Turkey increases tariffs on U.S.-origin products
Turkey has increased tariffs on several United States-origin products.
In a presidential decree published in the Official Gazette on Aug. 15, Ankara said it was imposing extra tariffs on imports of products, including rice, tobacco products, vehicles, alcohol, coal and cosmetics.
The decree, signed by President Recep Tayyip Erdoğan, doubled Turkish tariffs on passenger cars to 120 percent, on alcoholic drinks to 140 percent and on leaf tobacco to 60 percent.
Turkey’s 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 conscious economic attacks by the United States."
Turkey has accused the U.S. of waging an "economic war" as part of a plot to harm the country.
Washington has imposed financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey, as U.S. President Donald Trump tries to secure the release Andrew Brunson, an American pastor being tried in Turkey on espionage and terrorism-related charges.
The decision to impose new tariffs came a day after President Erdoğan 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.
According to IMF statistics, the U.S. was the fourth largest source of imports to Turkey in 2017 with $12 billion of imports. Turkey's exports to the U.S. in 2017 amounted to $8.7 billion, making it Turkey's fifth-largest export market.