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Turkey Doubles Tariffs On Some U.S. Imports

last year|2 views
According to Reuters, Turkey doubled tariffs on some U.S. imports including alcohol, cars and tobacco on Wednesday in retaliation for U.S. moves. Despite the move, the lira rallied further after the central bank’s liquidity moves had the effect of supporting the currency. Ankara acted amid increased tension between the two NATO allies over Turkey’s detention of a Christian American pastor and other diplomatic issues. The currency has lost nearly 40 percent against the dollar this year.