Istanbul: US President Donald Trump's announcement of reciprocal tariffs has sparked concerns about increasing protectionism in global trade, but it also presents opportunities for Trkiye's competitive landscape, as noted by Turkish business representatives.

According to Anadolu Agency, Trump introduced reciprocal tariffs ranging from 10% to 50% on over 180 countries. Trkiye, alongside the UK, Brazil, Australia, the United Arab Emirates, New Zealand, Egypt, and Saudi Arabia, faces a 10% tariff. Sekib Avdagic, president of the Istanbul Chamber of Commerce, highlighted that while global trade is shifting towards protectionism, Trkiye is not among the heavily tariffed countries, instead facing a basic 10% tariff.

Avdagic emphasized the significance of the US as Trkiye's second-largest export market, with $16.4 billion worth of goods and services exported last year. He suggested that these tariffs could be transformed into a positive opportunity if Trkiye analyzes them promptly and develops competitive strategies.

Avdagic also noted the potential for increased investment from European and Asian-Pacific companies in Trkiye due to higher tariffs elsewhere. He suggested that the US might also invest in Trkiye for goods with lower tariffs, which could lead to higher direct investments from Europe and China.

Erdal Bahcivan, chairman of the Istanbul Chamber of Industry, remarked on the shift from globalization to protectionism and stressed the need for strategic planning in response to these new trade conditions. He pointed out that the 10% tariffs on Trkiye could enhance the country's competitiveness compared to countries like China, Japan, the EU, and South Korea, which face higher tariffs.