TURKEY TARIFFS FIGHT: Turkey announced Wednesday it is increasing tariffs on imports of certain U.S. products, escalating a feud with the United States that has helped trigger a currency crisis ... In a decision announced in the Official Gazette, the capital of Ankara said it was imposing extra tariffs on imports of products including rice, vehicles, alcohol, coal and cosmetics. 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."
The Turkish lira has dropped to record lows in recent weeks, having fallen some 42 percent so far this year. The currency has now stabilized at around 6.50 lira against the dollar. Turkey has accused the United States 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 President Trump tries to secure the release Andrew Brunson, an American pastor being tried in Turkey on espionage and terrorism-related charges.
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