Turkey doubles tariffs on some USA imports; Turkish lira rallies

15 Août, 2018, 19:35 | Auteur: Auguste Feret
  • Turkey's currency has recently plummeted to record lows against the US dollar

The extra tariffs apply to imports of vehicles, alcohol, coal, rice and cosmetics.

Turkey is raising tariffs on imports of certain goods from the U.S., including cars, alcohol and tobacco. Turkey had previously said it would boycott USA electronic products.

"If (the United States) have the iPhone, there's Samsung on the other side", he said, referring to U.S. giant Apple's iconic phone and the top South Korean brand. "And we have our own telephone brands", he said in clear-worded remarks.

Ties between the two North Atlantic Treaty Organisation allies have also nosedived over United States support for Syrian Kurdish forces, Ankara's plans to buy a Russian missile system and Turkey's demand that Washington extradite US-based Islamic cleric Fethullah Gulen, whom Erdogan blames for the failed July 2016 coup bid.

The White House announced sanctions on the Turkish justice and interior ministers, prohibiting U.S. citizens from doing business with them.

Trump administration sources say further sanctions against Turkey are under active consideration. But Sanders declined to say how the US government plans to apply more pressure on Ankara, which repeatedly has ignored calls from Trump and others to free Christian pastor Andrew Brunson. On Wednesday, a Turkish court in the Aegean province of Izmir, where Brunson is on trial, rejected the pastor's appeal to be released from house arrest.

Under the decree, Turkey will raise up to 100 percent or more on imports of US -origin products.

However, severe changes in the value of the currency calmed Tuesday after news that US national security adviser John Bolton had met with the Turkish ambassador to Washington Monday.

Neither side appears willing to back down in the dispute over Andrew Brunson, an evangelical preacher who was arrested on terrorism charges in Turkey 22 months ago.

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On Wednesday, the lira traded at 6.4125 to the USA dollar, weakening from a close of 6.3577 a day earlier.

Erdogan also renewed a call for Turks to convert their dollars into the Turkish lira, to help strengthen the currency.

Turkish currency tumbled low over deteriorating relations with the United States as President Donald Trump unexpectedly doubled metal tariffs against the Muslim state on Friday. The Turkish vice president says it's a response to Washington's "deliberate attacks" on the country's economy.

In a joint statement issued Tuesday, the industrialists' group TUSIAD and the Union of Chambers and Commodity Exchanges called on the government to allow the central bank to raise interest rates to help overcome the currency crisis.

She said Turkey would continue to "protect the rights of Turkish companies and retaliate" against unjust actions by the United States.

FILE - Russian S-400 air defense missile systems are on display during a rehearsal for the Victory Day military parade in Red Square in Moscow, Russia, May 7, 2017.

The country's finance minister - who is also Mr Erdogan's son-in-law - will seek to reassure around 1000 global investors in a teleconference scheduled for Thursday.

The ruckus between Turkey and the USA has impacted on other countries' currencies, including the Indian rupee, as investors fear the lira's wobbles could spread to developing nations.

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