Turkey slaps 140% tariff on American alcohol

Turkey news: Erdogan rages at Trump 'economic warfare' over sanctions | Daily Star

Tariffs were also increased on cosmetics, rice and coal.

Turkey has doubled tariffs on some United States imports, such as passenger cars, alcohol and tobacco, in what its vice president said was a response to deliberate USA attacks on the Turkish economy. It was up about 5 percent on Tuesday, at about 6.52 per dollar, having fallen 42 percent so far this year, with most of those losses coming in recent weeks.

On Monday, the Turkish currency hit a record low of 7.24 against the United States dollar in Asia Pacific trading.

Turkish President Recep Erdogan has confirmed that his country will boycott US electronic goods, including Apple's flagship iPhone device - which was helpful in saving his regime in 2016.

Turkey has accused the USA of waging an "economic war" as part of a plot to harm the country.

Turkey has increased tariffs on some U.S. imports, including cars, alcohol and tobacco, as the diplomatic row between Ankara and Washington escalates.

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Turkey already imposed new tariffs in June on a similar range of USA goods, worth a total of $1.8 billion, in retaliation for President Donald Trump's initial tariffs on steel aluminum.

It's not clear how Erdogan would enforce the boycott, the AP noted. On Wednesday, a Turkish court in the Aegean province of Izmir, where Brunson is on trial, rejected the pastor's appeal to be released from house arrest.

The lira led losses among global peers after the nation's first steps to bolster the financial system were seen by some analysts as insufficient to protect markets in times of distress.

Erdogan also has called on people to exchange their USA dollars for Turkish lira to help strengthen the exchange value of the country's currency.

While the economic penalties would probably do little to dent USA economic interests, Erdogan's threat shows that the standoff over the fate of an American pastor held in Turkey isn't going to end soon.

On Friday, Turkey's Foreign Ministry (MFA) said Turkey would retaliate against the raising of steel and aluminium tariffs by the United States administration.

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Turkey's banking sector remained strong and liquid and the measures taken to support the market have started to show impact, Turkey's Akbank chief executive said and added there were was no withdrawal of deposits.

The rebound in the Turkish currency to stronger than 6.0 against the US dollar was driven by a banking watchdog's step to limit swap transactions and by hopes of improved relations with the European Union. Independent economists say Erdogan should let the central bank raise interest rates to support the currency, but he wants low rates to keep the economic growth going.

The government announced the tariffs "under the principle of reciprocity", following sanctions imposed by Washington over the detention of an American pastor, which has sent the lira tumbling to record lows against the dollar.

National Security Adviser John Bolton met at the White House on Monday with Turkish ambassador Serdar Kilic, but the discussion reportedly did not result in any substantive progress.

Brunson filed a new petition for release on Tuesday, asking a Turkish court to "prevent unlawful political interventions by lifting judicial control provisions on the defendant".

Turkey ready for trade with partners, including Russian Federation , in national currencies - Erdogan
On March 1 , Trump had announced global tariffs of 10 percent on all aluminum to the US and 25 percent on all steel imports. Erdogan also warned that Turkey could start looking for new allies if Washington damaged its relations with Ankara.

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