Türkiye to gain competitive edge in US market amid higher tariffs: ICOC Chairman

Chairman of Istanbul Chamber of Commerce (ICOC) Sekib Aydagic predicted that Türkiye would gain a competitive edge in the U.S. market, as President-elect Donald Trump pledged to impose higher tariffs on the largest exporters to the U.S.

“During this period, Türkiye will become more competitive in product groups subject to high tariffs in other countries where it is a producer and will have the opportunity to increase its exports to the U.S. in these categories,” Aydagic stated in an interview with Anadolu Agency on Monday.

‘Trump’s policies will be much more radical and sharp’

Avdagic emphasized that Türkiye’s largest market is the European Union and the cluster of countries surrounding it, noting that demand in these markets has decreased and is projected to continue declining through 2025.

Avdagic stated that the world is entering a new phase marked by the “Trump 2.0” period, adding, “Trump’s policies will be much more radical and sharp. With some new practices that Trump 2.0 is expected to bring, I foresee that we can offset potential losses in exports by increasing our exports to the US.”

‘Eximbank credit costs need to reach a more reasonable level’

Avdagic underlined the importance of balancing the share of employment costs in Türkiye and reaching a competitive position through measures such as exchange rate policies, export incentives, and Eximbank loans, anticipating improvements in these areas to continue through 2025.

Noting that there have been positive developments in Eximbank loans this year but more progress is necessary, Avdagic said, “Eximbank credit costs need to reach a more reasonable level. Currently, factors like advance interest collection and counter-guarantee requirements increase costs. Therefore, the financial support provided to exporters must be implemented at more reasonable costs, including through Export Development Inc. (IGE) and Turk Trade Bank, with the involvement of other banks.”

‘Türkiye, Syria’s main solution partner’

Discussing the situation in Syria, Avdagic highlighted that the process is still in its infancy.

Avdagic expressed that before discussing business opportunities, Syria must achieve complete stability, stating, “As processes normalize, it is realistic to expect that Türkiye will emerge as the most significant and largest trade partner for Syria. Given its proximity and economic strength, Türkiye will play a key role in these processes.”

Avdagic added that Türkiye will also be the greatest solution partner in the newly established structure in Syria, explaining:

For the past 11-12 years, we have nurtured a generation of Syrians who are familiar with Türkiye, speak Turkish, and have a deep understanding of Turkish business and social life. This generation will help foster better Türkiye-Syria relations in every aspect—political, economic, and social—following their return. Whether it involves reconstruction, supplying goods and services, implementing various projects, or revitalizing public and private institutions in Syria, Türkiye will be the main solution partner. For now, our primary focus, both from an Islamic and humanitarian perspective, is ensuring the Syrian people achieve complete stability.

Sekib Aydagic, chairman of Istanbul Chamber of Commerce