Finance Turkey hikes customs duty on Chinese vehicles by 40% By Pramod Kumar June 10, 2024, 4:16 AM Unsplash.com/Michael Förtsch Turkey's decision to increase tariffs on Chinese vehicles such as EV maker BYD considers the current account deficit targets and encourages domestic investment and production Turkey will start imposing an additional 40 percent customs duty on vehicles imported from China next month, in an attempt to lower its current account deficit and protect domestic car manufacturers. The extra tariff will be set at a minimum of $7,000 per vehicle or 40 percent of the import value, whichever is higher, according to a decision published in the official gazette. NewsletterGet the Best of AGBI delivered straight to your inbox every week “An additional tariff will be imposed on the import of conventional and hybrid passenger cars from China due to the falling share of domestic production,” the trade ministry said in a post on the messaging platform X, formerly Twitter. Turkey’s Koç ends talks to sell Yapi Kredi stake UAE car insurers boycott Teslas over high repair costs Turkish court rules president cannot sack central bank chief The decision is in line with current account deficit targets and encourages domestic investment and production. It will be effective from July 7. Ankara’s current account deficit reached $45.2 billion in 2023. In April, data from the Automotive Distributors and Mobility Association showed that the domestic EV brand Togg dominated sales in the country during the first quarter of 2024, with 4,145 units sold.