The lira — which lost just under a quarter of its value in trading on Friday and Monday — however continued to claw back some ground on financial markets, rallying around five percent against the dollar.
Turkish Vice President Fuat Oktay said that the tariff hikes were ordered “within the framework of reciprocity in retaliation for the conscious attacks on our economy by the US administration”.
President Donald Trump had previously announced that the United States was doubling steel and aluminium tariffs on Turkey.
The tariff increases amount to a doubling of the existing rate, reports said, in an apparent parallel response to Trump’s move.
The decree said the move brought tariffs to 50 percent on imports of US rice, 140 percent on hard alcoholic drinks like spirits, 60 percent on leaf tobacco and 60 percent on cosmetics.
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