First response from Minister Şimşek to the US additional tax decision: 'We will continue'

Minister of Treasury and Finance Mehmet Şimşek made a statement on his social media account regarding March foreign trade data and the US additional customs tariffs.

Stating that the annual foreign trade deficit was recorded at 84.5 billion dollars in March, an improvement of 7.3 billion dollars compared to the same month last year, Şimşek said, "Despite the day deficit, exports increased by 3.2 percent annually in March, while the increase in imports excluding energy was 0.8 percent."

'IMPORTS EXPECTED TO WEAKEN'

Pointing out that the new tariff increases by the US, which are thought to negatively affect global growth, increase risk perception in the markets and create downward pressure on commodity prices, Şimşek spoke as follows:

"While weak global growth poses a risk to our exports, our country's relatively low tariff rate may provide a comparative advantage in some sectors. On the other hand, the decline in commodity prices and tightening domestic financial conditions are expected to weaken imports. We will continue to support production and exports in line with our sustainable current account deficit target."