Turkey Imposes Tariff Hike

Turkey recently shocked the global agricultural market by imposing a staggering 130% tariff on imported grains, including wheat, barley, and corn. Effective May 1st, this unforeseen action has sent shockwaves through the international grain trade and raised concerns about food security in the region.
The Turkish government’s rationale behind the tariff is to shield domestic farmers from cheaper imports, particularly from the Black Sea region. However, this protectionist policy has the potential to boomerang, leading to a surge in food prices for Turkish consumers who are already grappling with high inflation.
The tariff has not only sparked domestic debates but also drawn international criticism from trade organizations. They perceive this move as a violation of free trade principles. The sudden and significant increase in tariffs could disrupt established trade flows and inject uncertainty into the global grain market.

Read more here