“This was a development that we did not anticipate, because it will create serious inflation,” Aşkın stated, noting that taxes have been imposed on Canada and Mexico on all products. However, these tariffs may fall again in the near future. 25% is a serious tax rate,” he added.
Aşkın added that the US has changed the Section 232 regulation and will impose an extra 25% tax on Canada and Mexico on March 12. “These two countries rank 1st and 3rd in steel exports to the US, respectively. In this case, they will largely withdraw from the market,” Aşkın said, adding that other countries, such as Brazil, are also expected to lower their tariffs to 25%.
Noting that Türkiye's tax rates are currently unchanged, Aşkın pointed out, “If the situation continues like this, there will be a big advantage for Türkiye.” However, Aşkın emphasized that in the future, the US could adopt reciprocal tax practices with other countries and continued, “There is no need to apply different tax rates for each product, there are thousands of products. I think an average tax rate will be applied. The Ministry of Trade is investigating this issue,”
Murat Aşkın stated that there are G20 countries among the countries targeted by the US and Türkiye is also included in this scope, “ Türkiye's trade deficit with the US is not very big, only around 1-2 billion dollars. This is also not a very big figure. However, countries such as Brazil, Vietnam and India may impose reciprocal tariffs,” he added.
You can watch Murat Aşkın's full speech with English subtitles by clicking here:https://www.youtube.com/watch?v=8crPpswir38
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