Turkey retaliates with increased tariffs on US products

Turkey's President Tayyip Erdogan signed a decree to raise the tariffs on some U.S. imports including cars, alcohol and tobacco, an official report said on Wednesday.   

According to the decree published in the official gazette, Turkey has imposed an extra 60-percent of tariffs on passenger cars, and 30 percent on tobacco. Tariffs on cosmetics, rice and coal were also increased.

The move was a response to Washington's "economic attack" on Turkey, the country's Vice President Fuat Oktay tweeted.

The retaliation comes amid escalated tensions between the United States and its NATO ally over some diplomatic disputes in recent weeks. The Trump administration last Friday announced to double the tariffs on steel and aluminium imports from Turkey, driving the Turkish lira to a record low.

(APP)