Turkiye has taken a decisive step in its trade relations with China, announcing a 40% additional tariff on imported vehicles from the Asian powerhouse. The presidential decision, disclosed in the country’s Official Gazette on Saturday, outlines the new measures aimed at bolstering domestic automotive production.
Effective from July 7, the tariff imposition comes with a minimum charge of $7,000 per vehicle. The move signifies Turkiye’s strategic stance to incentivize local manufacturing and reduce dependency on foreign automotive imports.
The decision specifies that if the calculated 40% tariff falls below the minimum threshold of $7,000 per vehicle, the latter amount will be charged, ensuring a baseline tariff irrespective of the vehicle’s value.
This latest development follows Turkiye’s 2023 initiative, which saw additional tariffs imposed on electric vehicle imports from China, coupled with regulatory measures addressing EV maintenance and services.
In a parallel economic move, officials also disclosed plans to implement transaction taxes on stocks and crypto assets. This dual strategy underscores Turkiye’s proactive measures to fortify its economic landscape amid global trade shifts and evolving market dynamics.
Stay tuned as Turkiye continues to navigate its economic trajectory amidst a changing global trade landscape.
