Tax rate to be applied to Turkey after Trump's speech announced: 'Friends are worse than enemies in trade'

US President Donald Trump made statements during a live broadcast.

Highlights from Trump's statements are as follows:

- Today is actually the announcement of our economic independence. And while other countries are getting stronger and achieving prosperity, we will stop this process where we are becoming poorer. It is now time for us to get rich, for us to earn trillions.

WE WILL MAKE AMERICA STRONG AGAIN

-From now on, we will earn a lot of money thanks to taxes, and thanks to our actions today, we will make America strong again and carry it far above its power to date. The employment and production sector will develop again in our country, and we will greatly expand our industrial breakthrough, and in the end, our production capacity will increase significantly, our competitiveness will increase significantly, and this will be a golden age for America. We will demonstrate a very strong comeback.

-They put many obstacles in front of us and ruined our industries. They stole our intellectual property, they introduced taxes to make our products disadvantaged. They tried to make us pay the cost of all of these.

-The US only applies a 4.4 customs duty to other countries, but other countries apply higher taxes. For decades, the US applied a 2.5 percent tax on vehicles, while the EU applies a 20 percent customs duty on us.

25 PERCENT CUSTOMS DUTY DECISION ON ALL AUTOMOBILES PRODUCED ABROAD

-As of midnight, we are introducing a 25 percent customs duty on all automobiles produced abroad.

-I will sign a historic decree in a moment.

-The steps we are taking today also focus on protecting our farmers.

-Other countries are not removing their trade barriers against us, and we are suffering the consequences.

-We have given billions of dollars to Canada and Mexico; from now on, we will work for ourselves.

-It is not too late to do something; we will be very rich again. We can be much richer, but we need to be smarter. We cannot remain economically inactive unilaterally in the face of an economic war. We need to take care of our own country and our citizens.

-Today, for the first time, we are putting the US first.

-We are dependent on other countries to treat our patients. We import our phones, our computers. A single shipyard in China produces more ships than all the shipyards in the US; this is now a national security issue. The US will now start applying reciprocal customs duties. We will collect customs duties from nations that treat us poorly.

10 PERCENT CUSTOMS DUTY WILL BE APPLIED TO ALL IMPORTED PRODUCTS

-A minimum 10 percent customs duty will be applied to all imported products from all countries. We will apply a 20 percent tax to the EU. Our friends are worse than enemies in trade. Europe appears to be a friend, but they are not at all.

-If you produce your product in the US, you won't pay any taxes. Those who come to our country will now want to be exempt from these customs duties, and I will tell them: do not apply taxes to us, do not manipulate exchange rates.

-We took office and did what everyone wanted to do but couldn't. They wanted to make people make negative comments about us. Someone finally has the courage to do what is necessary, which will change our entire nation, not just in automotive but in all products.

-Think about 6 trillion dollars; with even a small percentage of that, everything would be completely different.

10 PERCENT TAX ON TURKEY

According to the 'reciprocal customs tariffs' announced by Trump, the US will apply a 10 percent customs duty to Turkey.

The tariff rates on the chart Trump held at the White House are as follows:

Turkey: 10%

EU: 20%

China: 34%

UK: 10%

Japan: 24%

India: 26%

News Source: 12punto