US President Donald Trump's reciprocal tariffs pose a threat to countries, giving rise to protectionist trade, while the recent shifts in global trade can create new opportunities for Türkiye's competition, Turkish business representatives told Anadolu.
Trump announced reciprocal tariffs ranging from 10% to 50% on over 180 countries on April 2.
Some countries, such as Türkiye, the UK, Brazil, Australia, the United Arab Emirates, New Zealand, Egypt, and Saudi Arabia were subjected to 10% reciprocal tariffs each.
Sekib Avdagic, the president of the Istanbul Chamber of Commerce, stated that the global trade has turned to protectionism and high tariffs after a long period of time, especially after the US started using tariffs as bargaining chips.
"However, Türkiye was not included in the list of countries under heavy tariffs by Trump, but was among the 11 countries with 10% basic tariffs," he said.
"To fully understand how the 185 trading partners of the US will be affected by these tariffs, we need to monitor the negotiations they will have with the US and a potential retaliation beginning with China," he added.
Avdagic emphasized that the US was Türkiye's second-largest export market last year, with $16.4 billion worth of goods and services exported to the US, suggesting that the figure can go higher considering the US' 340 million total population.
"The Turkish business world needs to analyze Trump's tariffs without delay and determine the product and competition strategies to turn these tariffs into a positive opportunity," he noted.
- EU, ASIA-PACIFIC MAY CONSIDER TURKIYE FOR INVESTMENT
Avdagic stated that European and Asian-Pacific companies may consider Türkiye for investments due to higher tariffs and the US may invest in Türkiye for goods with lower tariffs, which in turn, can lead to higher direct investments from Europe and China for production in Türkiye.
"Türkiye can seize this opportunity if it develops a strategy to create export sectors and find new markets," he said. "But the doubling of tariffs against Turkish steel and aluminum in 2018 is still not a forgotten memory and we should remain optimistic yet cautious."
Avdagic mentioned that the trade wars will have consequences for countries' political atmospheres.
"The US' 10% reciprocal tariff can also enable Türkiye to expand its regional power, and the resumption of the Türkiye-EU High-Level Economic Dialogue after six years can place the country in a new and effective place on the global economic and political system," he added.
- NEW TRADE CONDITIONS REQUIRE NEW PLANS
Erdal Bahcivan, the chairman of the Istanbul Chamber of Industry, stated that Trump has been sharing the political and economic balances around the world, and the newly announced reciprocal tariffs should be "read as the clearest indicator that we moved from globalization to protectionism," noting that the process is "unpredictable, fast, and shocking."
"(These changes) also concern our country and we must view these new developments from a highly strategic perspective by preparing for new trade conditions, as these will disrupt all we have memorized about competition around the world, requiring new plans," he said.
Bahcivan noted that the 10% reciprocal tariffs on Türkiye will improve the country's competition in investments and foreign trade, as opposed to the 25% reciprocal tariffs on China, Japan, the EU, and South Korea, among other countries.
