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HomeAnalysisTurkey hikes import tariffs on more goods to help ailing economy

Turkey hikes import tariffs on more goods to help ailing economy

Turkey on Wednesday temporarily raised taxes on a wide range of goods, the second series of tariff hikes in a week as the country struggles with the economic fallout from the coronavirus crisis.

According to the decision published in Turkey’s Official Gazette, additional tariffs of up to 30 per cent will be imposed on over 800 imported items for the next four months.

“The items include construction materials, car parts and iron and steel products.

“The new tariffs will remain in place until October and could later be reduced by up to 10 per cent,’’. Turkey’s Official Gazette noted.

Turkey began easing coronavirus restrictions recently, but the already ailing economy will have to reckon with falling income from tourism and exports in the coming months.

Recently, Turkey introduced sweeping tariffs of up to 30 per cent on a range of imported goods including home appliances, jewellery, agricultural machinery and musical instruments.

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