Trump's Tariff Increase Poses a Risk to Global Trade - Turkish Finance Minister.
The Increase in US Tariffs Threatens Global Trade - Turkish Finance Minister
Turkey's Minister of Finance, Mehmet Simsek, warns that the planned tariff increase by Donald Trump, the President of the United States, could pose a serious threat to global trade. As a result of the tariff increase, inflation and interest rates in the US may rise, negatively impacting developing countries and the global economy. Additionally, China may redirect its exports to other countries in response to these tariffs, threatening markets worldwide.
Mehmet Simsek believes that the Turkish economy will not suffer from the new US tariffs. Turkey has a customs union and free trade agreements with 54 countries, allowing it to be resilient to protectionist trends in the world. At the same Time, negotiations are taking place to establish trade agreements with other countries. Furthermore, Turkey has advantages in strengthening regional integration and connectivity through the development of transport routes.
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