Turkey to increase tariffs on US goods

ANKARA: Turkey announced yesterday it was increasing tariffs on imports of certain US products, escalating a feud with the US that has helped trigger a currency crisis.

In a decision announced in the Official Gazette, Ankara said it was imposing extra tariffs on imports of products including rice, vehicles, alcohol, coal and cosmetics.

Turkey’s Vice-President, Fuat Oktay, said on Twitter that the tariffs on certain products had been increased “within the framework of the principle of reciprocity in retaliation for the conscious economic attacks by the US”.

The Turkish lira has dropped to record lows in recent weeks, having fallen 42% so far this year. Investors are worried not only about Turkey’s souring relations with the US, but also Turkish President Recep Tayyip Erdogan’s economic policies and the country’s high debt accumulated in foreign currencies.

Turkey has accused the US of waging an “economic war” as part of a plot to harm the country.

Washington has imposed financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey. – AP