Turkey doubles tariffs on some USA imports; Turkish lira rallies

Turkey news: Erdogan rages at Trump 'economic warfare' over sanctions | Daily Star

"A ruling can come tomorrow, or even tonight", he said.

Leading Turkish business groups have warned that tighter monetary policy is needed to stabilise the Turkish lira and disputes should be resolved via diplomacy, Hurriyet Daily News has reported.

Turkey is increasing tariffs on imports of series of USA products, escalating a feud with the United States that has helped trigger a currency crisis. He suggested Turks would buy local or Korean phones instead of US-made iPhones, though it was unclear how he meant to enforce the boycott.

The crisis came days after US President Donald Trump announced a doubling of steel and aluminium tariffs on Turkey, as Washington pushes Ankara to release Evangelical Christian pastor Andrew Brunson, who is being held on terrorism charges for almost two years.

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

Asian stocks retreated on Wednesday, failing to follow Wall Street's gains, while the dollar was near a 13-month high as concerns about Turkey's financial crisis weighed on investor appetite despite the lira's move away from an all-time low.

After the US imposed sanctions on two Turkish ministers and amid growing domestic pressure from businesses and banks to contain a currency crisis, Erdogan said he wouldn't back down in the face of the economic attack against his country.

Peter O'Flanagan, the head of trading at the foreign exchange consultancy Clear Treasury, said: "Restrictions from the Turkish central bank limiting banks' use of swap lines has had the desired effect on the lira".

Attention will turn Thursday to an address by the finance minister to foreign investors for clues on any change in economic policy. On Tuesday, he said the government is working on steps to help banks and support companies affected by the currency crisis.

The fallout has been sparked by a number of issues - including Turkey's detention of American pastor Andrew Brunson - while Ankara has demanded the extradition of a Turkish cleric who is blamed by Mr Erdogan for masterminding the failed 2016 coup against him. He is scheduled to appear before a court in October for his third hearing after the court rejected an appeal for his release in a July 18 hearing.

Pastor Andrew Brunson's lawyer had on Tuesday renewed an appeal for the clergyman's release from house arrest and for his travel ban to be lifted.

Will continue talks with United States if it shows constructive stance.

Ibrahim Kalin also told a news conference that Turkey would exercise its rights if the U.S. does not deliver F-35 jets to Ankara.

Turkey's weakened currency, the lira, plunged by more than 20% in response to those United States sanctions.

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