Turkey said on Tuesday that the US’ decision to strip Ankara of preferential access to the US market will affect Washington’s business.
“The United States has announced a decision to deprive Turkey of preferential access to the US market within the GSP [Generalized System of Preferences] framework, which the US has been revising since last August,” Turkish Trade Minister Ruhsar Pekcan wrote on Twitter.
“This decision contradicts the goal announced by the governments of both countries to achieve a mutual trade turnover of $75 billion. At the same time, it will have a negative impact on small and medium-sized US companies, as well as manufacturers”, the Turkish minister added.
US President Donald Trump decided on Monday that goods from Turkey and India will no longer be eligible for tariff-free access to the American market.
Trump’s resolution was announced Monday by the country’s trade representative. Explaining the move, the body stated that the aforementioned states were no longer qualified as “beneficiary developing countries” under Washington’s Generalized System of Preferences (GSP). This system provides many low-income and emerging economies duty-free access to the US market for some of their exports.
Source: Sputnik
