Israel Imposes 100% Tariff on Turkish Imports in Response to Trade Suspension by Turkish president

Finance Minister Bezalel Smotrich announced a bold move this evening, declaring a 100% tariff on all products imported from Turkey until the end of Recep Tayyip Erdogan's term as President of Turkey. This decision comes as a direct response to Erdogan's recent decision to halt trade with Israel, citing Israel's actions in Gaza and accusing it of war crimes.

Smotrich's office clarified that the decision will be presented to the government for approval and emphasized the intention to revoke all reduced customs rates on Turkish goods under the existing free trade agreement. Additionally, the Minister proposes steps to diversify import sources, aiming to reduce Israel's dependence on Turkey and enhance the resilience of its supply chains.

"This is a fitting Zionist answer to Erdogan," declared Smotrich, condemning Erdogan's support for Hamas and challenging Israel's right to self-defense. The move echoes calls from Ron Tomer, President of the Association of Manufacturers, who had advocated for imposing full tariffs on Turkish products. Tomer welcomed Smotrich's announcement as an "appropriate Israeli response to the Turkish Sultan," expressing readiness to support efforts to increase local production capacity.

However, not all sectors are in agreement with the decision. Shahar Turgeman, President of the Association of Chambers of Commerce, criticized the move as driven by "anger and revenge," arguing that it does not align with the business sector's mindset. Turgeman urged for discreet and effective resolution of conflicts, emphasizing the importance of addressing the cost of living and conducting crisis management behind the scenes.

The announcement sets the stage for potential shifts in Israel-Turkey trade relations and underscores the broader geopolitical tensions in the region.