Turkey doubles tariffs on some U.S. imports over economy 'attacks'

Turkey ramps up US spat with huge tariffs on cars and other goods

In retaliation on Wednesday, Turkey said it was imposing taxes of ranging from 50 to 140 per cent on rice, alcohol and cars from the U.S. That comes after Erdogan called on Turks to boycott American electronics, like the iPhone, which have in any case become a lot more expensive as the lira lost nearly 40 per cent of its value this year.

Turkey has doubled tariffs on some United States imports - such as passenger cars, alcohol and tobacco - in what Turkish Vice President Fuat Oktay said was a response to deliberate USA attacks on the Turkish economy.

The Turkish lira has dropped to a series of record lows in recent weeks, having fallen 37 per cent so far this year.

ANKARA: Qatar on Wednesday promised to make a $15 billion direct investment in Turkey, badly hit by a currency crisis amid a widening diplomatic standoff with the United States, officials said.

The White House said Wednesday that Turkey's tariff hikes on USA products in retaliation for sanctions against Ankara were "regrettable" and again called for the immediate release of American pastor Andrew Brunson.

The decision to impose new tariffs came a day after Erdogan said Turkey would boycott U.S. electronic goods, singling out iPhones.

At any rate, it's not clear how Erdogan plans to enforce this boycott if indeed he intends to enforce it at all.

The Qatari money will be channelled into banks and financial markets, a Turkish government source told Reuters.




Moody's Investors Service said a downgrade of Turkey's sovereign credit rating will hinge on the policies it takes to reduce risk of a balance of payments crisis amid an escalating standoff with the United States.

Tensions between the two North Atlantic Treaty Organisation allies have been strained for years, over policy in Syria toward the Kurdish population there and over Erdogan's antidemocratic reforms.

On Wednesday, the lira traded at 6.4125 to the USA dollar, weakening from a close of 6.3577 a day earlier.

Also helping the Turkish currency were moves by Turkey to gain favour with European countries. He said that was likely to happen by the end of business on Wednesday.

U.S. President Donald Trump and his vice president Mike Pence have repeatedly called for the pastor's release and have sanctioned two Turkish ministers after a Turkish court moved him to house arrest after 21 months in prison.

Underscoring the ties between the countries, Sheikh Tamim was the first foreign leader to phone President Erdogan during the aborted coup in Turkey in 2016.

Turkey has also been publicly critical of criminal prosecutions in the USA involving state-run Halkbank official Mehmet Hakan Atilla, as well as Reza Zarrab, a Turkish-Iranian gold trader.

It also said that until markets "normalize", it would temporarily stop applying the effect of day-to-day losses on the securities held by banks to their capital adequacy ratios. Overall, the duties will amount to $533 million, a relatively small sum that is unlikely to hurt USA companies much and appears meant instead to make a political point.

Related news:

Hot News

isis-killer-beheading-video-story-top Tesla Go-Private Effort Advances With Board Panel to Study Offer
Aug 15, 2018 - 03:37
Mashable Tech Editor Pete Pachal on the fallout from Tesla CEO Elon Musk's tweet about potentially taking the company private. Last Tuesday, Musk tweeted that he was "considering taking Tesla private at $420", adding, " Funding secured ".

isis-killer-beheading-video-story-top Charlottesville mayor: Trump "bringing to light" hate in America
Aug 15, 2018 - 03:12
Congressman Tom Garrett, R. -Va., on Saturday said Russian Federation is to blame for some of the hate spewed from last year's rally.

isis-killer-beheading-video-story-top Erdogan says Turkey to 'boycott' US electronic goods
Aug 15, 2018 - 02:47
The lira posted gains on forex markets for the first time after days of losses, giving the currency much-needed respite. Experts have blamed the drop in the Turkish lira on fears that the country is descending into an economic crisis.

isis-killer-beheading-video-story-top Saudi Arabias wealth fund in talks to invest in Tesla buyout deal
Aug 15, 2018 - 02:27
Musk has not offered evidence that he has lined up the necessary funding to take Tesla private, and the complaint did not offer proof to the contrary.

isis-killer-beheading-video-story-top Trump signs defense policy bill with watered-down China measures
Aug 15, 2018 - 02:27
The other one was past year , a VA bill, and the president made sure not to mention the senator then either", he continued. In June, an amendment was passed by the US Senate that would have reinstated a trade ban on ZTE.

isis-killer-beheading-video-story-top Celtic’s Champions League hopes ended by AEK
Aug 15, 2018 - 01:57
Celtic are bracing themselves for the loss of Dedryck Boyata as Sevilla appear increasingly likely to sign the centre-back. Celtic suffered a 2-1 defeat to AEK Athens this evening that now sees the Scot's side slip into the Europa League.

isis-killer-beheading-video-story-top Fortnite Android beta invites: all supported phones and devices
Aug 15, 2018 - 01:22
In addition, the method of downloading Fortnite directly from their website appears to pose some potential security risks. Samsung's Fortnite exclusive period has passed which means the game can be installed on supported devices.

isis-killer-beheading-video-story-top We may have just discovered the ultimate dream job for cat-lovers
Aug 14, 2018 - 05:09
You will be responsible for taking the cats to the vet in case of illness and you'll need to be able to drive a manual auto . For more information on how to apply, visit God's Little People Cat Rescue's page.

isis-killer-beheading-video-story-top Broncos fan starts GoFundMe to get rid of Paxton Lynch
Aug 14, 2018 - 04:56
After a string of middling performances at training camp, he was ineffective in seven series Saturday night against Minnesota. Broncos S Jamal Carter (hamstring), CB Marcus Rios (hip) and TE Austin Traylor (right shoulder) got hurt.

isis-killer-beheading-video-story-top Chelsea manager Maurizio Sarri 'regrets' missing out on Gonzalo Higuain transfer
Aug 13, 2018 - 04:35
The English transfer window has closed and Chelsea boss Maurizio Sarri has ruled out the club selling the likes of Eden Hazard and Willian this month.

isis-killer-beheading-video-story-top As you were in return of Premier League
Aug 13, 2018 - 03:50
Fulham manager Slavisa Jokanovic said his team needed to adjust quickly to the new level of quality they will face. United were the closest side to City last season, albeit finishing 19 points behind their neighbours.

isis-killer-beheading-video-story-top Tiger Woods in contention in final round
Aug 13, 2018 - 03:45
"It's good but it's also disappointing at the same time", admitted Woods after his third round. At 42 years old, Woods' 64 was his best Sunday score in a major in his prestigious career .

isis-killer-beheading-video-story-top Biologists racing to find endangered, sick, starving orca
Aug 13, 2018 - 03:31
Researchers spotted the 20-year-old whale and the calf off of Washington's Olympic Peninsula on Wednesday, the station says. Scientists are anxious about her and will watch her but don't have plans to help her or remove the calf.

isis-killer-beheading-video-story-top Famed Astronaut Buzz Aldrin Loves The Space Force
Aug 13, 2018 - 02:37
Those satellites handle intelligence and surveillance, as well as command, control and communication, among other things. Pence described space as a domain that was once peaceful and uncontested but has now become crowded and adversarial.

isis-killer-beheading-video-story-top N'Golo Kante Equals His Best Premier League Goals Tally
Aug 12, 2018 - 16:27
It came in the 34th minute when N'Golo Kante's mis-hit strike from Willian's cross bounced past Huddersfield goalkeeper Ben Hamer. But the Spaniard just looked a yard off pace from the start with sloppy passing and some poor first touches.