Turkish President Recep Tayyip Erdogan doubled tariffs to 140% on American alcohol and 120% on American cars, while also raising duties on U.S. goods like leaf tobacco, cosmetics, rice and coal, reports Reuters.

The big picture: The lira continued its rebound against the dollar Wednesday, despite Erdogan's move to further escalate trade tensions. The recovery is likely a result of steps taken by the country's banking regulator, which has restricted international access to the lira to prevent foreigners from shorting the currency, per CNBC.