Articles Posted in Turkey Sanctions

President Erdogan of Turkey said on Tuesday, August 14th, 2018 that Turkey would prohibit the import of U.S. electronics in retaliation against the U.S. sanctions.

The escalating tension between the two NATO allies has contributed to the significant devaluation of Turkey’s currency, the lira, which has lost more than 45% of its value in the past year. On Friday, August 10th President Trump authorized tariffs of 20% on aluminum and 50% on steel.

In response to the U.S. tariff increases, President Erdogan signed a decree on August 15th that raises tax rates on US imports, including passenger cars by 120%; tobacco by 60%; and alcohol by 140%.