The United States Abolished The Treatment Of GSP In Turkey

The US government announced on the 16 day that it will abolish the GSP treatment granted to Turkey from 17, and reduce the tariff rate on steel imports from Turkey by half to 25%. According to the US government, according to Turkey's economic development level, it is appropriate to cancel its GSP treatment qualification. At the same time, the tariff rate of steel imported from Turkey will be reduced to 25%. In August last year, the US government increased the tariff rate on imports of steel from Turkey to 50%. American trade representative lettse said in early March, because Turkey's economy is well-developed, it should no longer enjoy preferential treatment in the US market. In accordance with the law, the elimination of the GSP treatment should be taken into effect at least 60 days after the notification to the United States Congress and the relevant government, and promulgated by the American presidential bulletin. GSP refers to a system of international trade which unilaterally faces the preferential treatment of goods and semi manufactured goods imported from developing countries by the developed countries. It is a more preferential treatment on the basis of the most favored nation treatment rate. Turkey is one of the 120 countries and regions enjoying the treatment of GSP in the United States.