ANKARA/ISTANBUL, April 4 (Xinhua) -- The new U.S. tariff policy has revealed Washington's aggressive protectionist stance and its unpredictable nature, and will erode global trade relationships and escalate global trade tensions, Turkish experts have said.
On Wednesday, U.S. President Donald Trump signed an executive order on the so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" on all U.S. imports, with higher rates applied to certain trading partners.
On Friday, Turkish Trade Minister Omer Bolat said Türkiye wants to negotiate with the United States to lift the 10-percent additional tariffs imposed on Türkiye, and in the meantime, intensify efforts under its "Distant Countries Strategy" to diversify export markets and attract new investment.
Ali Oguz Dirioz, a global trade scholar from Ankara's TOBB University of Economics and Technology, told Xinhua that the United States is engaging in an "increasingly aggressive stance" towards its trading partners, even its closest allies.
"This economic Cold War is something to be concerned about," Dirioz said, noting that "trade wars and increasingly aggressive protectionist policies pose a risk to global trade in the coming period."
"The U.S. is essentially saying something straightforward: If you want to enter my market ... you will have to accept my rules," Sant Manukyan, an analyst with Is Yatirim, the investment banking arm of Isbank Group in Istanbul, told Xinhua.
"The recent tariffs are part of the ongoing trend where U.S. trade rules can change at any time," Manukyan said, noting that history is full of examples of how the United States likes to shift its approach to trade agreements.
He said the unpredictability of Washington's trade policies has led to the destabilization of international markets and the erosion of trade relationships between the United States and its trading partners.
Noting that the new U.S. tariff policy is "leading to uncertainty for international businesses and governments," Manukyan said "companies are unsure whether these tariffs will last or if they are merely a short-term strategy, which will undoubtedly harm both employment and consumption."
With the new tariff policy, the United States may not attract the level of investment it desires, he said.
"The world is increasingly going further away from multilateralism," Can Selcuki, a former World Bank economist and head of Istanbul polling firm Economics Research, told Xinhua.
Selcuki said the new tariff policy will escalate global trade tensions, and U.S. citizens will pay the ultimate price of Washington's decision, as consumer prices will rise.
Meanwhile, experts predicted that Türkiye, although slapped with a 10-percent "minimum baseline tariff," is still likely to face strong setbacks given its close trade relationship with the EU.
Apart from short-term losses for some Turkish firms, Türkiye, which is closely tied to the EU economy, could feel the ripple effects if the EU imposes countermeasures against the United States, Dirioz said.
Steel and aluminium, textiles, automotive, and building and chemical materials will be the Turkish sectors likely to be affected by U.S. tariffs, Dirioz said.
"Türkiye and its companies will feel the collateral damage of tariffs," Selcuki told Xinhua.
Türkiye's long-standing trade relationship with the EU under a Customs Union agreement "exposes it even more to U.S. tariffs" as Türkiye would have to match EU tariffs, Selcuki said.
The Turkish economy may face risks due to supply chain disruptions or a decline in EU-U.S. trade, which could indirectly affect Turkish exports, Selcuki noted. Enditem
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