Turkey said Wednesday it is increasing tariffs on imports of some US products, escalating a feud with America which has helped trigger a currency crisis.
The Turkish government said it will impose extra tariffs on imports of products including rice, vehicles, alcohol, coal and cosmetics. Tariffs on American cars were doubled to 120%, while tariffs on alcoholic drinks soared to 140%.
Turkish 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 deliberate economic attacks by the United States”.
The currency drop is particularly painful for Turkey because it has accumulated a high debt in foreign currencies.
Attention will turn to an address on Thursday by the finance minister to foreign investors for clues on any change in economic policy.
Mr Erdogan has reacted to the financial instability by blaming foreign powers, in particularly the United States, a longtime Nato ally, which he says is waging an “economic war” as part of a plot to harm Turkey.
Washington has imposed financial sanctions on two Turkish ministers and doubled steel and aluminium tariffs on Turkey, as US president Donald Trump tries to secure the release of Andrew Brunson, a 50-year-old American pastor being tried in Turkey on espionage and terrorism-related charges.
On Wednesday, a court rejected an appeal for Mr Brunson’s release from detention and for a travel ban against him to be lifted, the state-run Anadolu Agency reported. A higher court is scheduled to review the appeal. Although he was released to home detention, Mr Brunson faces a prison sentence of up to 35 years if he is convicted on both counts at the end of his ongoing trial.
The evangelical pastor, who is originally from Black Mountain, North Carolina, has lived in Turkey for 23 years and led the Izmir Resurrection Church.