Turkey doubles tariffs on some United States imports over economy "attacks"

Turkey doubles tariffs on some United States imports over economy

Turkey doubles tariffs on some United States imports over economy "attacks"

What a boycott on iPhones (and potentially other Apple products) would mean for these locations isn't clear.

The Trump administration introduced the economic sanctions as the result of an American Christian pastor who is now standing trial on alleged terrorism charges.

"We will implement a boycott against America's electronic goods", he said.

The chargé d'affaires at the USA embassy in Turkey, Jeffrey Hovenier, visited Brunson on Tuesday and called for his case - and those of others detained in Turkey - to be resolved "without delay" and in a "fair and transparent manner".

On Friday, U.S. President Trump said the he made a decision to impose a 50 percent ad valorem tariff on steel articles and 20 percent on aluminum imported from Turkey, specifically targeting the slide in the Turkish lira and the economy as he wrote on his Twitter account.

Erdogan has reacted to the financial instability by blaming foreign powers, in particularly the United States, a longtime North Atlantic Treaty Organisation ally, which he says is waging an "economic war" as part of a plot to harm Turkey.

The interior ministry said it had so far identified 346 social media accounts carrying posts about the exchange rate that it said created a negative perception of the economy.

Erdogan admitted the Turkish economy had problems - including a widening current account deficit and inflation of nearly 16 percent but added: "Thanks to God, our economy is functioning like clockwork".

The lira has lost more than 40 per cent against the dollar this year, amid worries about President Tayyip Erdogan's influence over the economy, his repeated calls for lower interest rates and worsening ties with the United States.

Her remarks come as US President Donald Trump's punitive measures against Turkey have pushed its lira into freefall and sent shudders through its financial markets.

"Our relations with Turkey are not good at this time!" But Turkey has neither, and its economic survival depends on exports, short-term funding, long-term direct investment, and extensive foreign borrowing.

Asian stocks retreated to a one-year low on Wednesday as bearish Chinese markets worsened investor sentiment already hurt by Turkey's financial crisis. Credit-fueled growth helped the Turkish economy grow and boosted the government's popularity through increased consumption and major construction projects. This has caused the dollar to increase, the lira to fall, and Turkish bond yields to rise.

The lira's weakness has rippled through global markets.

The Turkish leader expressed that they were going to produce enough for themselves.

To underline this point, the International Monetary Fund notes that if the Turkish lira were to experience a 30-percent depreciation from its level at the start of the year, Turkey's external debt would rise to over 80 percent of GDP.

Charged with espionage and aiding Kurdish militants and a US -based Turkish cleric accused of fomenting that coup attempt, Brunson was imprisoned for almost two years and moved to house arrest last month.

Other issues dividing the NATO allies are the USA failure to extradite FETO leader Fetullah Gulen, and U.S. support for the YPG, the Syrian arm of the PKK terrorist organisation.

Sheikh Tamim is the first foreign head of state to visit Turkey since the stand-off between Ankara and Washington started last week.

Turkish lira banknotes are pictured at a currency exchange office in Istanbul, Turkey on August 13, 2018.

After winning a June election, Erdogan spooked markets when he tightened his control over the central bank. But, foreign investors are concerned that the central bank may not act because of political interference.

Erdogan has not inspired confidence in responding to the lira meltdown. "But there will be a price [which] those who're waging an economic warfare against Turkey will also pay".

Erdogan, however, did not announce any government action towards a boycott.

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