Turkey Counterpunches By Raising Tariffs On U.S. Goods

16 August, 2018, 23:32 | Author: Billie Castillo
  • Global Markets Asian stocks weaken as Turkey worries weigh dollar stands tall

Mr Erdogan said that Turkey would boycott electronic products from the U.S., retaliating in a row with Washington that has helped drive the lira to these record lows.

The Turkish government said it will impose extra tariffs on imports of products including rice, vehicles, alcohol, coal and cosmetics.

The improving exchange rate of the Turkish currency helped ease fears for other emerging currencies which have become entangled with the lira's woes.

After days of heavy losses, the currency stabilized Tuesday, a day after Turkey's central bank said it was taking steps to ensure financial stability and as the finance minister announced he would hold a conference call with global investors later this week.

The business groups also urged diplomatic efforts with the United States and an improvement in relations with the European Union, which is Turkey's major trading partner.

Investors are anxious not only about Turkey's souring relations with the US, a longtime North Atlantic Treaty Organisation ally, but also Erdogan's economic policies and the country's high debt accumulated in foreign currencies.

Attention will turn to an address on Thursday by the finance minister to foreign investors for clues on any change in economic policy.

The Turkish currency began to recover after authorities this week took steps to help bank liquidity.

Less than a week after President Donald Trump announced that he would increase duties on steel and aluminum from Turkey, Turkish officials retaliated with new duties on almost two dozen US goods.

Brunson was arrested and indicted on espionage and terror-related charges back in 2016 in connection with a failed military coup operation.

Brunson faces up to 35 years in prison if found guilty.

President Signs Fiscal 2019 Defense Authorization Act at Fort Drum Ceremony
McCain National Defense Authorization Act for Fiscal Year 2019", authorizes spending for the military over the next year. The mandate to produce a study came after an earlier version proposed to bar the delivery of F-35s to Turkey.

A White House official said the United States was warning more economic pressures may be in store for Turkey if it refuses to release Brunson.

"The use of national currencies for mutual trade has for several years been one of the tasks that the presidents of Russian Federation and Turkey had set", Lavrov told a joint news conference with Cavusoglu in Ankara.

Turkey s ambassador to Washington Serdar Kilic on Monday held talks with US National Security Advisor John Bolton in a meeting that Foreign Minister Mevlut Cavusoglu said was arranged by the White House.

"We view the policy of sanctions as unlawful and illegitimate, driven mostly by a desire to dominate everywhere and in everything, dictate policies and call shots in worldwide affairs", Lavrov said.

"Turkey isn't in favor of an economic war", Ibrahim Kalin said Wednesday, "but staying silent when attacked is out of question".

Albayrak said Tuesday that Turkey would press ahead with its action plan to prop up the lira against the dollar, calling for a trade that is conducted "in our own currency".

"If we divert our money to foreign currency.then we will be in the position of having surrendered to the devil", Erdogan said.

Last week Trump said he was doubling tariffs on metal imports.

In Frankfurt on Monday, investors fled shares in German chemicals and pharmaceuticals giant Bayer AG, fearing a massive damages rul ing against one of newlyacquired USA firm Monsanto Co's flagship products could signal a wave of costly lawsuits.

"It's really beginning to hot up and the impact that Italy has, as we've seen before year after year, it's really going to impact the banks".

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