Turkey fires back with tariffs on USA cars, alcohol, cosmetics

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

In an address in the Turkish capital Ankara, Mr Erdogan insisted his nation's economy was strong and said the currency would soon settle "at the most reasonable level".

"Tax rates on imports of some products have been increased on a reciprocal basis against the US administration's deliberate attacks on our economy", Vice President Fuat Oktay said on Twitter.

On Thursday, Turkish Finance Minister Berat Albayrak assured worldwide investors on a conference call that the country would emerge stronger from its currency crisis and that its banks were healthy. In the months preceding the blockade Turkish companies were handling projects worth about $11.6bn in Qatar, most of which is put into FIFA World Cup 2022 projects, according to Qatar Chamber.

The White House says "we won't forget" how Turkey has treated a detained American pastor, after a court rejected his appeal for release.

The Trump administration has said Turkey could face additional sanctions if he isn't quickly released.

The talks come as the United States and Turkey, two major North Atlantic Treaty Organisation allies, are engaged in a bitter diplomatic and trade dispute over the detention of an American pastor accused of terror related charges that has helped drive the Turkish currency to record lows last week before recovering some of its losses in recent days.

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Tuesday night, Turkey announced new tariffs against the United States, the latest in the mounting tit-for-tat between the long-time allies.

Washington wants the evangelical Christian freed but Turkish officials say the case is a matter for the courts.

As the feud between the US administration and Turkey deepens, Turkish officials announced Wednesday they will increase tariffs on certain American imports.

Turkey's lira, meanwhile, dropped nearly 3 percent to almost 6 per dollar TRY=D3 again, having recovered ground rapidly in recent days.

The White House said on Wednesday that it would not remove steel tariffs on Turkey, appearing to give Turkish authorities little incentive to work for the release of Andrew Brunson, a pastor on trial in Turkey on terrorism charges.

Investors are anxious that about Mr Erdogan's control over the central bank and his pressure to keep it from raising interest rates. China's Ministry of Commerce said it had received an invitation from the United States for talks to be held with U.S. Under Secretary of Treasury for International Affairs David Malpass.

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In response, Erdogan has called for a boycott of USA electrical goods.

He said many emerging market countries have improved their basic economic policies and regulations, and markets are differentiating between Turkey and these others.

That hasn't prevented Turkish officials from continuing to press their perceived leverage in Brunson.

United Kingdom -based online travel agent Travel Republic says bookings to Turkey increased by 21 percent in the last three days.

The decision came after Qatar's emir, Sheikh Tamim bin Hamad Al Thani, met with Turkish president Recep Tayyip Erdogan in Ankara.

The move by Turkey's Gulf ally offered further support to a lira rally after the Turkish central bank tightened liquidity and curbed selling of the currency.

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The views expressed in this article belong to the author and do not necessarily reflect the editorial policy of Middle East Eye. The economic spat between the U.S. and Turkey has continued to escalate today, as the struggling lira currency plunges in value.