United States ‘breaks’ with Turkey and finishes ‘zero tariffs’
In the middle of a pulse between both territories, Washington administration has excluded the Euroasian country from the Generalized System of Preferences (GSP).
The United States gives an end to the zero tariffs of Turkey. In the middle of a political and economic tension between both territories, Washington governments has excluded Turkey from the Generalized System of Preferences (GSP), which allowed the entrance of Turkish products in the US without barely paying tariff rates.
This decision, which was taken by mid-March, has come into force now. The American executive justified this move arguing that Turkey already had an enough developed economy and was no longer needing this king of measure to be competitive, according to Just Style.
The United States designated Turkey as beneficiary of the GSP program in 1975. Now, Donald Trump’s administration considers that the increase of country’s per capita income within the last few years, as well as the drop of poverty index and exportations’ diversification, convert it in an advanced economy.
Regarding textile and confection, sector’s business association Ihkib, has highlighted that the impact will be minimum, because the industry does no longer need entrance preferences in the American market to be competitive in it.
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