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High Drama and Big Impact: Trump’s Bold Tariff Plans and What to Expect

Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
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Turkey Introduces 10% Minimum Corporate Tax to Address Budget Deficit

Turkey will implement a 10% minimum corporate tax starting in 2025 as part of efforts to reduce its budget deficit. According to a decree by the Treasury and Finance Ministry, the domestic minimum tax for corporate earnings will not fall below 10% before deductions and exemptions.

This move is part of a fiscal consolidation strategy led by Treasury and Finance Minister Mehmet Simsek, who has been focused on simplifying tax laws and reducing the scope of tax deductions and exemptions since taking office after last year's election. The government has revised its 2025 budget deficit forecast down to 3.1% of GDP, from an earlier estimate of 3.4%, with a 2024 deficit expected at 4.9%.

Key changes in the new tax code include a 30% tax rate on earnings from build-operate-transfer and public-private-partnership projects, the removal of real estate sales tax exemptions, and a requirement for funds to distribute at least 50% of real estate revenues as dividends to qualify for tax exemptions.

These measures are seen as crucial to supporting Turkey’s fight against inflation and ensuring fiscal discipline.

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