Turkey imposes an additional 40% tariff on Chinese cars

Turkey imposes an additional 40% tariff on Chinese cars

Chinese cars are not only causing problems in the markets of European Union members, but also in other European countries. One of them is Turkey, which announced the introduction of an additional tariff of 40% on Chinese electric cars. The new tariff comes into effect on July 7.

Chinese manufacturers of electric cars are increasingly attacking world markets with cars that, thanks to government subsidies and low labor costs, bring other manufacturers to their knees. Turkey’s trade ministry claims that this move helps protect the country’s balance of payments, as well as local industry. This means that the minimum tariff per vehicle will be $7,000. Last year, Turkey had a deficit of over 45 billion dollars.

A similar decision was recently made in the US, where the tariff on Chinese electric vehicles will increase from 25 to 100 percent. Also, today the EU announced that it would impose additional tariffs of up to 38 percent on electric cars built in China. Is this the only effective way to fight with cheaper Chinese electric cars?

This comes as no surprise as Turkey recently announced its first electric vehicle, the Togg T10X. Also, it should be noted that Turkey introduced additional tariffs for Chinese fully electric cars in 2023, and now they will be applied to hybrid and ICE cars as well.

Source: Reuters