Lira rallies after Turkey raises tariffs on United States imports

17 August, 2018, 15:39 | Author: Shannon Aguilar
  • Emerging market currencies plunged as Turkey’s lira extended its precipitous slide

Turkey has sought to persuade the United States to spare Turkey's state-owned Halkbank from a threatened fine for allegedly helping Iran evade U.S. sanctions.

The US-Turkish economic war has led to unforgiving retaliations from both ends.

After more than a year behind bars, he was put on house arrest.

"The sanctions, however, that have been placed on Turkey are specific to Pastor Brunson and others that we feel are being held unfairly", said Sanders.

The Trump administration has said Turkey could face additional sanctions if he isn't quickly released.

The Turkish lira hit a record low of 7.24 to the dollar this week, down 40 percent this year, as investors fretted over Erdogan's influence over monetary policy and the dispute with the United States.

Trump said the United States had helped Turkey in a related incident, but that the North Atlantic Treaty Organisation ally had not repaid the favor.

As the feud between the US administration and Turkey deepens, Turkish officials announced Wednesday they will increase tariffs on certain American imports.

The lira has lost almost 40 per cent against the dollar this year, driven by worries over President Tayyip Erdogan's growing control over the economy and his repeated calls for lower interest rates despite high inflation.

US, China holding lower level trade talks later this month
Trade Representative Robert Lighthizer has been meeting with Mexican officials as the US works to renegotiate NAFTA. US Commerce Minister Wilbur Ross held talks with Chinese Vice Premier Liu He in Beijing in June.

Tiger prowling for first major title in decade after Koepka falters
Woods and Koepka played nine holes of a practice round on Wednesday, and the 14-time major champion knew what he was up against. Whether Sunday's two-stroke victory over Woods changes the way the 28-year-old is perceived is an open question.

This Indian politician to attend Imran Khan’s swearing-in ceremony
Indian High Commissioner in Islamabad Ajay Bisariya met Imran Khan at his residence in Bani Gala and presented him a cricket bat, signed by the Indian team.

The United States slapped financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey over his continued detention.

Turkish Foreign Minister Mevlut Cavusoglu told reporters that the top USA diplomat in Turkey would visit Brunson later Tuesday. Few saw a Bank of England interest rate hike earlier this month as a vote of confidence in the economy, since Britain's future, and access to European markets, remains in doubt.

In an intensifying cycle of tensions with the United States, Erdogan has called for a boycott of USA electronic goods such as iPhones and Ankara has sharply hiked tariffs on some U.S. products.

Turkey retaliated with some $533 million of tariffs on some USA imports - including cars, tobacco and alcoholic drinks - and said it would boycott US electronic goods, singling out Iphones.

Kenningham noted Turkey's annual gross domestic product of around $900 billion was just 1% of the global economy and slightly smaller than the Netherlands.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.46 percent, a day after it hit its lowest level in a year.

In the statements made by the Amir in his official Twitter account in Arabic and Turkish, he stressed that Qatar supports and stands by the brotherly Turkish people who have stood by it, noting the depth and strength of the relationship between Qatar and Turkey which is worthy of emulation by other countries.

The currency recovered after authorities took steps to help bank liquidity and limit swap transactions.

Turkish President Recep Tayyip Erdogan and his French counterpart Emmanuel Macron agreed in a phone call Thursday to foster trade ties, a Turkish presidential source said, after the lira's dramatic fall in the wake of escalating tensions with the US.

Recommended:

  • Barcelona director reveals the truth about Paul Pogba rumours

    Barcelona director reveals the truth about Paul Pogba rumours

    Wes Brown expects Paul Pogba to "get his head down and play" despite suggestions the Frenchman is unhappy at Manchester United . Brown is intrigued by the midfielder's statement, but thinks he will let his football do the talking.
    Kerala flooding: 70 stranded at Munnar resort, army deployed

    Kerala flooding: 70 stranded at Munnar resort, army deployed

    Rino of Manaykkaparambil house, Panickankudy was killed in a landslip which occurred near the premises of his house on Friday. Travellers have also been asked to limit movement at night in hilly and high-range areas, particularly between 7 pm and 7 am.
    Pogba captains Man Utd for Premier League opener

    Pogba captains Man Utd for Premier League opener

    United have made two summer signings to date, with Fred joining from Shakhtar Donetsk and Diogo Dalot from Porto. But I hope someone can catch them - it would be nice, so hopefully Manchester United can.
  • Meteor shower lights up skies over Bosnia

    Meteor shower lights up skies over Bosnia

    The Perseid meteor shower , a phenomenon producing up to 60 to 70 meteors per hour in the night's sky, peaked over the weekend. The meteoroids that cause this shower are dust particles that get outgassed from the comet when it comes close to the sun.
    Erdogan under pressure as Turkish lira plunges to record low

    Erdogan under pressure as Turkish lira plunges to record low

    He added that Turkey would continue its "constructive engagement". "Otherwise, we would have to implement plan B or plan C". China has indicated that it would provide aid to Ankara in terms of yuan-denominated bonds as well as new investments.
    I heard Trump using n-word, says former aide Omarosa Manigault Newman

    I heard Trump using n-word, says former aide Omarosa Manigault Newman

    NBC News aired the new audio but cautioned that the organization does not know what was said before or after the segment provided. Appearing on Meet the Press on Sunday, Omarosa claimed she had personally listened to the tape after her book went to press.
  • Giant Italian bridge collapse wreaks havoc in city of Genoa

    Giant Italian bridge collapse wreaks havoc in city of Genoa

    One truck was stopped just a few feet from the edge of the chasm - the edge of the bridge sheared cleanly off. Restructuring work on the bridge was carried out in 2016.
    New Omarosa tape appears to show Trump staffers discussing 'n-word' tape

    New Omarosa tape appears to show Trump staffers discussing 'n-word' tape

    Several senior aides said Monday that they doubted Manigault Newman was the only person taping her conversations at work. He said Trump was probably faking being incredulous when Manigault-Newman informed him she'd been fired.
    Emery names Koscielny Arsenal captain

    Emery names Koscielny Arsenal captain

    But he does look set to leave Arsenal , with new Gunners boss Unai Emery having judged him surplus to requirements. Koscielny will serve as "No 1 captain" but is likely to be out of action until the new year because of injury.
  • Gay couple say Ben Stokes did not deserve to face trial

    Gay couple say Ben Stokes did not deserve to face trial

    He told police: "Because he was abusing my two friends for being gay". Ryan Ali, who was also charged with affray , has also been acquitted.
    Trump signs defense authorization bill in New York  visit

    Trump signs defense authorization bill in New York visit

    As for Gillibrand, Trump called her "a puppet" of New York's other Democratic senator, Chuck Schumer. Trump said the authorization of the defense spending bill will boost the size of the military.
    Queen Of Soul Aretha Franklin Reportedly

    Queen Of Soul Aretha Franklin Reportedly "Gravely Ill" In Hospital

    Over the course of her five-decade career, Aretha has earned 18 Grammy awards and sold over 75 million records. According to Showbiz 411 , the 76-year-old is Aretha is " surrounded by family and people close to her".


Popular

Turkey doubles tariffs on some U.S. imports over economy "attacks"
Ankara has repeatedly said the case is up to the courts and a Turkish judge moved Brunson from jail to house arrest in July. He suggested Turks would buy local or Korean phones instead, although it was unclear how he meant to enforce the boycott.

Auckland drops out of world's liveable cities Top 10
Other Australian cities also featured highly in the index, with Sydney and Adelaide on the list at number 5 and 10, respectively. And no New Zealand cities make the cut for the top-10 with Auckland dropping down the Economist's 2018 Global Liveability Index.

Defense rests in Paul Manafort fraud trial without calling any witnesses
Defense lawyers decided not to call any witnesses in the trial, and Manafort himself will not testify in his own defense. The 69-year-old faces 18 counts related to tax and bank fraud. "Any purported misstatements regarding Mr.

Peter Strzok fired from the Federal Bureau of Investigation
Because Strzok, who is 48, was sacked before his 50th birthday, he potentially stands to lose a portion of his pension benefits. During a recent monologue, Todd Starnes was glad Strzok was finally fired, but wondered why it took so long to happen.

Zinedine Zidane ‘wants to be Man Utd manager’
Zinedine Zidane 'is interested in managing Manchester United' and 'wants to succeed Jose Mourinho as early as next season'. He became the first coach to win the competition three times in a row.

Partial Solar Eclipse Will Take Place On 11th August
The partial eclipse will be a small eclipse as the moon will cover only the edge of the sun, with much of the star still visible. Hence India is not in the path of Moon shadow on on August 11 , 2018 so Eclipse is not visible here, Mr Kumar explained.

Man City's Benjamin Mendy promises to cut back on social media
It seemed the goal might open the floodgates, but Cech was in solid form and kept the score down to just one. Alexandre Lacazette will start for Arsenal as their central striker.

Former Brazil striker Ronaldo says he is hospitalised with flu
Brazil icon Ronaldo has offered an update on his personal wellbeing following reports he was hospitalised with flu on Friday. Ronaldo said: "Friends, I had a strong flu in Ibiza and I had to be admitted to hospital but everything is now in order".

Fame junkie Omarosa breaches White House security by releasing secret recording
In a statement to ABC News, Pierson said, "Omarosa is being intentionally dishonest in order to sell her new book". On the recording , White House Chief of Staff John Kelly can be heard talking to Omarosa in the Situation Room.

Tiemoue Bakayoko linked with loan move to AC Milan
Chelsea have completed a season-long loan move for Real Madrid midfielder Mateo Kovacic . AC Milan fans would certainly love to see him arrive at the club this summer.