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Turkey hikes tariffs on US goods

15th August 2018

The Turkish lira had fallen to a record low since US sanctions were put on Turkey. Monday saw the lira hit a record low of 7.2362 to the dollar, down nearly 10 percent in one day.

The Turkish lira recovered from its record low in Tuesday morning trading, strengthening around 6 percent against the dollar.

In retaliation, Turkey has raised the tariffs on some US goods.

Fuat Oktay, the country’s vice-president, says the measures are a retaliation for the US government’s “deliberate attacks” on the Turkish economy in recent weeks.

President Recep Tayyip Erdogan said Tuesday that Turkey would boycott U.S. electronic goods.

Under the plan, the tax on US alcohol will be hiked to 140%, the car tariff is going up to 120%, while tariffs on coal, cosmetics and rice are also being raised.




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