Turkish President Recep Tayyip Erdogan ordered a sharp increase in import duties on a number of American goods. The list includes cars, tobacco products and alcohol. Duties on cars are increased by 120%, alcoholic beverages by 140%, tobacco by 60%.

On August 10, President of the United States Donald Trump announced an increase in duties on aluminum (up to 20%) and steel (up to 50%) from Turkey. Donald Trump said that now the relationship with Turkey in the United States “is not so good.”

Recep Erdogan promised to retaliate. “What they failed to achieve through provocations and coup, they carry out finances. This is called an economic war, “Erdogan said.

Due to the increase in duties on metals, the Turkish lira began to fall precipitously.