Turkish lira weakens as US warns of further sanctions

17 August, 2018, 15:34 | Author: Billie Castillo
  • Turkey denies American pastor’s appeal decides to hit the US with tariffs instead

The Trump administration has threatened more sanctions if Turkey does not release Brunson.

What are the new sanctions?

The government announced the tariffs "under the principle of reciprocity", following sanctions imposed by Washington over the detention of an American pastor, which sent the lira tumbling to record lows against the dollar.

A decree by Erdogan doubled Turkish tariffs on imports of U.S. passenger cars to 120 per cent, alcoholic drinks to 140 per cent and leaf tobacco to 60 per cent. Tariffs were also doubled on goods such as cosmetics, rice and coal.

"Escalating the use of Section 232 tariffs on imports from Turkey poses serious risks for the United States", Brilliant said.

"In response to deliberated and continued trade tensions, Turkey has again raised tariffs on key US imports", Turkish Trade Minister Ruhsar Pekcan said in a statement. "He's a very innocent man", Trump said. He called Brunson "a great patriot hostage.". In his first address of foreign investors from all around the world, Albayrak outlined a detailed map Turkey will follow in the upcoming period and highlighted Turkish economic management's determination to continue fiscal discipline.

Mr Trump's comments came as Turkey's finance minister Berat Albayrak attempted to reassure 6,000 global investors and economists on a video link that the country would emerge stronger from the crisis.

The country's currency, the lira, has fallen sharply against the USA dollar in recent weeks but rebounded after the aid announcement.

Turkey, however, is confident that an International Monetary Fund bailout is not necessary because the government has been able to turn the tide.

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The United States on Wednesday imposed sanctions on a Russian port service agency and Chinese firms for aiding North Korean ships and selling alcohol and tobacco to Pyongyang in breach of U.S. sanctions aimed at pressuring North Korea to end its nuclear programs.

While many experts had predicted that Erdogan would back down to save ties with the U.S., the Turkish president's moves over the past days have indicated otherwise.

US President Donald Trump speaks during a Cabinet meeting at the White House on August 16, 2018.

A day earlier, he said the U.S. was seeking to stab Turkey "in the back" by sending the lira into a tailspin.

Gold prices shed over one per cent on Thursday.

"We will not give in, if you come at us with your dollars then we will find other ways to do business. Can such a thing be accepted?"

He has also warned Ankara could start looking for new allies, as well as new markets. "If they back the American position on Turkey tariff penalties, then they lose Turkey".

Turkey and Qatar have become close economic and political partners.

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