Turkey doubles tariffs on some U.S. imports over economy "attacks"

15 August, 2018, 20:55 | Author: Shannon Aguilar
  • President Erdogan yesterday blamed “economic terrorists” for the nation’s woes

The currency's climb followed retaliatory tariffs by Ankara against USA goods including rice, coal and cars.

Commenting on the new measure, Vice-President Fuat Oktay tweeted that it was taken "under the principle of reciprocity" against "the United States administration's deliberate attacks on our economy".

Turkey's president appeared to escalate a dispute with the United States that has helped foment a Turkish currency crisis, claiming Tuesday that his country will boycott US-made electronic goods.

Investors fear the country's financial crisis could spread, with Mr Erdogan describing the crash as a "political plot" against Turkey.

Turkey has increased tariffs on some United States imports, including cars, alcohol and tobacco, as the diplomatic row between Ankara and Washington escalates.

Turkey's President Recep Tayyip Erdogan announced that the country of 81 million people will boycott American consumer electronics, including Apple's iPhone. He suggested Turks would buy local or Korean phones instead, although it was unclear how he meant to enforce the boycott.

Brunson, who has lived for two decades in Turkey, was arrested in 2016 and charged with having terrorist connections.

During the meeting, Qatar pledged $15 billion in direct investments in "Turkey's financial markets and banks", Turkish officials said.

Erdogan says Turkey is the target of an economic war, and has made repeated calls for Turks to sell their dollars and euros to shore up the national currency.

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Policy makers need to adopt a series of measures "so that the situation doesn't make permanent damage to the real economy", the Union of Chambers and Commodities Exchanges of Turkey and the Turkish Industry and business Association said in a joint statement.

He said: "Erdogan has not shown any sign of backing down and going to a more orthodox policy and if things get worse with the Turkish Lira there will be an increase in non-performing loans and you are going to have a blow through to the European banking system". As President Recep Tayyip Erdogan lashed out at the U.S., took higher rates off the table and said he wouldn't accept an global bailout, traders pushed down Turkish assets in a selloff that spilled over to other developing economies.

The lira was trading on Wednesday at 6.02 to the dollar, a gain in value on the day of 5.5 percent.

The ruckus between Turkey and the USA has impacted on other countries' currencies, including the Indian rupee, as investors fear the lira's wobbles could spread to developing nations.

However, severe changes in the value of the currency calmed Tuesday after news that USA national security adviser John Bolton had met with the Turkish ambassador to Washington Monday.

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

Tisdall thinks Erdogan's arrogant style and dictatorial ambitions have backed him into a corner because he can not blame anyone else for Turkey's sputtering economy and souring worldwide relations.

Ankara has repeatedly said the case is up to the courts and a Turkish judge moved Brunson from jail to house arrest in July.

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