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US ends negotiations on $100-bn trade deal with Turkey

15 Oct '19
2 min read
Pic: Shutterstock
Pic: Shutterstock

US President Donald Trump yesterday announced sanctions against Turkish officials, raising steel tariffs and ending negotiations on a $100-billion trade deal. The announcement was in protest against Turkey's recent military offensive in northeast Syria. Trump signed an executive order that empowers his administration to slap sanctions on Turkey.

"This (executive) order will enable the US to impose powerful additional sanctions on those who may be involved in serious human rights abuses, obstructing a ceasefire, preventing displaced persons from returning home, forcibly repatriating refugees or threatening the peace, security or stability in Syria," Trump said in a statement.

The United States will immediately stop negotiations with Turkey on the trade deal and steel tariffs will be increased back up to 50 per cent, the level prior to the reduction in May, Trump said.

Turkish trade minister Ruhsar Pekcan said in September this year that her country and the United States discussed steps to take bilateral trade to $100 billion from $20.6 billion in 2018. She said this during a four-day visit of US secretary of commerce Wilbur Ross to Turkey.

Turkey's exports to the United States were worth $8.3 billion, while it imports totalled $12.3 billion, according to data from the Turkish Statistical Institute (TurkStat). In the January to July period this year, the sale of Turkish goods and products to the US was worth $4.6 billion and US exports to Turkey were $6.6 billion, Turkish media reported. There are 1,700 US companies currently operating in Turkey.

At the G20 summit in July, both the countries drew a road map to gradually raise bilateral trade volume to $100 billion revised from the earlier target of $75 billion during a bilateral meeting between Presidents Recep Tayyip Erdogan and Trump. The sectors identified were automotive, textile, aviation, white goods, jewellery, building materials, furniture and tourism.

Fibre2Fashion News Desk (DS)

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