Turkey raises tariffs on some USA goods amid escalating feud

Turkey warns it will ‘seek new allies’ after Trump doubles tariffs

"The import duties were increased on some products, under the principle of reciprocity, in response to the USA administration's deliberate attacks on our economy", Turkish Vice President Fuat Oktay said, according to numerous translations of a tweet he sent in Turkish.

Turkey and Qatar have traditionally maintained good ties and Ankara stood by Doha after Saudi Arabia and other Arab states severed diplomatic, trade and travel ties with Qatar past year, accusing it of financing terrorism, a charge Doha denies. Overall, the duties will amount to $533 million, a relatively small sum meant as retaliation for U.S. President Donald Trump's recent decision to double tariffs on Turkish steel and aluminum.

A decree signed by President Tayyip Erdogan, doubled Turkish tariffs on passenger cars to 120 percent, on alcoholic drinks to 140 percent and on leaf tobacco to 60 percent.

The tariffs also come a day after President Recep Tayyip Erdogan said Turkey would boycott USA electronic goods, singling out iPhones.

The pledge was announced Wednesday after a meeting between Qatar's Emir Tamim bin Hamad Al Thani and Turkish President Recep Tayyip Erdogan in Ankara.

Turkey is hiking tariffs on imports of certain United States products in response to American sanctions on Ankara that caused the value of the lira to plunge, a decree published Wednesday said.

The two sides are at somewhat of a standoff over the release of American pastor Andrew Brunson, who's been detained in Turkey for almost two years now.

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The United States is warning more economic pressures may be in store for Turkey if it refuses to release a jailed American pastor, a White House official said on Tuesday, in a dispute that has further strained relations between the North Atlantic Treaty Organisation allies.

Brunson has appealed again to a Turkish court to release him from house arrest and lift his travel ban, his lawyer told Reuters on Tuesday. The products targeted Wednesday are the same as in June. Turkey's exports to the United States a year ago amounted to $8.7 billion, making it Turkey's fifth-largest export market.

Turkish Foreign Minister Mevlut Cavusoglu (R) shakes hands with Russian Foreign Minister Sergey Lavrov during a press conference in Ankara, Turkey, on August 14, 2018. Investors are anxious over the state of the Turkish economy and deteriorating ties with the United States. President Erdogan has described the lira's fall as the effect of a plot not economic fundamentals.

Investors are anxious that about Erdogan's control over the central bank and his pressure to keep it from raising interest rates.

"Significantly more than just official promises of action are needed to exit the current crisis", said Andy Birch, principal economist at IHS Markit, calling for "a sharp central bank rate rise".

Jackson said the plunge in the lira was likely to push inflation above 20% and tip the Turkish economy into recession in the coming months. The lira has dropped over 40 percent against the USA dollar so far this year.

"No matter how much money we make it finishes because the prices are going up". "I do not understand how retired people or people earning minimum wage can afford their rent".

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