This has become something of a buzz word, primarily because of its use in describing the administration's reduced emphasis on Europe, and an increase of concerns about Asia. It is also a trademark or a brand of instant messaging. It is a common term in sport, particularly in basketball. One sense is for turning with one foot moving, with the other staying in the same place.
Another but somewhat less common word, meaning much the same thing, is "swivel". For a ballet dancer, I suppose that "pirouette" means much the same thing.