Türkiye forms working group to navigate Trump’s tariff policies

Trade Minister Omer Bolat announced Thursday that the government has established a working group to assess the impact of U.S. President Donald Trump’s recent tariff decisions on bilateral trade relations.

“We are working intensively on these issues and have formed a working group with participants from various ministries,” Bolat said in an interview with Anadolu Agency. “Today, this working group will hold an important meeting in Ankara.”

Bolat recalled that Trump had promised to pursue an inward-looking economic and foreign trade policy during his campaign. Since taking office in January, Trump has announced additional tariff increases targeting neighboring countries like Mexico and Canada, as well as major economic powers like the European Union and China.

The minister noted that these tariff increases have triggered retaliatory statements from China and other affected countries, while the U.S. announcement of general tariff increases on April 2 caused declines in global markets.

“It’s a very dynamic period. We won’t panic; we’ll act calmly,” Bolat said. “We are studying how U.S. new foreign trade policy and additional customs duties might affect Türkiye’s foreign trade, both bilaterally with the U.S. and multilaterally in other markets.”

Türkiye reaches out to US officials for negotiations

The minister revealed he is sending an official letter to the U.S. Trade Secretary requesting negotiations. “The U.S. side has said they are ‘open to negotiations with countries’ regarding these new policies,” he noted.

Highlighting the economic ties between the two nations, Bolat pointed out that the U.S. has approximately $15.5 billion in direct investments in Türkiye, while Türkiye has around $11 billion invested in the U.S. Additionally, about 1.3 million American tourists visit Türkiye annually.

“Our primary duty is to ensure Türkiye-U.S. economic relations continue without damage during this new process. Our second duty is to elevate these relations to higher figures,” Bolat explained. “We need to stay alert but not panic, be prepared, and maintain active negotiations that benefit both sides.”

Bolat prepares for Japan visit as EXPO 2025 begins

Bolat also discussed his upcoming visit to Japan for EXPO 2025 Osaka, which begins April 13. Türkiye will participate in the event, with special activities planned for April 23, Türkiye’s National Sovereignty and Children’s Day.

“We will have meetings with Japanese government officials, business representatives, and employer organizations in Tokyo, along with business and investment forum meetings,” Bolat said.

The minister emphasized Japan’s importance to Türkiye, noting that Japanese companies have invested around $3 billion in Türkiye, with bilateral trade reaching $5.4 billion last year.

“We are in discussions with the Japanese government and relevant ministries to make this trade more balanced and productive for both countries,” he said. “We are striving to create new investment and trade opportunities through EXPO and our official program in Japan.”

OECD extends cooperation with Türkiye for another 3 years

Bolat also addressed the memorandum of understanding signed yesterday to continue the activities of the Organization for Economic Cooperation and Development (OECD) center in Istanbul.

He noted that Türkiye is a founding member of the OECD, which has been expanding its focus beyond being a “club of the rich” to increase cooperation with developing market countries.

“We are pleased to contribute to the OECD’s work,” Bolat said, adding that the cooperation protocol between the OECD and Türkiye’s Trade Ministry has been extended for three more years.