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Turkey raises tariffs on some US imports

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Turkey raises tariffs on some US imports

Turkey is imposing new tariffs on certain U.S. imports, adding to its diplomatic rift with the U.S. that has triggered a currency crisis, media reports said.

Ankara said it is imposing additional tariffs as high as 140% on U.S. products such as rice, vehicles, alcohol, coal and cosmetics, the Hürriyet Daily News reported, citing the Official Gazette.

Turkey's Vice President Fuat Oktay said on Twitter that the tariffs were raised "within the framework of the principle of reciprocity in retaliation for the conscious economic attacks by the United States," The Associated Press reported.

The new tariffs came after Turkish President Recep Tayyip Erdogan on Aug. 14 called on Turkey to boycott U.S. electronic goods, singling out iPhones. It was unclear how he planned to enforce the boycott, media reports said.

Washington has imposed financial sanctions on two Turkish ministers and doubled tariffs on the country's steel and aluminum. U.S. President Donald Trump ordered the sanctions to pressure Turkey to release Andrew Brunson, an American pastor being tried in the country on espionage and terrorism-related charges.

The Turkish lira was down 1.33% to 6.43 to the dollar as of 1:32 a.m. ET, up from recent declines that have fueled the country's recent financial turmoil and fears of contagion risk in other emerging markets.