TRADE WAR: Turkey retaliates, imposes double tariffs on US goods

The on-going trade war between Turkey and US is boiling over as Ankara has decided to impose doubled tariffs on some imports from America – such as passenger cars, alcohol, and tobacco.

The imposition of double tariffs according to reports is in retaliation for “deliberate attacks” on its economy amid escalating tensions between Turkey and the US, its NATO ally.

Tariffs were also doubled on goods such as cosmetics, rice, and coal.

“The import duties were increased on some products, under the principle of reciprocity, in response to the US administration’s deliberate attacks on our economy,” Turkey’s Vice President Fuat Oktay wrote in a Twitter post.

Read also: OIL BAN: Iranian Supreme Leader rules out negotiations with US

The move is coming a day after the government of Turkey has noted that it is about to implement a plan that will ease investor concerns despite the imposition of sanctions on it by the US.

According to Finance Minister Berat Albayrak, the government will begin to implement the economic action plan on Monday.

In an interview with Hurriyet newspaper published online, Albayrak described the lira’s weakness as “an attack,” echoing President Tayyip Erdogan – who is his father-in-law – and said the action plan was ready.

 

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