U.S. President-elect Donald Trump's protectionist trade policies and additional tariffs could offer certain advantages to developing countries, with experts saying Türkiye’s industrial sector would benefit.
Sant Manukyan, manager of International Capital Markets at Türkiye-based IS Investment, told Anadolu Agency (AA) that Trump’s tariffs on Europe could cause a 1% decline in the region’s growth.
"While a decline in the growth of the region may affect Turkish exports, tariffs on China may positively impact Türkiye to replace China in certain export items since Türkiye is a producing economy,” he said.
Seyit Ardıç, chairperson of the Ankara Chamber of Industry (ASO), said Trump’s victory has brought the U.S.’ future policies into focus, which will have global ramifications.
Ardıç explained that rising tariffs and protectionist policies will make global competition more challenging and slow down growth, warning that global trade as we know it may change due to Trump’s harsh stance against China and the EU.
He noted that the U.S. would likely apply "invisible barriers” to pressure China and boost its competitiveness in high-tech, renewable energy and other sectors.
"Trump’s policies may positively influence the foreign trade of emerging economies like Türkiye, as his policies aim to lower interest rates and increase spending and investments, while the U.S. further limiting Chinese imports can create opportunities for Türkiye as a supplier country," he said.
"Though, there is a possibility of a contraction in the global trade if countries retaliate against the U.S.’ future policies and the BRICS organization acts together, as the further expansion of protectionist trade policies can disrupt global trade and supply chains,” he added.
Şahin Tin, deputy chairperson of the Turkish Parliament's Industry, Trade, Energy, Natural Resources, Information and Technology Commission, stated that Trump and his administration prioritize peace, increased industrial production, and trade.
"We view Trump’s policies on the world and the economy as positive for Türkiye and Turkish industrialists, as production and trade are significantly important for the Turkish economy and its business community; however, more importantly, it is of great importance to end the war in Syria, Lebanon and Palestine, and to rebuild their cities and to prevent innocent people’s deaths,” he said.
