Turkey doubles tariffs on key United States goods as spat intensifies

16 August, 2018, 13:15 | Author: Brooke Harris
  • Turkey issues sharp tariffs on US imports

Press secretary Sarah Huckabee Sanders also criticized Turkey's move to impose tariffs on some USA goods as "regrettable and a step in the wrong direction".

The rebound of around 6pc yesterday, briefly strengthening to less than 6.0 against the dollar, came after the central bank squeezed lira liquidity in the market, effectively pushing up rates and supporting the currency.

"Qatar has pledged $15 billion of direct investments in Turkey", presidential spokesman Kalin wrote on Twitter afterwards.

Ankara's latest move follows President TrumpDonald John TrumpDems make history, and other takeaways from Tuesday's primaries Pawlenty loses comeback bid in Minnesota Establishment-backed Vukmir wins Wisconsin GOP Senate primary MORE's announcement last week that he will double tariffs on imports of steel and aluminum from Turkey until it releases USA pastor Andrew Brunson, who was arrested in 2016.

State television TRT reported the 2nd Penal Court in İzmir rejected the appeal on August 15 and sent the defendant's petition to an upper court.

Analysts question the effectiveness of any Turkish boycott of USA goods and view Turkey's tit-for-tat taxes - imposed Wednesday on American exports, including cars, tobacco and alcohol - as mostly symbolic because they have relatively little value to a global trade giant engaged in similar disputes with China and other major economies. "Turkey would do well not to test @POTUS Trump's resolve to see Americans who are wrongfully imprisoned in foreign lands returned home to the United States", Vice President Mike Pence said in a tweet.

The White House called the Turkish response a step in the wrong direction and signalled a hard line on Brunson's release.

The hikes were published in Turkey s Official Gazette in a decree signed by President Recep Tayyip Erdogan, who has repeatedly described the crisis as an "economic war" that Turkey will win.

Optimism about better relations with the European Union after a Turkish court released two Greek soldiers pending trial and a banking watchdog's step to limit foreign exchange swap transactions have also helped the lira.

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Just last week, the U.S. imposed new sanctions on Russia in response to the poisoning of a former Russian spy on British soil. The United States also seeks to contain Moscow's energy sector, which the Russian economy heavily depends on.

The lira had nosedived in recent weeks, hitting 7.24 last week, amid a diplomatic and trade dispute with the United States.

The International Currency Exchange (ICE) says it has ran out of Turkish Lira Tuesday as an unprecedented number of Britons travel to Turkey to make the most of the weak Lira.

A decree by Erdogan earlier in the day doubled Turkish tariffs on imports of USA passenger cars to 120%, alcoholic drinks to 140% and leaf tobacco to 60%.

Brunson, a North Carolina native, was the pastor of a Presbyterian church in Turkey. And while many global economists peg the currency's troubles to a combination of debt, inflation and Erdogan's vow to reject raising interest rates - a typical solution to these problems - Erdogan himself has found a ready villain: the U.S. In another high-profile case, a Turkish court freed Taner Kilic, the local chair of Amnesty International, a researcher from the rights group said.

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

Turkey said Wednesday it was imposing extra tariffs on imports of products, including rice, vehicles, alcohol, coal and cosmetics.

The duties were raised in response to the United States administration's "deliberate attacks on our economy", Vice President Fuat Oktay said.

On Wednesday, a court in Izmir, where Brunson is on trial, rejected his appeal to be released from house arrest. "Our relations with Turkey are not good at this time!"

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