Additional taxes on US-origin products lifted: New regulation for automobile imports
The additional taxes imposed on certain US-origin products in 2018 have been lifted. Alcoholic beverages, automobiles, cosmetics, and leaf tobacco can now be imported without additional financial obligations. Furthermore, the Ministry of Trade has implemented a new regulation for passenger car imports.
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The decision, published with the signature of AKP Chairman and President Recep Tayyip Erdoğan, repealed the Council of Ministers regulation that came into effect in 2018. Thus, the additional financial obligations applied to US products at that time have been removed.
The scope included items such as alcoholic beverages, passenger cars, cosmetic products, and leaf tobacco.
STATEMENT FROM THE MINISTRY: RESULT OF NEGOTIATIONS
In its announcement regarding the matter, the Ministry of Trade stated that the negotiations conducted with the US yielded positive results. The statement included the following remarks:
"Policies aimed at protecting our country's interests and effectively conducting trade diplomacy and negotiation processes will be continued with determination."
(Products and additional tax rates included in the 2018 decision)
100 BILLION DOLLAR TARGET HIGHLIGHTED
The Ministry also drew attention to the goal of increasing the trade volume between the two countries. The statement noted, "Work and policy development will continue in line with the 100 billion dollar trade volume, which is one of the fundamental goals in economic relations between Turkey and the US."
NEW REGULATION FOR AUTOMOBILE IMPORTS
Following the decision, an additional step was taken regarding automobile imports. Accordingly, an additional financial obligation will be applied to passenger cars brought from markets outside of European Union countries and countries with which Turkey has signed free trade agreements. This rate will vary depending on the type of vehicle to be imported.