Berat Albayrak: Turkey to emerge 'stronger' from currency crisis

Jeannie Matthews
August 17, 2018

Turkey has sharply raised tariffs on some USA imports, including passenger cars, alcohol, tobacco, the country's Official Gazette said on Wednesday.

Sanders said that even if Erdogan releases the USA clergyman, the additional tariffs on Turkish steel and aluminum won't be lifted because they are based on "national security".

US President Donald Trump tweeted last week that he had authorized to double the tariffs on steel and aluminum products from Turkey to 50 percent and 20 percent respectively. Other products subject to new tariffs include rice and nuts, cosmetics, uncoated paper and machines and mechanical appliances.

WASHINGTON (Reuters) - The United States is warning more economic pressures may be in store for Turkey if it refuses to release a jailed American pastor, a White House official said on Tuesday, in a dispute that has further strained relations between the North Atlantic Treaty Organisation allies.

Saying that Brunson is innocent and "justice demands that he be released", Pence noted that he and Trump "continue to stand firm" until Brunson is released and returns to the United States.

Erdogan has called for a boycott of US electronic goods and Turkish media have given extensive coverage to anti-U.S. protests, including videos on social media showing Turks apparently burning dollar bills and destroying iPhones.

It said the southeastern Turkish city of Gaziantep has halted imports of American brands and products.

Turkey announced on Wednesday it was working to increase tariffs on imports of some U.S. products, which led to escalating dispute with the United States, provoking the Turkish currency to record a new historic low.

The Gulf state made the investment as Turkey grapples with a collapse in the lira and tensions with North Atlantic Treaty Organisation ally the United States.

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Many economic crises in emerging market countries like Turkey follow periods of domestic support for governments that focus on electoral gains and avoid unpopular economic reforms, and pressure on the Turkish lira is likely to persist if Turkish authorities shun decisive action, said Nafez Zouk, an analyst at Oxford Economics.

Treasury Secretary Steve Mnuchin on Thursday said that the United States would levy more sanctions on the troubled Turkish economy if Ankara does not release an American pastor.

Turkish President Recep Tayyip Erdogan and his French counterpart Emmanuel Macron spoke over the phone on Thursday about economic and financial ties, according to presidential sources.

Amnesty International says a court in Istanbul has ruled for the release from prison of the rights group's former Turkey chairman.

Turkish President Tayyip Erdogan attends a news conference in Ankara, Turkey, Aug. 14, 2018.

Doha has Dollars 20 billion worth of investments in Turkey, official figures showed last month, and Ankara is now one of the top exporters to the emirate.

That hasn't prevented Turkish officials from continuing to press their perceived leverage in Brunson. On Wednesday, a court in Izmir, where Brunson is on trial, rejected his appeal to be released from house arrest.

Earlier in the day, the currency had shrugged off U.S. comments ruling out the removal of steel tariffs on Turkey even if it frees an American pastor who lies at the centre of the complex feud between Washington and Ankara.

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