Turkey responds to Trump tariffs with enormous duties on vehicles and different items

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Turkish lira plummets again, hits record low

Turkey on Wednesday intensified its conflict with the USA, saying heavy new tariffs on some American merchandise together with vehicles, alcohol and tobacco.

Turkish Vice President Fuat Oktay stated on Twitter that the measures have been in response to “the deliberate assault of the US administration on our economic system.”

The Turkish authorities has doubled its retaliatory tariffs on American vehicles to 120% and on alcoholic drinks to 140%, in line with a discover printed Wednesday. Different affected merchandise embrace fruit, coal, paper and rice.

Relations between Washington and Ankara have quickly soured in current weeks over Turkey’s detention of an American pastor. The Trump administration introduced plans on Friday to double US tariffs imports of metal and aluminum from Turkey.

The political spat with Washington has added to stress on Turkey’s forex, the lira, which has plunged against the dollar.

Turkish President Recep Tayyip Erdogan has accused the USA of stabbing Turkey within the again and on Tuesday called for a boycott of US electronics products.

Turkey already imposed new tariffs in June on an identical vary of US items, price a complete of $1.eight billion, in retaliation for President Donald Trump’s preliminary tariffs on metal aluminum.

— Isil Sariyuce contributed to this report.

CNNMoney (Hong Kong) First printed August 15, 2018: 1:11 AM ET





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