Turkey raises tariffs on US-origin products

17 August, 2018, 15:37 | Author: Natasha Holloway
  • Damage to Euro from Lira Crisis has its Limits: CBA

Turkey and Qatar - which is also a very close USA ally - have become close economic and political partners in recent times.

"The plunge in the lira which began in May now looks certain to push the Turkish economy into recession and it may well trigger a banking crisis", said Andrew Kenningham, chief global economist at Capital Economics.

The finance minister will seek to reassure worldwide investors on Thursday in a conference call for which a ministry official said some far 3,000 people had signed up.

Earlier on Wednesday, White House spokesperson Sarah Sanders said the USA side would consider lifting sanctions that have been placed on Turkey if Ankara released Brunson and other detained US citizens.

"We have received no indication from the Turkish authorities that they are contemplating a request for financial assistance", the International Monetary Fund spokesperson added.

The move sent the Turkish lira to a record low against the dollar and spurred declines in other emerging market currencies.

"If the traitor in Pennsylvania is extradited to our country, the handover of the pastor may be in the offing, and both countries will get what they want", Devlet Bahceli, leader of a far-right political party allied with Erdogan, said Wednesday in Ankara, according to the Anadolu news agency.

Sanders addressed reporters questioning whether increases in steel and aluminum tariffs on Turkey were related to the country's continued detention of Brunson.

A USA 100 dollar banknote is seen through a magnifying lens on top of 10 and 20 lira banknotes in this illustration picture taken in Istanbul January 28, 2014. Few saw a Bank of England interest rate hike earlier this month as a vote of confidence in the economy, since Britain's future, and access to European markets, remains in doubt.

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Turkish Foreign Minister Mevlut Cavusoglu told reporters that the top USA diplomat in Turkey would visit Brunson later Tuesday.

The United States and Turkey have exchanged tit-for-tat tariffs in Trump's attempt to persuade Turkish President Tayyip Erdogan to give up Brunson, who denies charges that he was involved in a coup attempt against Erdogan two years ago.

Some Turks have been responding to their president's call to boycott United States electronic goods by posting videos in which they smash iPhones with bats, hammers, and other blunt instruments.

Erdogan has remained combative towards Trump's economic decisions, vowing to boycott United States products such as the iPhone.

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

Turkey was one of the first countries to reject this siege and support Qatar by establishing air bridges.

The officials said Qatar's Sheikh Tamin bin Hamad Al Thani pledged to "quickly implement" the investment package during a meeting with Mr Erdogan in Ankara. Erdogan held a similar conversation with German Chancellor Angela Merkel on Wednesday.

The currency recovered after authorities took steps to help bank liquidity and limit swap transactions.

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