Wednesday 15 August 2018 | 10:58 AM Damascus Local Time
  • Turkey Increases Tariffs On Some US Goods

    Turkey

    Agencies (Qasioun) - Turkey said Wednesday it is increasing tariffs on imports of certain U.S. products, including rice, cars, alcohol and coal as a respond for the United States that has helped trigger a currency crisis.

     

    The Turkish government said it will impose extra tariffs on imports of products including rice, vehicles, alcohol, coal and cosmetics. Tariffs on American cars were doubled to 120 percent while tariff on alcoholic drinks to 140 percent.

     

    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 tariffs come a day after President Recep Tayyip Erdogan said Turkey would boycott U.S. electronic goods, singling out iPhones. He suggested Turks would buy local or Korean phones instead, although it was unclear how he intended to enforce the boycott.

     

    The Turkish lira has dropped to record lows in recent weeks, having fallen some 42 percent so far this year. It recovered a bit, by 4 percent to around 6.12 lira per dollar Wednesday, after the government took steps to shore up the currency by reducing the daily limit in bank foreign currency swap transactions.

     

    Source: Associated Press

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