OMM Redaksiyası
Trade between Türkiye and the United States is expected to reach $42-43 billion this year and grow to $50 billion by the end of 2028, Turkish Trade Minister Omer Bolat told Anadolu Agency.
Bolat said economic ties between the two countries had recently gained momentum through private-sector initiatives and government-backed trade delegations. The efforts are intended to advance the $100 billion bilateral trade target set by the leaders of Türkiye and the US.
The minister accompanied Turkish President Recep Tayyip Erdogan to the 81st session of the UN General Assembly in New York. On the sidelines, the Turkish delegation held talks with US officials and business and investment representatives on the economy, finance, foreign trade, energy, industry and the environment.
Trade and investment ties
Based on data from the first eight months of the year, Bolat said bilateral trade was on track to increase by more than 10% annually, reaching $42-43 billion.
The US is Türkiye’s second-largest export market and fourth-largest source of imports, while ranking second in terms of foreign direct investment, he said.
About 2,300 US companies have invested in Türkiye, with a combined capital stock of $16.5 billion. Total US capital investments in the country are close to $60 billion, according to Bolat.
Turkish companies have also invested nearly $14.5 billion in the US economy. While earlier investments were concentrated in manufacturing, new capital flows are increasingly directed toward energy, aviation, logistics and the digital economy.
Tariff negotiations continue
Bolat said Erdogan chaired Türkiye’s 19th Investment Conference, organised by the Foreign Economic Relations Board and its Türkiye-US Business Council. During the event, Erdogan urged US finance, aviation and technology executives to expand their operations in Türkiye.
Talks with Washington are continuing over customs tariffs imposed on April 2, 2025, Bolat said.
“Some tariffs were overturned by the US Supreme Court, while additional tariffs were reimposed via a different mechanism,” he said. “Since then, additional quotas or tariffs ranging from 25-50% were imposed in some sectors for national security reasons, and we’re discussing these issues.”
The minister said Washington should direct protectionist measures at countries that run trade surpluses with the US. “Türkiye runs a trade deficit with the US and it is not a country with a significant trade surplus, so we’re continuing our mutual negotiations while considering the situation of our sectors, trade and overall economic interest,” he said.
Bolat added that he would represent Türkiye at next week’s G20 Trade Ministers Meeting in Milwaukee, Wisconsin, where he plans to discuss global economic conditions and hold bilateral meetings.
