Commercial policy

Europe's economic news agenda is dominated by the urgent question of what the continent's reaction should be to protectionary measures heralded by the incoming US administration. Should the European Union become embroiled in a tariff race that could disrupt global trade flows, and how should it position itself between China and Western economies?

The government has a comprehensive agenda for structural reforms in the economy, Treasury and Finance Minister Mehmet Şimşek has said, adding that Türkiye's productivity and competitiveness will be strengthened.

U.S. President-elect Donald Trump said that he intends to impose sweeping tariffs on goods from Mexico, Canada and China, prompting a swift warning from Beijing that "no one will win a trade war."

In a series of posts to his Truth Social account, Trump vowed to hit some of the United States' largest trading partners with duties on all goods entering the country.

US President-elect Donald Trump has announced plans to impose steep tariffs on imports from Canada, Mexico, and China, raising concerns of potential trade wars with some of the United States' largest trading partners.

The businessworld, as well as key figures in the Greek economy, see Donald Trump's election to the US presidency this week as an incentive for Europe to act at a faster pace in order to regain its competitiveness.

A Donald Trump presidential election victory would have huge implications for US trade policy, climate change, the war in Ukraine, electric vehicles, Americans' taxes and illegal immigration.

While some of his proposals would require congressional approval, here is a summary of the policies he has said he would pursue in his second four-year term in office:

More tariffs

The US presidential election is always of great interest globally because of the influence that the global superpower wields with its foreign policy.

Turkey has imposed anti-dumping duties on some steel imports from China, Russia, India and Japan, according to a decision published in the Official Gazette on Friday, with the highest tariffs on Chinese imports.

China must "adapt its behaviour" to solve an escalating tariff row with Europe, EU chief Charles Michel said Friday, warning of the dangers of the dispute escalating into a full-blown trade war.

China has requested for consultations with Türkiye at the World Trade Organization (WTO) over additional tariffs Ankara imposed on imported electric vehicles and other vehicles from China.

"This discriminatory action is a violation of WTO rules and a typical protectionist practice," China's Commerce Ministry said in a statement.