icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Retaliation over S-400? Trump cancels Turkey’s preferential trade status

Retaliation over S-400? Trump cancels Turkey’s preferential trade status
Donald Trump has terminated the preferential trade agreement which provided Turkey with partial tax-free access to US markets, in a move some see as Washington’s retaliation for the NATO ally’s increasingly independent policies.

More than two months after the United States threatened to end Turkey’s participation in Generalized System of Preferences (GSP) program, President Donald Trump on Thursday cut off Ankara’s access to the program, noting that the country is no longer a developing state.

It came amid heightened tensions which, in addition to a number of contentious points, have recently soured over Turkey’s refusal to give up the purchase of Russian S-400 missile air-defense systems, which the US apparently sees as a direct threat to its own national security and interests.

Also on rt.com ‘Done deal’: Erdogan aide debunks claim that Turkey is set to drop S-400 over US sanctions

The US received $1.66 billion of Turkish goods in 2017 under the GSP program, roughly 18 percent of total US imports from that country. Duty-free status was set for jewelry, precious metals, and vehicle parts, in addition to certain agricultural and fishery products and other commercial goods.

While the White House simultaneously announced that it will be slashing duties on Turkish steel imports from 50 to 25 percent, generously returning the tariffs to their pre-crisis levels, the Turkish lira still reacted negatively, edging down 0.3 percent to 6.06 per dollar.

Also on rt.com Burden of Trump’s trade war to fall on US businesses & consumers, expert tells RT’s Boom Bust

Think your friends would be interested? Share this story!

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts