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 whether to impose provisional extra tariffs.
The additional Turkish tariff will be set at a minimum of USD 7,000 per vehicle, with effect from July 7, a presidential decision published in the country's Official Gazette showed.
"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," the trade ministry said.
In a statement, the ministry also said the additional tariff decision was made taking into current account deficit targets and efforts to encourage domestic investment and production.
The decision said if the 40% tariff calculated from the price of an imported vehicle is under USD 7,000 then the minimum tariff of USD 7,000 will be charged.
In 2023, Turkey imposed additional tariffs on electric vehicle imports from China and brought some regulations regarding EV maintenance and services.
The government is encouraging more production and exports to reduce the chronic current account deficit, which stood at USD 45.2 billion last year.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
