Turkey doubles tariffs on some US imports over economy 'attacks'

Marco Green
August 15, 2018

Turkish Vice President Fuat Oktay said on Twitter that the measures were in response to "the deliberate attack of the United States administration on our economy".

Turkey has increased tariffs on several USA products, including alcohol and tobacco products and cars, according to a new presidential decree published early Wednesday in the official gazette.

The Turkish government has doubled its retaliatory tariffs on American cars to 120% and on alcoholic drinks to 140%, according to a notice published Wednesday.

The decision came a day after President Recep Tayyip Erdogan said Turkey would boycott United States electronic goods, singling out iPhones.

On Friday, Turkey's Foreign Ministry said Turkey would retaliate against the raising of steel and aluminum tariffs by the USA administration.

Among the products are cars, rice, some alcohol and tobacco products and some cosmetic products like sun creams.

"The import duties were increased on some products, under the principle of reciprocity, in response to the USA administration's deliberate attacks on our economy", Vice President Fuat Oktay wrote on social network Twitter.

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

Markets are concerned by Erdogan's influence over the economy and his resistance to interest rate increases to tackle double-digit inflation. The currency has now stabilised at around 6.50 lira against the dollar.

Erdogan said on Tuesday Turkey would boycott USA electronic products as the row escalated.

Other reports by Click Lancashire

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