Reported 11 months ago
Turkey's Ministry of Trade announced on Saturday that import tariffs on Chinese cars will be increased by 40% to curb the expanding trade deficit and protect the country's automotive industry. Each imported Chinese car will now have a minimum customs duty of $7,000. This decision comes amidst global trade pressure on China, with the EU expected to announce next week whether tariffs on Chinese electric cars will be raised. Turkey is implementing measures to combat inflation, including maintaining a tight monetary policy and reducing the record current account deficit of $45.2 billion from last year, as the inflation rate in the country remains around 75.5% by the end of May.
Source: YAHOO