turkey's eligibility to participate in the Generalized System of Preferences (GSP) program, based on its level of economic development. The decision is effective May 17, it added.

The US Trade Representative (USTR) in early March said Turkey was no longer eligible to participate because it "is sufficiently economically developed."

It had begun reviewing the NATO ally's status in the program last August when the two countries were embroiled in a diplomatic row.

But Ankara had been hopeful that Washington would not go ahead with the decision, saying it would be against the $75 billion target for mutual trade laid out by the US President Donald Trump and Turkish President Tayyip Erdogan.

In a subsequent statement on Thursday, the White House said it was reducing the 50 percent tariff, doubled last August, to 25 percent

 

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