Turkey increases tariffs on some USA imports, escalating feud
Turkey increases tariffs on some USA imports, escalating feud
Turkey to boycott US electronic goods
16 August, 2018, 20:25
Tariffs on American cars were doubled to 120 percent while tariff on alcoholic drinks to 140 percent.
In response to Trump's tariffs, Turkish officials said they will impose a 50 percent tax on US rice, 140 percent on spirits, 60 percent on tobacco and 120 percent on cars while increasing duties on a variety of other goods.
Turkey should commit to sound economic policies to promote stability and reduce imbalances at a time of market volatility, an International Monetary Fund (IMF) spokesperson said on Wednesday as a row between Washington and Ankara over the jailing of an American pastor dragged on.
The White House on Wednesday condemned Turkey's move tariffs, calling the action "a step in the wrong direction".
The growing tensions between Washington and Ankara have sent the Turkish currency tumbling to historic lows.
Lira has lost around 40% against the U.S. dollar this year, due to worries over Erdogan's growing control over the economy and his repeated calls for lower interest rates despite high inflation.
Meanwhile Turkish Foreign Minister Mevlut Cavusoglu said on Wednesday that Ankara is ready to discuss its ongoing issues with the United States as long as there are no threats.
The Turkish lira briefly firmed at 5.86 from 6.04 to the dollar, but later fell to 6.02.
Turkey's Vice President Fuat Oktay wrote on Twitter that the doubling of tariffs was done "under the principle of reciprocity", in response to America's "conscious attacks on our economy".
'If (the United States) have the iPhone, there's Samsung on the other side, ' he said, referring to USA giant Apple's iconic phone and the top South Korean brand.
The lira had nosedived in recent weeks, hitting 7.24 last week, amid a diplomatic and trade dispute with the United States. Turkey's exports to the United States past year amounted to $8.7 billion, making it Turkey's fifth-largest export market.
In one of the videos circulating online in Turkey, which have been picked up by the country's online news organizations, an unidentified man with four boys kneeling behind him in front of a Turkish flag, addresses the US leader directly, asking Mr. Trump, "who do you think you are?" Brunson's lawyer told CBS News that a higher court was still considering the appeal and could overrule that decision.
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On Wednesday, a court rejected an appeal for Brunson to be released from house arrest.
Turkey announced earlier to slap tariffs on American goods. Turkey retaliated with some $533 million of tariffs on some USA imports - including cars, tobacco and alcoholic drinks - and said it would boycott us electronic goods, singling out Iphones.
In another high-profile case, a Turkish court ruled on August 15 to release from jail Taner Kilic, the local chair of Amnesty International, a researcher from the rights group said.
Measures taken by Turkey's central bank also helped the lira rebound, such as cracking down on foreigners aiming to short the currency.
The Turkish president said: "If they have the iPhone, there is Samsung elsewhere".
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Following the latest announcement, Turkey's presidential spokesman Ibrahim Kalin has called on the U.S.to engage in diplomacy. The decree will raise tariffs on American vehicle imports by 120-percent, alcohol by 140-percent and tobacco by 60-percent.