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Turkey Repeals 2018 Tariffs as U.S. Trade Ties Show Promise

Tariffs Lifted Amid Strategic Diplomatic Engagement

Turkey has formally repealed the retaliatory tariffs imposed on U.S. imports in 2018—a move signaling a potential thaw in bilateral relations. The decision, announced in Turkey’s Official Gazette, comes as President Tayyip Erdogan prepares for a series of high-level meetings in the United States, including a visit to the United Nations General Assembly and a scheduled White House appointment with U.S. President Donald Trump.

Reassessment of Past Trade Measures

The reversed tariffs, which in their original form had impacted a range of products from passenger cars and fruit to tobacco and chemical products, were initially enacted to counter U.S. tariffs on steel and aluminum during Trump’s first term. The rollback is a calculated step in advancing negotiations between the two nations, particularly as trade volumes have historically lagged behind the ambitious goal of reaching $100 billion in bilateral trade.

Historical Context and Future Prospects

The unfolding developments are rooted in a complex history marked by both personal rapport and policy discord. While the rapport between Erdogan and Trump once signaled a promising era, strategic disputes—including U.S. concerns over Turkey’s defense purchases and regional affiliations—had previously strained relations. This tariff reversal may pave the way for renewed dialogue, offering both countries an opportunity to recalibrate their trade and defense partnerships.

Economic Implications and Strategic Outlook

Turkey’s trade ministry emphasized that the removal of these tariffs reflects progress in ongoing negotiations, underpinning Ankara’s commitment to diversifying and broadening trade ties with Washington. With last year’s bilateral trade volume at approximately $30 billion, both administrations appear keen on increasing economic engagement and exploring new areas of collaboration. In a further signal of its evolving trade policy, Turkey also announced additional customs duties on certain passenger car imports, excluding those from the European Union and nations with which it has free trade agreements.

Eurobank Wins Two Euromoney Awards Following Cyprus Merger

Eurobank has been named Cyprus’ Best Bank for 2026 by Euromoney, while also receiving the award for Best Bank for Large Corporates at the publication’s latest Awards for Excellence.

Merger Marks A Milestone

The awards recognise the bank’s performance during 2025, a year marked by the completion of the legal merger between Hellenic Bank and Eurobank Cyprus. The transaction created Eurobank Limited, which the group says is now Cyprus’ largest banking and insurance organisation, with assets exceeding €28 billion.

Euromoney’s Awards for Excellence evaluate banks’ performance over the previous calendar year, with this edition covering January 1 to December 31, 2025.

Lending, Customers And Digital Growth

Eurobank said its business lending portfolio expanded by around 17 per cent during 2025, while its customer base grew to more than 710,000 retail clients and 11,500 business customers.

The bank also continued its digital expansion, saying more than 96 per cent of transactions are now completed through digital channels, and most financing applications are submitted via its mobile app.

Expanding International Presence

Eurobank also highlighted the opening of its first representative office in India, describing the move as a step toward strengthening business links between Cyprus and India while supporting Cyprus’ role as a gateway to the European Union for Indian businesses and investors.

According to the bank, Euromoney recognised not only the successful completion of the merger but also its lending growth, digital transformation and contribution to Cyprus’ position as an international business and investment hub.

CEO On The Awards

“The Euromoney awards confirm Eurobank’s strong momentum and the successful implementation of our group’s strategy in Cyprus,” Chief Executive Michalis Louis said.

He said the merger strengthened the bank’s ability to support households, businesses and the wider economy, while highlighting continued investment in digital services and the opening of the representative office in India as key milestones during the year.

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