Türkiye on Monday said it is actively working to shield its national interests as U.S. President Donald Trump slapped sweeping levies on Canada, Mexico and China that will affect billions of dollars worth of trade, roiling global markets and currencies.
Trump is placing a 25% tariff on goods from Canada and Mexico, with a lower rate of 10% for Canadian oil, and 10% on imports from China. The move could slow global growth and drive prices higher for Americans, according to analysts
"We can play the game all they want," Trump said as Canada and Mexico ordered retaliatory tariffs. China is also preparing countermeasures.
Trump also repeated the threat to "soon" target Europe, Türkiye’s biggest export market.
"It appears that the new U.S. administration has begun to use tariffs as a powerful policy tool following the elections,” Trade Minister Ömer Bolat said Monday.
“In response to such retaliatory measures, we will continue our efforts to protect our country's interests and achieve our goals," Bolat told a news conference in the northeastern city of Trabzon.
Trump said he plans to speak with his Canadian and Mexican counterparts on Monday but downplayed expectations that they would change his mind. If negotiations fail to reach an agreement, additional tariffs will take effect as of Tuesday.
Global stock markets and currencies tumbled on Monday on concerns that the tariffs would trigger an economically damaging trade war.
The move is expected to drive up the prices of various products globally, particularly energy.
EU leaders meeting at an informal summit in Brussels on Monday said Europe would be prepared to fight back if the U.S. imposes tariffs but also called for reason and negotiation.
