Recep Tayyip Erdogan says Türkiye is well-positioned to withstand US tariffs and emerge stronger economically, thanks to a disciplined economic program and low exposure.
President Recep Tayyip Erdogan stated on Wednesday that Türkiye is not expecting any serious negative effects on its trade, production, or exports following the implementation of US President Donald Trump’s new tariffs.
Speaking to lawmakers from the ruling AK Party, Erdogan highlighted that Türkiye is among the countries that received the lowest reciprocal tariff rate of 10 percent. He added that Türkiye may actually benefit from the global tariff changes, as other countries face much higher rates.
“There is serious uncertainty in the world, but there is a strong economic program that illuminates Türkiye’s path,” Erdogan said. He emphasized that Türkiye's economy is resilient to external shocks and is expected to grow more strongly than many peer countries in the medium to long term.
Erdogan also noted that the country’s disinflation process is continuing, and the government's spending discipline and savings measures will carry on this year.
Although Türkiye’s iron, steel, and aluminum exports were affected by earlier US tariffs, it could now gain an advantage as other global traders deal with stricter levies.
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The United States launched fresh strikes on Iranian drone targets near Bandar Abbas after intercepting attack drones over the Strait of Hormuz, raising tensions despite an existing ceasefire between Washington and Tehran.
Britain has announced fresh sanctions targeting cryptocurrency exchanges, financial networks and banks accused of helping Russia evade Western restrictions imposed after the invasion of Ukraine.
Russian President Vladimir Putin arrives in Kazakhstan late on Wednesday for an unprecedented second state visit to the country in two years. He will gift Astana four Siberian tigers during the trip, as Moscow attempts to bolster its relationship with its closest partner in Central Asia.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for 27 May, covering the latest developments you need to know.
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