Turkey slaps retaliatory tariffs on key US goods, escalates feud

Turkey slaps retaliatory tariffs on key US goods, escalates feud

Turkey slaps retaliatory tariffs on key US goods, escalates feud

A decree signed by President Tayyip Erdogan, doubled Turkish tariffs on passenger cars to 120 percent, on alcoholic drinks to 140 percent and on leaf tobacco to 60 percent.

"Turkey does not favor an economic war, but it can not remain unresponsive when it is attacked".

Turkey has been rocked in recent days by a sharp decline in the value of its lira after US President Donald Trump tweeted last Friday that Washington was doubling aluminium and steel tariffs for Ankara.

Tensions increased between the two North Atlantic Treaty Organisation allies over Turkey's detention of a Christian American pastor and other diplomatic issues.

The decree said the move brought tariffs to 50 percent on imports of USA rice, 140 percent on hard alcoholic drinks like spirits, 60 percent in leaf tobacco and 60 percent on cosmetics.

Turkey's Vice President Fuat Oktay said on Twitter that the tariffs on certain products were increased "within the framework of the principle of reciprocity in retaliation for the deliberate economic attacks by the United States".

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Tapper then shared Trump's other tweets about Newman to suggest he only retained her because she " said great things" about him. Maxine Waters. "He doesn't know how to control himself". "I think it's really sad what she's doing at this point".


It recovered by 5% to around 6.05 lira per dollar on Wednesday, after the government took steps to shore up the currency by reducing the daily limit in bank foreign currency swap transactions.

The Turkish lira has dropped to record lows in recent weeks, having fallen some 42 percent so far this year.

"Significantly more than just official promises of action are needed to exit the current crisis", said Andy Birch, principal economist at IHS Markit, calling for "a sharp central bank rate rise".

A Turkish court on Tuesday released two Greek soldiers detained since March on espionage charges for illegally crossing the border in a case that has stoked tensions with Brussels.

A treasury desk trader at one bank said this showed relations with the European Union could recover "while tense relations continue with the U.S.".

The currency has lost almost 40 percent against the dollar this year, driven by worries over Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.

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Moves by the central bank to ensure Turkish banks have liquidity and a planned conference call by Turkish Finance Minister Berat Albayrak, who is Erdogan's son-in-law on Thursday have gone some way to giving reassurance to investors.

The United States was the fourth largest source of imports to Turkey past year, accounting for $12 billion of imports, according to International Monetary Fund statistics.

Brunson has appealed again to a Turkish court to release him from house arrest and lift his travel ban, his lawyer told Reuters on Tuesday.

Apple has 22 per cent of the smartphone market in Turkey, where 11.4 million units were sold a year ago, according to Ramazan Yavuz, research manager at IDC consultancy company.

Turkey and Russian Federation will take steps to "enhance strategic partnership" between the two countries, Lavrov said on Tuesday at a joint press conference with his Turkish counterpart Mevlut Cavusoglu.

Earlier in the week, President Recep Tayyip Erdogan asked Turkish citizens to boycott the use of American technology like iPhones in response to U.S. tariffs levied late last week.

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Le chef d'Etat a assuré, dans ce sens, qu'un dialogue a lieu avec les partis politiques quant au travail de la Colibe. Selon lui, la création de cette commission était nécessaire " pour faire un bilan des libertés individuelles ".


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