Turkey hits US with retaliatory tariffs
Ankara, June 21 : Turkey on Thursday became the latest country to hit back at the US for its tariffs on steel and aluminium.
Turkey's Ministry of Economy said that it was imposing tariffs worth $267 million on US goods, targeting items like coal, paper, walnuts, tobacco, rice, whiskey and cars after negotiations with Washington failed to yield meaningful progress, CNN reported.
"Turkey is committed to active, robust and reciprocal trade relations with the US -- but with the understanding that fairness cannot be one-sided," Economy Minister Nihat Zeybekci said in a statement. "We cannot and will not allow Turkey to be wrongly blamed for America's economic challenges."
The US enacted 25 per cent tariffs on imported steel and 10 per cent tariffs on imported aluminium in March. Exemptions were initially given to the EU, Canada and Mexico, but the Trump administration let them lapse at the beginning of the month.
Turkey didn't receive an exemption.
Later, the EU, Canada and Mexico announced retaliatory tariffs against the US. China imposed tariffs on $3 billion of US products in early April in response to the steel and aluminium measures.
Turkey is the world's eighth largest steel exporter, according to a report prepared in March by the Department of Commerce. The US was Turkey's top market for steel in 2017.
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Modi urges industry to ramp up investment, prioritise research to scale up manufacturing
New Delhi (PTI): Prime Minister Narendra Modi on Tuesday urged industry leaders to step up investments, embrace emerging technologies and prioritise research to help India Inc fully leverage the vast opportunities offered by free trade agreements with various nations.
"The days of cutting corners in research are over. We must now make substantial investments in research and development and ensure that our products meet global quality standards. Now we have got opportunities to move forward, so we should have only one mantra - Quality, Quality, Quality," he said while addressing a second webinar on Budget 2026-27.
Stressing that India has entered into free trade agreements with numerous countries, he said, these agreements have opened up a wide range of opportunities for the country.
"In such a situation, he said, "our responsibility is that we should never compromise on quality."
Today, the world is seeking reliable and resilient manufacturing partners, he said, adding that India has a strong opportunity to fulfil this role.
"Our direction is clear. Our resolve is clear. Build more, produce more, connect more, and now the need is to export more," he said.
Pointing out that a significant transformation is currently underway in the global economy, he said that markets are no longer focused solely on cost; sustainability has become an equally important consideration.
"The Carbon Capture, Utilization, and Storage Mission is a key initiative driving this shift. Incorporating sustainability into core business strategies is now essential. Industries that invest early in clean technologies will gain better access to emerging markets in the years ahead," he said.
Highlighting the importance of infrastructure and logistics, he said, they serve as fundamental pillars of our growth strategy.
This year's budget proposes a record level of capital expenditure to support these priorities, he said.
As India emerges as a beacon of hope for the world thanks to its robust economy, and as global supply chains undergo transformation, the prime minister said, rapid economic development has become the cornerstone for realising the vision of Viksit Bharat.
