Turkish businesses set sights on $100B trade target with US after Trump’s re-election

With Donald Trump re-elected, the Turkish business community is hopeful for renewed efforts toward the ambitious $100 billion bilateral trade goal. This target, first set during a 2018 meeting between Trump and President Recep Tayyip Erdogan, remains a key priority amid uncertainties about how Trump’s policies might impact global trade.

The trade goal took shape after high-level meetings, including a Sept. 10, 2019 visit by U.S. Secretary of Commerce Wilbur Ross, who signed agreements aimed at boosting trade between Türkiye and the U.S. Since then, the trade volume has shown measurable growth.

Members of Türkiye’s business sector shared their perspectives with economy-focused dunya.com, assessing the feasibility of reaching the goal and their expectations for Trump’s second term.

‘Paving the way toward $100 billion trade’

Mustafa Gultepe from the Turkish Exporters Assembly highlighted the recent growth in Turkish exports to the U.S. as a positive trend, though he noted that more progress is needed.

“To reach $100 billion in trade between our countries, we must achieve double-digit export growth each year. We are hopeful that with Trump’s presidency, our political and economic relations will gain new momentum, bringing us closer to this milestone,” he said.

Murat Ozyegin, head of the Turkey-U.S. Business Council (TAIK), also expressed optimism, anticipating new opportunities to strengthen trade ties.

“Partnerships in areas like energy, defense, and digital technology will benefit the Turkish economy and strengthen Turkish-American relations,” Ozyegin remarked.

Steel sector voices concerns over possible tariff increases

Not all sectors, however, are as optimistic. Ugur Dalbeler, vice chairman of the Steel Exporters’ Association, expressed concern about potential shifts in U.S. trade policy, noting that steel is one of Türkiye’s major export sectors.

“Protectionism is likely to continue, if not increase. Trump’s plan to remove all exemptions could bring challenges, but it may also create opportunities for fair competition if handled properly,” Dalbeler stated.

Similarly, Cetin Tecdelioglu, chairman of the Istanbul Ferrous and Non-Ferrous Metals Exporters’ Association (IDDMIB), pointed to Trump’s campaign pledge to end foreign conflicts as a promising sign for Turkish exports.

“The recent lifting of aluminum tariffs could indicate a broader easing of tariffs, which would be a positive step toward reaching the $100 billion goal,” Tecdelioglu noted.

Trump’s economic vision: Key proposals and market impacts

According to CNN’s report, Trump’s economic agenda includes extending key provisions of the 2017 tax cuts, raising tariffs on imports, and offering tax breaks for the middle class and seniors.

His plan to increase tariffs, especially on imports from China and Mexico, aims to boost U.S. manufacturing. This approach has caused volatility in global markets, as shown by the U.S. dollar’s rise following Trump’s victory. The euro and Chinese yuan both fell, while the Turkish lira saw a slight gain, reflecting cautious optimism in Türkiye.

As Trump prepares for his second term, Turkish business leaders are watching closely, hopeful that it will bring clarity and progress toward the long-awaited $100 billion trade goal.