Products imported from China will be subject to an additional 40% tariff!
According to foreign media reports, Turkey announced in a decision published in the Official Gazette on Friday that it would impose anti-dumping duties on some steel imports from China, Russia, India and Japan. Among them, China has the highest tariffs on imported products.
Wessel · Yayan, secretary general of the Turkey Steel Producers Association (TCUD), told Reuters that the recently imposed tariffs have affected about 4 million tonnes of imported steel products, which are estimated to be worth between $2 billion and $2.2 billion.
According to the Official Gazette, after Turkey's domestic steel producers filed complaints, the relevant authorities investigated the import of hot-rolled coils. The findings show that so-called "steel dumping" poses a threat to domestic steel production.
According to this decision, tariffs of 15 to 43 percent will be imposed on imports from China, while tariffs of 6 to 9 percent will be imposed on imports from Russia, India and Japan. These anti-dumping duties will be implemented in addition to the original tariffs of 15% and 13% on non-alloy hot coils and alloy hot coils, respectively.
Turkey's Directorate General of Imports (DGI) announced that from September 27, a tariff of $25/m2 will be imposed on PV modules from Viet Nam, Malaysia, Thailand, Croatia and Jordan. However, Jinko's Malaysia subsidiary, JA Solar's Viet Nam subsidiary, Trina Solar's Thailand subsidiary, and Vina Solar, a Viet Nam module manufacturer acquired by LONGi Green Energy, were granted tariff exemptions.
In addition, the Ministry of Trade of Turkey announced on November 25, 2023 that it had launched an anti-circumvention investigation into the anti-dumping case of photovoltaic modules originating in China. The purpose of the investigation is to examine whether China's products were exported to Turkey through countries such as Viet Nam, Malaysia, Thailand, Croatia and Jordan to avoid the previous $20/m2 countervailing duty imposed on Chinese PV products.
In the field of electric vehicles, Turkey announced an additional 40% tariff on electric vehicles imported from China in March 2023, and expanded the scope of this additional tariff to fuel and hybrid passenger cars on June 8. As the seventh largest automobile manufacturer in Europe, Turkey's automotive industry occupies an important position in the national economy. However, there are few independent brands in the Turkey automotive industry, and many European car brands have set up subsidiaries and factories in Turkey.
Turkey's electric vehicle market is growing rapidly. According to Turkey Automobile Distributors and Mobility Association (ODMD) data, in January ~ August this year, the sales of all-electric vehicles in Turkey soared by 94.7% to 47,032 units, and the proportion of electric vehicles in total sales also increased from 4.1% in the same period last year to 7.8%. Among them, Togg ranks first in the domestic electric vehicle market with sales of nearly 15,000 units.
Some industry insiders pointed out that after Turkey imposed additional tariffs on Chinese automobiles, Turkey's tariffs on Chinese automobiles have reached 50%, which not only damages the economic and trade relations between China and Turkey, but also cannot truly solve the problem of Turkey's weak domestic electric vehicle industry.
Why the sudden and sharp depreciation of the renminbi?
On October 15, the onshore renminbi fell below the 7.11 mark against the US dollar, falling by more than 200 points in a day, while the offshore renminbi fell below the 7.12 mark against the US dollar, depreciating by more than 300 points. As of 13 o'clock, the onshore and offshore RMB exchange rates against the US dollar were reported at 7.1144 and 7.12465 respectively.
On the morning of the 15th, the People's Bank of China authorized the China Foreign Exchange Trade Center to announce that the central parity of the RMB exchange rate in the interbank foreign exchange market was 1 US dollar to 7.0830 yuan, a depreciation of 107 basis points.
On the evening of the 14th, the U.S. and European stock markets closed up across the board, with the S&P 500 and the Dow hitting record highs, and the RMB also soared against the U.S. dollar.
In a strong US dollar environment, many major currencies retreated. Domestically, spurred by a series of supportive policy "combinations", China's asset attractiveness has rebounded overall, and the renminbi has depreciated relatively low, remaining strong against a basket of currencies other than the US dollar.
Source: Sorted out in the Foreign Trade Document Center, Ship News