Turkey double tariffs on United States imports such as cars, alcohol and tobacco

15 August, 2018, 21:42 | Author: Gerard Cortez
  • Shoppers at an Egyptian Bazaar in Istanbul. Buying power for tourists has soared in Turkey

Turkish President Tayyip Erdogan attends a news conference in Ankara, Turkey, Aug. 14, 2018.

Turkish President Recep Tayyip Erdogan announced a boycott of American electronics Tuesday after US President Donald Trump's decision to hike tariffs on Turkish steel imports.

Stocks were weaker in most major Asian markets today, with Turkey's financial crisis showing little sign of abating as Ankara hiked tariffs on several U.S. goods in a tit for tat move.

"If they have the iPhone, there is Samsung on the other side".

Turkey sought to face down the USA and currency traders as its president, Recep Tayyip Erdoğan, reportedly received support from the German chancellor, Angela Merkel.

Ankara retaliated on Wednesday by doubling tariffs on some US imports including cars, alcohol and tobacco.

White House National Security Adviser John Bolton met with Turkey's ambassador to the US, Serdar Kilic, in Washington earlier this week to discuss the potential release of Brunson.

Erdogan has said Turkey is the target of an economic war, and has made repeated calls for Turks to sell their dollars and euros to shore up the currency.

After reaching record lows on Monday, the lira rebounded to stronger than 6.0 against the dollar on Wednesday.

Russia's Foreign Minister Sergei Lavrov, who is visiting Ankara, branded the U.S. sanctions an illegitimate policy at a news conference on Tuesday.

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A Turkish court has rejected an appeal to release Brunson and lift his travel ban.

There was a clear, sharp drop in the lira's value on Friday after Trump tweeted he was doubling tariffs on Turkish steel and aluminum, citing a national security threat, and a smaller decline when the US sanctioned Turkey's Interior and Justice Ministers on August 1.

The Turkish lira plummeted to a record low on Monday, losing almost 40 percent of its value since the start of 2018.

The U.S.is an important trading partner of Turkey but it is not the only one; our country has several partners and alternative markets, Pekcan said.

The interior ministry said it had so far identified 346 social media accounts carrying posts about the exchange rate that it said created a negative perception of the economy.

"I don't think the Russians will bankroll Turkey at this stage, as I think they have their own issues with the United States with sanctions and will want to maintain their own FX buffers", he said. Two Turkish business lobbies and the heads of two banks increased pressure on the government and central bank to act to stem a slide that saw the lira lose more than a quarter of its value in less than two weeks.

While the economic penalties would probably do little to dent US economic interests, Erdogan's threat shows that the standoff over the fate of an American pastor held in Turkey isn't going to end soon.

The tension between the two states stemmed out of a recent skirmish over a USA pastor Andrew Craig Brunson who was sentenced to nearly two years in prison on terror charges.

But the United States insists Andrew Brunson, a long-time Turkish resident who ran the tiny Izmir Resurrection Church, is "a victim of unfair and unjust detention".

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