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

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

With the diplomatic spat with the USA showing no signs of letting up, Erdogan will be speaking with German Chancellor Angela Merkel on Wednesday and French President Emmanuel Macron Thursday, his spokesman Ibrahim Kalin said in Ankara.

Although the Turkish lira recovered modestly today, President Recep Tayyip Erdogan announced today a boycott of America's iPhone manufactured by Apple and other unspecified electronic products.

The BBC Turkey correspondent Mark Lowen said Mr Erdogan's boycott could stoke tensions with the U.S. further - and Turks are waiting nervously for Mr Trump's response.

A senior State Department official referred questions to the White House and declined to say whether Brunson's case had to be resolved before there could be progress on other issues.

It's not clear from the speech quite what this boycott could entail - whether it's Erdogan encouraging people to buy non-American devices or whether this will be a full-on ban on imports.

President Erdogan has accused the U.S. of trying to "bring Turkey to its knees through threats over a pastor".

Washington has imposed financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey, as U.S. President Donald Trump tries to secure the release of Andrew Brunson, a 50-year-old American pastor being tried in Turkey on espionage and terrorism-related charges.

Erdogan has said 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 currency.

On Wednesday, the lira traded at 6.4125 to the USA dollar, weakening from a close of 6.3577 a day earlier. While Turkey's central bank has raised lending rates by 500 basis points this year to 17.75 per cent, it hasn't acted since the latest turmoil began with USA sanctions on the interior and justice ministers on August 1.

A court in the western Turkish city of Izmir rejected a new appeal to free Brunson on Wednesday, the state television TRT reported.

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Serving at the Diriliş (Resurrection) Protestant Church in the western province of İzmir, Brunson was arrested in October 2016 and moved to house arrest on July 25 due to health problems.

Qatar pledged $15 billion of investment in Turkey that will be channeled into Turkish financial markets and banks, a government source told Reuters on Wednesday.

The Turkish currency has lost about 40 percent of its value this year against the USA dollar.

The currency drop is particularly painful for Turkey because it has accumulated a high debt in foreign currencies.

"There could be a knock-on effect and there could be contagion to other countries in emerging markets and the Trump administration being so quick to increase sanctions on Turkey you have seen them do the same thing to Russian Federation".

"If the traitor in Pennsylvania is extradited to our country, the handover of the pastor may be in the offing, and both countries will get what they want", Devlet Bahceli, leader of a far-right political party allied with Erdogan, said Wednesday in Ankara, according to the Anadolu news agency.

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.

On Wednesday, Turkey rejected pastor Andrew Craig Brunson's appeal to be released from custody, and slapped additional tariffs on USA imports.

The report says that ASUS has rushed to reduce risk, quickly selling off its local store of products in Turkey in exchange for us dollars.

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