US President Donald Trump's baseline tariff plays to Turkey's advantage, Turkish Vice President Cevdet Yilmaz said on April 5.

The relatively low 10% baseline tariff that the US has imposed on countries including Turkey could favour Turkish exporters, Reuters also quoted Yilmaz as saying.

Trump’s decision to avoid applying high levies on Turkey will open up access to the US market to Turkish exporters, according to the VP.

The US has already imposed tariffs on Turkish iron, steel and aluminium. But it is the fact that Trump has introduced higher tariffs on some of Turkey's competitor-exporters that is to the advantage of some Turkish exporters, Yilmaz observed during a televised interview.

Oil down, euro up

Turkey also stood to benefit from the sharp declines seen in oil prices, according to the VP.

The Brent oil price has nosedived from the $75s per barrel to the $65s since Trump announced his tariffs.

Turkey imports just about all of its oil and gas needs. The country looks set to benefit from price declines in other commodities, including natural gas, given that their prices are linked to the oil price.

Turkey can also capitalise on an advantage caused by the sharp increase in the EUR/USD pair. The country imports intermediary goods in USD and sells final products to Europe in EUR.

The EUR/USD rate jumped to the 1.11s from the 1.08s after Trump’s "Liberation Day" tariffs announcement.

The Turkish stock exchange fell by about 1% on the announcement day. The decline was much smaller than the negative outcomes seen on the FTSE and Nasdaq, according to the BBC.

But is Trump serious or just 'trolling' again?

Despite the huge media frenzy that Trump has created, the implementation of the sweeping tariffs is not as yet certain. He previously announced some tariffs on Mexico and Canada that were later lifted and came to be seen as his opening move in trade negotiations.