Turkey to Impose Additional 40% Tariff on All China Vehicles

(Bloomberg) -- Turkey will raise tariffs on all vehicle purchases from China by 40%, in a bid to curb imports and narrow the current account deficit.

Most Read from Bloomberg

• Russia Is Sending Young Africans to Die in Its War Against Ukraine

• Macron and Scholz Get Trounced by Far Right in EU Elections

• Putin Is Running Out of Time to Achieve Breakthrough in Ukraine

• Scholz’s SPD Suffers Record Rout in Germany’s EU Vote

• There’s Still a Way to Snag a 3% Mortgage Rate

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.

Turkey had raised customs duty on Chinese electric vehicles in 2023 to support the country’s first domestically produced EV.

The Turkish government is taking measures to tackle inflation that reached around 75.5% at the end of May by maintaining a tight monetary policy, strengthening its fiscal position and narrowing the current account deficit.

Most Read from Bloomberg Businessweek

• Legacy Airlines Are Thriving With Ultracheap Fares, Crushing Budget Carriers

• Sam Altman Was Bending the World to His Will Long Before OpenAI

• Is There Room for Common Ground on Congestion Pricing?

• David Sacks Tried the 2024 Alternatives. Now He’s All-In on Trump

• Startup Brings New Hope to the Pursuit of Reviving Frozen Bodies

©2024 Bloomberg L.P.