According to an Iran Press report, Ankara has said it will impose extra tariffs on imports of American products including rice, vehicles, coal , cosmetics, and tobacco. The Turkish vice president says it's a response to Washington's 'deliberate attacks' on the country's economy.
Turkey’s vice president Fuat Oktay said on Twitter that the tariffs on certain products were increased “within the framework of the principle of reciprocity in retaliation for the deliberate economic attacks by the United States.”
The Turkish lira has dropped to record lows in recent weeks, having fallen some 42 percent so far this year. The currency has now stabilized at around 6.50 lira against the dollar.
Investors are worried not only about Turkey’s souring relations with the U.S., but also about Erdogan’s economic policies and the country’s high debt accumulated in foreign currencies.
Turkey has accused the United States 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, as U.S. President Donald Trump tries to secure the release Andrew Brunson, an American citizen being tried in Turkey on espionage and terrorism-related charges. The Trump administration says Brunson is an evangelical pastor. The Turkish government says he is a spy who was deeply involved in the 2016 coup d'etat against Erdogan. Analysts say Andrew Brunson is probably an intelligence agent or spy as the Turks claim, since very high ranking US officials including secretary of state Mike Pompeo and president Donald Trump are doing everything they can to secure his release.
The decision to impose new tariffs came a day after Erdogan said Turkey would boycott U.S. electronic goods, singling out iPhones.
