Turkish President Erdogan in his recent move has sent a clear message to US administration that Turkey will not bow to US sanctions or tariffs. In a retaliatory move, it has doubled its tariffs on imports of products like passenger cars, tobacco and alcohol. The recent development is another step forward towards escalation of the conflict between two NATO allies.
As per a recent order published in the official gazette and ratified by the President, the tariffs on passenger cars have been raised to 120 percent, on tobacco products to 60 percent and on alcoholic drinks to 140 percent. Cosmetics, rice and coal have also been included and tariffs on these also stand doubled. The Turkish President took to Twitter and stated that as per the principle of reciprocity, the import duties on many products from US have increased.
The total revised tariffs will amount to a figure of $533 million. Turkey has blamed US for unleashing an economic war which has led to weakening of Lira. Earlier this week, President Erdogan also vowed to stop buying electronics from US. In another development, Turkish courts have rejected the appeal made for the release of pastor Andrew Brunson-the man behind the whole storm. Experts have expressed concerns over the falling currency and has urged Turkish administration to raise interest rates to avoid an economic catastrophic and a complete collapse of Turkish Lira.