Turkey retaliates with increased tariffs on U.S. goods

Turkey increased tariffs Wednesday on some U.S. imports in a retaliatory move amid an ongoing dispute with its NATO ally. The Turkish government announced it will double tariffs on passenger cars to 120 percent and increase tariffs on alcoholic beverages by 140 percent and tobacco by 60 percent. Other affected items include rice, coal, and cosmetics. Vice President Fuat Oktay tweeted that the tariffs come under the principle of reciprocity, “in response to the U.S. administration’s deliberate attacks on our economy.”

The United States recently doubled steel and aluminum tariffs on Turkey and imposed financial sanctions on two Turkish officials in a bid to secure the release of Andrew Brunson, who faces terror- and espionage-related charges. A Turkish court Wednesday rejected an appeal by Brunson’s lawyer to release the American pastor from house arrest and lift his travel ban, according to the state-run Anadolu Agency, which noted that a higher court was scheduled to review the appeal.

The latest U.S. sanctions affected Turkey’s already embattled economy, as the country’s currency hit a record low of 7.24 against the U.S. dollar on Monday. The lira on Wednesday improved to 6.12 against the dollar as the country curbed the limit on daily currency swap transactions. The improvement also followed Turkey’s move on Tuesday to release two Greek soldiers arrested in March.