Protectionism

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.

Türkiye's primary goal is to bring inflation down to single digits permanently and ensure stable economic growth, Vice President Cevdet Yılmaz stated at the 28th International Business Forum (IBF), organized by Türkiye's Independent Industrialists and Businessmen's Association (MÜSİAD).

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.

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.

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.

The European Commission obtained the necessary support in a vote to impose duties of up to 45% on imported electric vehicles made in China, as part of the EU's highest-profile probe into alleged Chinese subsidies that has provoked threats of retaliation from Beijing.