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Turkey becomes the latest nation to hit the US with retaliatory tariffs

People walk past shops on Istanbul's famous Istiklal shopping street on May 25 in Istanbul. Turkey has become the latest nation to impose retaliatory tariffs against the United States, in response to U.S. tariffs on global imports of steel and aluminum. (Chris McGrath/Getty Images)

Turkey has become the latest nation to impose retaliatory tariffs against the United States in response to U.S. tariffs on global imports of steel and aluminum. The tariffs,  which take effect Thursday, will target $267 million worth of U.S. products, including walnuts, coal, tobacco, whiskey, and automobiles.

Why are they imposing these tariffs?

On March 1, President Donald Trump announced that the United States would be imposing a 25 percent tariff on all steel imports and a 10 percent tariff on all aluminum imports. A small handful of countries were given exemptions, but many of these exemptions were later revoked.

Several nations, including Canada, Mexico, the European Union, and China had already imposed retaliatory tariffs on billions of dollars worth of U.S. goods.

Turkey had been negotiating a trade deal with the U.S., but the Turkish Ministry of Economy said that those negotiations had ultimately failed.

Turkish Economy Minister Nihat Zeybekci said in a statement: "Turkey is committed to active, robust and reciprocal trade relations with the U.S .— but with the understanding that fairness cannot be one-sided."

Zeybekci added, "We cannot and will not allow Turkey to be wrongly blamed for America's economic challenges."

How many tariffs are there now?

Mexico: $3 billion. 

Canada: $13 billion. After the U.S. revoked its exemption to the steel and aluminum tariff, Canada announced that it would be hitting $13 billion worth of U.S. products with a  25 percent tariff.

European Union: $3.2 billion. So far, the EU has imposed tariffs on American products including cigarettes, denim, peanut butter, orange juice, blue jeans, bourbon, and motorcycles. However, the EU has threatened to impose additional tariffs on $4.3 billion worth of U.S. goods if a trade agreement is not reached.

China: $250 billion (and counting). Both China and the U.S. have countered each other's tariffs and retaliatory tariffs with even more tariffs. On June 18, President Trump threatened to impose additional tariffs on $200 billion in Chinese goods. This would bring the total value of Chinese imports hit with U.S. tariffs since March up to $450 billion. After this, there won't be many Chinese imports left unaffected by U.S. tariffs. The total number of goods imported to the United States from China in 2017 amounted to about $505.6 billion.

India: $241 million (proposed). India has threatened to increase tariffs on 30 U.S. products, including almonds, walnuts, apples, and large motorcycles.

One last thing…
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