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Friday, 17 May 2019 13:00

USA deprives Turkey of trade preferences

USA deprives Turkey of trade preferences

U.S President Donald Trump has signed a proclamation declaring a number of economic measures in regard to Turkey, Caspian Energy News (www.caspianenergy.net ) reports with reference to Bloomberg.

Thus, the Head of the White House terminated trade preferences imposed in 1975. Along with it, Trump halved tariffs on imports of Turkish steel to 25%.

 "Consistent with my determination that it is appropriate to terminate the designation of Turkey as a beneficiary developing country under the GSP, effective May 17, 2019”, U.S President emphasized.

 Prior to that, Turkey used to come under the single system of trade preferences, which ensured a decline of tariffs for a number of goods. The reconsideration of this policy began as early as August 2018 amid the growth of tension in bilateral relations.

 

More details: https://www.bloomberg.com/news/articles/2019-05-17/trump-cuts-tariffs-on-turkish-steel-imports-in-half-to-25

Person in charge of the newsline: Fidan Isayeva

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