Turkey will impose a 40 per cent additional tariff on imports of vehicles from China to halt a possible deterioration of its current account balance and protect domestic automakers, the trade ministry said on Saturday.
China is facing increasing trade pressures worldwide over its growing exports of electric vehicles, which many countries claim are being heavily subsidized by Beijing to support its sputtering economy. The European Commission is expected to announce next week whether to impose provisional extra tariffs.
The additional Turkish tariff will be set at a minimum of US$7,000 per vehicle, with effect from July 7, a presidential decision published in the country’s Official Gazette showed.
“An additional tariff will be imposed on import of conventional and hybrid passenger vehicles from China in order to increase and protect the decreasing share of domestic production,” trade ministry said.
The government is encouraging more production and exports to reduce the chronic current account deficit, which stood at US$45.2 billion last year. – REUTERS
