Turkey raises tariffs on some United States imports in response to economic 'attacks'

15 August, 2018, 19:33 | Author: Regina Silva
  • European banks

The Turkish government said tariffs on American cars will be doubled to 120 per cent while those on alcoholic drinks will be hiked by the same rate to 140 per cent.

He clarified that there were no talks now planned between President Erdogan and President Donald Trump.He told the news conference that Turkey will take a positive stance towards trading in national currencies to escape from USA dollar pressure.

Erdogan said Turkey was facing an "economic attack" and a "bigger, deeper operation" but showed no sign of making concessions to the United States.

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.

"If [the US] has the iPhone, there's Samsung on the other side", Mr Erdogan said, referring to Apple and its South Korean competitor.

In a direct threat against the White House, Erdoğan warned U.S. president Trump, who signed off the sanctions, of unspecified consequences for punishing Turkey. Erdogan warned that the U.S.is putting decades-old alliances at risk and pushing Turkey to seek allies elsewhere.

The lira firmed as far as 5.75 against the dollar on Wednesday and stood at 6.08 at 0943 GMT in a move initially triggered by the Turkish court decision on the Greek soldiers who faced espionage charges.

Erdogan also said Turkey was boycotting USA electronic products.

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Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency.

Relations between the two North Atlantic Treaty Organisation allies have spiraled into a full-blown crisis over the trial of Christian pastor Andrew Brunson, who was held for 21 months in a Turkish prison until his transfer to house arrest last month - a move Washington dismissed as insufficient. Trump's top national security aide warned Turkey's ambassador on Monday that the USA has nothing further to negotiate until Brunson is freed, according to two people familiar with the matter. They also called on Turkey to work with the United States to improve relations.

In a joint statement Tuesday, Turkish business groups called on the government to institute tighter monetary policy in order to combat the currency crisis.

The Turkish central bank has pledged to take "all necessary measures" to stabilize the country's economy to make sure the banks have all the money they need. "The pressure is going to keep up if we're not seeing results".

The country's finance minister - who is also Mr Erdogan's son-in-law - will seek to reassure around 1000 worldwide investors in a teleconference scheduled for Thursday.

She said Turkey would continue to "protect the rights of Turkish companies and retaliate" against unjust actions by the United States.

"We view the policy of sanctions as unlawful and illegitimate, driven mostly by a desire to dominate everywhere and in everything, dictate policies and call shots in worldwide affairs", Lavrov said.

"We (also) have our Venus and Vestel", he said about homegrown Turkish electronics brands.

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