Turkey strikes back, taxing $1.8 billion worth of US goods

Turkey strikes back imposes tariffs on $1.8B worth of US goods

India's adoption of the new duties on a slew of farm products, steel, and iron imported from the USA came some three months after Trump raised concerns when he made a decision to impose 25-percent tariffs on steel imports and a 10-percent tariff on aluminum imports, primarily to target China, but also U.S. allies such as European countries.

The United States enacted 25% tariffs on imported steel and 10% tariffs on imported aluminum in March.

The country's Ministry of Economy said Thursday that it's imposing tariffs worth $267 million on United States goods, targeting items such as coal, paper, walnuts, tobacco, rice, whiskey and cars.

Turkey had been negotiating a trade deal with the US, but the Turkish Ministry of Economy said that those negotiations had ultimately failed.

Meanwhile, Turkey's Economy Minister Nihat Zeybekci announced that Ankara would begin implementing retaliatory duties worth $266.5 million against the U.S. on Thursday over "ill-advised" and "unsupportable" additional steel tariffs introduced by the White House. After the USA revoked its exemption to the steel and aluminum tariff, Canada announced that it would be hitting $13 billion worth of US products with a 25 percent tariff.

Turkey is thus joining a raft of other nations including European Union member countries in responding to the Trump administration's trade policy.

The United States is Turkey's fifth-largest trading partner, with the volume of goods exchanged amounting to $20.7 billion in 2017.

"Turkey is committed to active, robust and reciprocal trade relations with the USA - but with the understanding that fairness can not be one-sided", Economy Minister Nihat Zeybekci said in a statement.

The sources previously said Turkey's move came after its attempt to carve out an exemption to the tariffs remained "inconclusive due to Washington's current stance".

Turkey's measures are in line with the losses caused by hurdles to Turkey's iron and steel exports to the U.S. Following the US decision, Zeybekci also asked Commerce Secretary Wilbur Ross to exclude Turkey from the tariffs.

Currently, about 90 percent of aluminum used in US manufacturing is imported, as well as one-third of all steel.

Turkey came sixth in the country's imports with 6 percent a year ago.

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