IKV Chairperson Ayhan Zeytinoğlu spoke about President of the United States Donald Trump's 25% tariff hikes on Canada and Mexico. President Zeytinoğlu analysed the reasons behind Trump's move and assessed its potential effects.

 President Zeytinoğlu said the following:

“Trump has implemented tariff increases against Mexico and Canada. The increase in tariffs on products from these countries, which form the North American Free Trade Area with the US, shows Trump's protectionist approach to trade and the use of tariffs as a weapon. Tax increases had been imposed on Chinese products before. On the other hand, China announced that it would increase tariffs of 1-15 per cent on agricultural products imported from the US. It also blacklisted about 10 US companies and imposed export controls. Canada also announced that it would take reciprocal measures. This highlights the dangers of using trade as an instrument of sanctions. The increasing protectionism of trade and its use as a method of punishment against other countries means the deregulation of world trade. In addition, tariff increases lead to a wave of protectionism, as they provoke countermeasures from other countries. Trump announced that he would also implement tariff increases against the EU. The US tariff hikes trigger ‘Trade Wars’. This situation damages the confidence in the markets and creates a shaking effect. It is of great importance that our exports are not harmed by the wave of protectionism in trade. In these changing conditions, it has become even more critical to remove the existing obstacles in the Customs Union between Türkiye and the EU and to start the updating process.”