Türkiye‘s Finance Minister Mehmet Şimşek said the tariff increases are expected to have a negative impact on global growth by raising market risk perceptions and driving down commodity prices.
“Tariff increases, which are expected to negatively affect global growth, are heightening risk perceptions in markets and exerting downward pressure on commodity prices,” he said.
Stating that weak global growth poses a risk to Türkiye’s exports, Şimşek said that Türkiye’s relatively low tariff rate might result in a comparative advantage in some sectors.
“On the other hand, the decline in commodity prices and tightening domestic financial conditions are expected to weaken imports,” he noted.
Şimşek also evaluated Türkiye’s recent foreign trade data.
“The annual foreign trade deficit improved by $7.3 billion in March compared to the same month of the previous year, reaching $84.5 billion,” he said.
“Despite the shortfall in days, exports in March increased by 3.2% annually, while import growth, excluding energy, was 0.8%,” he added.
On Wednesday, US President Donald Trump on Wednesday revealed his long-awaited tariffs, raising uncertainty and risks in global trade.
Tariffs ranging from 10% to 50% were imposed on products the US imports from many of its trading partners.