Turkey Gains Edge Amid U.S. Tariff Adjustments

Turkey might benefit from a reduced 10% U.S. baseline tariff amid higher levies on other nations. Turkish Vice President Yilmaz and Trade Minister Bolat express optimism about potential trade advantages and negotiations with the U.S. amid fluctuating international commodity prices.

Amidst the recent U.S. tariff adjustments, Turkey finds itself in a favorable position with a relatively low 10% baseline tariff, according to Turkish Vice President Cevdet Yilmaz who spoke with CNN Turk. Unlike several other countries facing higher levies, Turkish exporters may gain an edge in accessing the American market.

The U.S. decision to impose steeper tariffs on multiple countries such as China, the European Union, Vietnam, and Japan presents an unexpected advantage for Turkey. The current baseline tariff levels, supplemented by existing tariffs on Turkish iron, steel, and aluminum, create a more competitive landscape for Turkey, according to Yilmaz.

In light of these changes, Turkey is set to further benefit from potential decreases in international commodity prices, including oil. Meanwhile, Trade Minister Omer Bolat indicated Turkey's plan to engage in negotiations with the U.S. to potentially lift the 10% tariff, labeling it as the 'best of the worst' amid intensified trade measures globally.

(With inputs from agencies.)