Türkiye-US trade volume to reach $50B by 2028

Turkish Trade Minister Omer Bolat told Anadolu on the sidelines of the UN General Assembly in New York that bilateral trade volume with the United States is expected to reach $42-43 billion this year and climb to $50 billion by 2028, marking steady progress toward the $100 billion target set by the two countries' leaders.

Bolat noted that the US ranks as the second-largest destination for Turkish exports and the fourth-largest source of imports, while standing second for foreign direct investment. Approximately 2,300 American companies have invested in Türkiye with a combined capital stock of $16.5 billion, bringing total US capital investments to nearly $60 billion. Turkish firms have meanwhile injected nearly $14.5 billion into the American economy, with capital flows increasingly targeting energy, aviation, logistics and the digital economy beyond traditional manufacturing.

Tariff negotiations

The minister addressed ongoing negotiations regarding customs tariffs imposed on April 2, 2025. "Some tariffs were overturned by the US Supreme Court, while additional tariffs were reimposed via a different mechanism," he said. "Since then, additional quotas or tariffs ranging from 25-50% were imposed in some sectors for national security reasons, and we're discussing these issues."

Bolat emphasized that Washington should direct protectionist measures toward countries running trade surpluses with the US. "Türkiye runs a trade deficit with the US and it is not a country with a significant trade surplus, so we're continuing our mutual negotiations while considering the situation of our sectors, trade and overall economic interest," he said. He will represent Türkiye at the G20 Trade Ministers Meeting in Milwaukee next week to address global trade issues and hold bilateral talks.