Turkey took the boldest step in the history to cure the financial crisis by making it difficult for the U.S. traders to bet against weak lira. Turkey President Recep Tayyip Erdogan has evolved in a feud with the United State’s President Donald Trump due to the new import taxes. Experts believe that this measure is aimed at recovering the weak lira and not the caused that lead to these situations.
Erdogan, who is in power since this June, is not at all ready to give in to Trump’s threats. Moreover, the tension between the two NATO allies has increased when Trump slapped on the import on Turkish aluminum and steel and these decisions are just the part of the aftermath. Turkey has now decided to impose taxes in the range of 50 to 140 percent on rice, alcohol, and cars from the U.S to overcome this crisis. Moreover, Erdogan urged to boycott all the U.S. electronics such as iPhone, which has become expensive due to the low price of lira.
Aftermath Of U.S. Sanction
The businessmen who earn in lira and have a loan in dollars are suffering the most. The official bad dept of Turkey’s banks is around 3 percent. There are several regulations that soon be applied to recover lira prices. The lira is still down by 20 percent in August and several investors are waiting for the interest hike from the central bank before they fold their cards.
On the other hand, Erdogan is not backing down from the fight with trump. As per reported by Livemint, Turkey’s new tariffs will affect goods that account for almost $1 billion of imports, which is similar to the value of the metal that is subjected to high U.S. taxes. This decision shows that Turkey is giving a proper offensive response to the Trump’s attack on the Turkey economy, the Vise President Fuat oktay tweeted recently.
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