Turkey strikes back, taxing $1.8 billion worth of US goods

A man walks in front of a shop in the Turkish border province of Kilis on January 24, 2018. (AFP)
Updated 21 June 2018
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Turkey strikes back, taxing $1.8 billion worth of US goods

WASHINGTON: Turkey is imposing tariffs on nearly two dozen US products, ranging from cars to sunscreen, to strike back at Washington’s sanctions on imported steel and aluminum.
According to documents filed with the World Trade Organization, Turkey will slap $267 million in tariffs on $1.8 billion worth of products the United States exports to Turkey.
The tariffs, which take effect Thursday, are in retaliation for President Donald Trump’s decision to tax foreign steel and aluminum. The US says the metals imports pose a threat to US national security. The move has enraged traditional US allies such as the European Union, Canada and Turkey.
On Friday, the 28-nation EU will start taxing a range of US imports, including Harley-Davidson motorcycles and cranberries.
“We cannot and will not allow Turkey to be wrongly blamed for America’s economic challenges,” said Turkish Economy Minister Nihat Zeybekci.
The US tariffs come to $267 million on $1.1 billion in Turkish steel and aluminum shipments to the United States. Turkey is America 32nd-biggest trading partner, according to the Office of the US Trade Representative.


Dubai carrier Emirates reports 86% plunge in first-half profit

Updated 48 min 23 sec ago
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Dubai carrier Emirates reports 86% plunge in first-half profit

DUBAI: Emirates airline on Thursday reported an 86 percent fall in first-half profit, as higher fuel costs and unfavorable currency exchange rates eroded earnings.
Emirates, the world’s biggest long-haul airline, made 226 million dirhams ($62 million) in the six months to Sept. 30, compared to 1.7 billion a year earlier.
Revenue rose 10 percent to 48.9 billion dirhams.
Chief Commercial Officer Thierry Antinori warned on Tuesday earnings would be squeezed by higher fuel costs and a strong dollar. Concerns about the global economy and political instability had also weakened profit, he said.