Turkey issues sharp tariffs on US imports
Turkey's government has raised tariffs on US imports, including passenger cars, tobacco and alcohol, Official Gazette said this morning.
The decree, which was signed by President Recep Tayyip Erdoğan, raised tariffs on alcoholic beverages by 140%, on tobacco by 60%, and on passenger cars by 120%.
Tariffs were also increased on other US goods, including cosmetics, rice and coal.
Turkey’s Vice President Fuat Oktay commented on the move, stating: "Under the principle of reciprocity, the tax rates for imports of certain products have been increased against the US administration’s conscious attacks on our economy."
U.S. President Donald Trump authorised the implementation of higher tariffs on aluminium and steel imports from Turkey last Friday.
Commenting on the move, the US leader said: "I have just authorised a doubling of tariffs on steel and aluminium with respect to Turkey as their currency, the Turkish lira, slides rapidly downwards against our very strong dollar. Aluminium will now be 20% and steel 50%. Our relations with Turkey are not good at this time!"
Erdogan responded defiantly to Trump’s threats in a speech in Trabzon on Sunday.
"I want them to know that we will not surrender. We will keep producing and we will keep increasing exports. We will not give in, if you come at us with your dollars then we will find other ways to do business. The US is sacrificing its 81-million strong ally Turkey for a pastor with links with terrorists," BBC cited him as saying.
The Turkish leader also said on Monday that the US was seeking the "stab" Turkey in the back.
The lira has fallen 45pc against the dollar since the start of 2018, and the country’s stock market has fallen 17%.