Turkey increases tariffs on some United States goods, escalating feud

Turkey increases tariffs on some United States goods, escalating feud

"We are going to apply a boycott on America's electronic products", Erdogan said Tuesday during a televised speech, adding that there were alternatives, produced by South Korean or Turkish companies.

Turkey placed a 140 % tariff on us alcohol, 120 percent on passenger vehicles and 60 % on tobacco.

"In response to deliberated and continued trade tensions, Turkey has again raised tariffs on key USA imports", Turkish Trade Minister Ruhsar Pekcan said in a statement.

Following Trump's move to increase duties on steel and aluminum from Turkey, Turkey's President Recep Tayyip Erdogan said this week his country will boycott US electronic goods, including the iPhone.

Visitors, mainly from Saudi Arabia and Asia, formed long queues in Istanbul outside luxury stores like Louis Vuitton, Chanel and Prada after the lira took a severe hit against dollar, losing over 16 percent of its value on Friday.

The lira was at 6.5 to the dollar, a gain of 5.0 percent on the day and 7.4 to the euro, well off the record lows of 7.24 to the dollar and 8.12 to the euro seen Monday.

"It is hard not to see the lira remaining under pressure until we see a material fiscal restraint to cool down the (Turkish) economy, along with a measurable lift in rates by the central bank and a diplomatic resolution to United States tensions", said the analyst.

Qatar said it would provide "a host of economic projects, investments and deposits" worth $15 billion to support Turkey's economy.

Presidential spokesman Ibrahim Kalin later confirmed the pledge on Twitter, saying: "Turkish-Qatari relations are based on solid foundations of true friendship and solidarity".

Relieving tensions in a case that annoyed Brussels, a Turkish court Tuesday released two Greek soldiers detained since March on espionage charges for illegally crossing the border.

As part of this, Ankara chose to release two Greek soldiers from prison. And Erdogan held a phone call with German Chancellor Angela Merkel and planned to speak this week also with France's Emmanuel Macron.

Image Zoom
Image Zoom

Fundamental concerns about the economy persist, however.

"The Reserve Bank of India's monetary policy has shown concern for the rupee's fluctuations so investors should not be anxious by knee-jerk reactions in the forex market", Venkatesh said.

In his conference call, Albayrak did not appear to specify whether the central bank would be assured its independence or hint at whether rates would be allowed to rise.

The dollar, which has gained on bouts of investors jitters as traders seek safety in the higher-yielding and most liquid currency, fell on Thursday after a recent strong run.

President Recep Tayyip Erdogan is blaming the United States for Turkey's financial crisis, ignoring homegrown problems like high debts, raging inflation and his own erratic policies.

The dispute between the North Atlantic Treaty Organisation allies -brought to a new intensity by Turkey's holding of an American pastor for two years - has raised questions over the future of their partnership and fanned fears of a looming economic crisis in Turkey.

This comes after defense attorneys for pastor Andrew Brunson renewed an appeal on Tuesday, ordering the Turkish government to release their client from house arrest and lift his travel ban.

That's according to Turkish state media, which also reported a higher court will likely review the appeal.

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

The evangelical pastor, who is originally from Black Mountain, North Carolina, has lived in Turkey for 23 years and led the Izmir Resurrection Church.

More news: Red alert sounded in 12 districts

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