Turkey Increases Tariffs on US products

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In the trade dispute with the US, Turkey has raised import tariffs on certain US products by as much as 140 percent. Earlier, President Erdogan had announced a boycott of US electronics products.

Turkey has drastically increased tariffs on certain US imports. These include cars, alcohol and tobacco, the official journal reported. According to a decree signed by President Recep Tayyip Erdogan, tariffs will be raised by 120 percent, alcohol by 140 percent and tobacco by 60 percent. Other goods will also be subject to higher tariffs, including cosmetics, rice and coal.

Vice-President Fuat Oktay wrote on Twitter that the special duties are to be understood in the principle of reciprocity – in retaliation for the US economic attacks on Turkey. The US had announced last week to double tariffs on Turkish steel and aluminum.

Erdogan yesterday proposed a boycott of US electronics in his dispute with the US. How he wants to implement that is still unclear.

Foreign Minister Mevlüt Cavusoglu accused the US of misusing its currency and power. This is not only true of Turkey, but also of European countries. These would be attacked by the US with the dollar. Turkey, therefore sees “the effort to get away from the dollar”.

Turkey has plunged ever deeper into a currency crisis in recent days, the lira has lost much of its value. The crisis was triggered, among other things, by concerns over the economic policies of the Turkish government and the dispute with Washington over an evangelical US pastor detained in Turkey.

Turkish investigators accuse the priest of connections to the US-living cleric Fethullah Gülen, who is behind the coup attempt two years ago, according to the government in Ankara.

On Monday, the Turkish central bank pledged to take “all necessary measures” to maintain financial stability, after which the lira rate recovered somewhat. Minister of Finance Berat Albayrak wants to speak tomorrow by telephone conference with investors among other things from the USA and Europe.

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