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10:25, 15 August 2018

Turkey problems retaliatory tariffs on US imports


Turkey problems retaliatory tariffs on US imports

Turkey has sharply raised tariffs on US imports, including passenger vehicles, alcohol and tobacco.

A decree signed by President Recep Tayyip Erdogan raised the tariffs on vehicles to 120%, on alcoholic drinks to 140% and on leaf tobacco to 60%.

The US doubled tariffs final week more than Turkey’s refusal to extradite a US pastor who is imprisoned there.

Turkey’s weakened currency, the lira, plunged by a lot more than 20% in response to these US sanctions.

Explaining the new tariffs, Turkish Vice-President Fuat Oktay stated the rises were ordered “inside the framework of reciprocity in retaliation for the conscious attacks on our economy by the US administration”.

Tariffs had been also increased on cosmetics, rice and coal. Turkey had previously stated it would boycott US electronic items.

Inflation

The lira plunged to record lows on Monday, but has since clawed back some of its losses.

Considering that January, the Turkish lira has lost much more than 34% of its worth against the dollar, pushing up the price of every day items.

President Erdogan said on Tuesday that Turkey was taking measures to stabilise its economy and should not “give in to the enemy” by investing in foreign currencies.

He has presided more than soaring inflation and borrowing levels, but insists the lira’s plight is the outcome of a “campaign” led by foreign powers.

  • Is Turkey heading for an financial crisis?
  • Turkey’s lira slump explained

Jailed pastor

Mr Erdogan has accused the US of attempting to “bring Turkey to its knees through threats more than a pastor”.

But the US insists Andrew Brunson, a lengthy-time Turkish resident who ran the tiny Izmir Resurrection Church, is “a victim of unfair and unjust detention”.

An evangelical from North Carolina, he has been held in Turkey for practically two years over alleged hyperlinks to the outlawed Kurdistan Workers Celebration and the Gulenist movement, which Turkey blames for a failed coup in 2016.

On Wednesday a Turkish court rejected his newest appeal to be released from house arrest. A greater court is nonetheless to rule, his lawyer told Reuters.

White House press secretary Sarah Sanders mentioned the US had noticed “no evidence that Pastor Brunson has completed anything wrong”.

Mr Brunson has denied charges of espionage, but faces up to 35 years in jail if identified guilty.

Published at Wed, 15 Aug 2018 08:38:37 +0000


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