Turkey-US Dispute: Ankara raises tariffs on US goods in retaliation

World
Europe

02:59

Turkey has announced it's increasing tariffs on some US goods, in retaliation to tariffs announced last week by Washington. The White House calls the move "regrettable" and a "step in the wrong direction". Meanwhile, some in Turkey are taking advantage of the lira's recent plunge. CGTN's Michal Bardavid has more.

Turkey has published a report stating that it would be raising the tariffs of several U.S. originated products including rice, tobacco products, vehicles, alcohol, coal and cosmetics. The move came in retaliation to the U.S. announcement that it would double the tariffs of Turkish steel and imports.

The White House said Turkey's move was "regrettable" and that the U.S. tariffs placed on Ankara were out "of national security interest".

The U.S. has been angered by Turkey's refusal to release American pastor Andrew Brunson, who is being charged with espionage and links to terror groups. On Wednesday, Turkish courts rejected a second appeal by Brunson's lawyer to release him.

IBRAHIM KALIN TURKISH PRESIDENTIAL SPOKESMAN "The U.S. administration must respect the judiciary process in Turkey. They need to stop trying to influence Turkish judiciary by making statements and putting pressure. When this happens, our relations will be normalized and a new page will begin in Turkish - American relations."

Meanwhile, Turkey has been turning to other allies for backing, Qatar's Emir Tamim bin Hamad Al Thani pledged 15 billion dollars of investment into Turkey during a meeting with Turkish President Tayyip Erdogan on Wednesday.

The support came at a time when the Turkish lira has been losing value against the U.S. dollar. Though the currency recouped some recent losses, the lira has lost more than 40 percent of its' value this year.

MICHAL BARDAVID ISTANBUL "While many in Turkey have been negatively affected by the Lira's loss of value, some tourists in Istanbul are taking advantage of the currencies' fall as they flocked to this street in the city center that is full of global luxury brands."

NASSER AL YAMI SAUDI ARABIAN TOURIST "Before we came to Turkey because of the nice weather here, but this time we are benefiting from the situation of lira against the dollar, it's much more cheaper, now our shopping has increased because everything is cheaper."

MARYAM SAUDI ARABIAN TOURIST "Turkey is a very welcoming country. It is easier to come and cheaper now, and I'm very happy because now we can shop easily."

MOHAMED HAMDI EGYPTIAN TOURIST "We were surprised that in some ways it's even cheaper than Egypt. We had no intention of doing so much shopping but since the lira has gone more weaker we will shop more."

Meanwhile, Turkish leaders are continuing to take action to boost confidence in the Turkish market. The Finance and Treasury Minister Berat Albayrak is expected to hold a teleconference with over 1,000 foreign investors on Thursday. Michal Bardavid, CGTN, Istanbul.