Mar 04 2018

Trade Wars already started - Deputy Prime Minister

 Turkey's Deputy Prime Minister Mehmet Şimşek, in a television interview Sunday, said that the trade wars have already started. Talking about U.S. President Donald Trump's plan to slap taxes as high as 25 percent on steel and aluminium imports, Şimşek said that other countries would most likely respond in kind.

Turkey is one of the major suppliers of steel to the U.S. with a share of 15 percent of the country's steel imports.

After President Trump issued his intention for taxing steel and aluminium, many U.S. trade partners promised to retaliate against quintessential American goods like Kentucky bourbon, bluejeans and Harley-Davidson motorcycles.

Şimşek in his interview said that since every country benefitted from open trade, a new era of trade wars would be detrimental to every state.

"If you look at it from a 200-year perspective, poverty declined tremendously; global prosperity increased, we are almost at peak prosperity," he said, and he warned that starting a new trade war would have destructive consequences to all economies.