Trade war: India, Turkey too impose tariffs on US goods
First it was China. Then it was the US's traditional allies like Canada and the European Union. And now, India and Turkey have also decided to impose retaliatory tariffs on US goods worth millions of dollars. Literally, it's the US versus the rest of the world now.
On Thursday, India, with which the US has grown close in recent years, also decided to impose duties on American food products worth $240 million and they are likely to take effect on August 4.
"The tariffs would affect volumes of trade. The greater impact is in terms of the uncertainty created, with exporters on both sides not sure what will be covered next and by how much," Al Jazeera quoted New Delhi-based economist Jayati Ghosh as saying.
She warned that if such trend continues, the world will see more and more unilateral protectionist calls.
India had been threatening to target American goods for months and also moved the World Trade Organisation against the US on charges of flouting international trade laws.
India's latest move comes even after its Industry Minister Suresh Prabhu met trade officials in the US to take up the issues of concern.
Turkey also imposes duties on US imports
Turkey's Economy Minister Nihat Zeybekci said in retaliation to Washington's additional steel tariffs, Ankara decided to impose tariffs worth over $266 million on imports of US automobiles, coal, food items, cosmetics, military equipment, petrochemical products, etc.
"The total tariff burden today being imposed by Turkey on the US is commensurate with the additional costs Turkey faces due to the tariffs imposed on it by the US," Zeybekci was quoted by agencies as saying in a statement. He said the retaliatory measures were designed to protect Ankara's interests even while encouraging talks.
The US is Turkey's fifth-largest export market and the two countries' trade volume amount to over $20 billion in 2017, official sources said.
US President Donald Trump has taken on a number of countries, including Washington's age-old allies, imposing duties on steel and aluminium imports, and inviting their wrath, paving the way for a global trade war.
The EU meanwhile said on Wednesday, June 20, that its retaliatory trade tariffs on targeted US products will come into effect on Friday, June 22, Al Jazeera reported, adding that the tariffs will initially target US goods worth $3.24 billion and most of them will be affected with import duties of 25 per cent.