Automotive News Europe — 2024-06-10
Automotive Industry
The tariff imposed is said to be a minimum of $7,000.
Turkey will raise tariffs on all vehicle purchases from China by 40%, in a bid to curb imports and narrow the current account deficit.
The tariff imposed will be a minimum of $7,000, according to a presidential decision published in the Official Gazette.
The decision will be effective after 30 days.
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 (third week of June 2024) whether to impose provisional extra tariffs.
Turkey had raised customs duty on Chinese electric vehicles in 2023 to support the country’s first domestically produced EV, from the Togg brand.
"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 Turkish government is taking measures to tackle inflation that reached around 75.5% at the end of May 2024 by maintaining a tight monetary policy, strengthening its fiscal position and narrowing the current account deficit.