Turkey doubles tariffs on some US imports; Turkish lira rallies

Turkey denies American pastor’s appeal, decides to hit the US with tariffs instead

Turkey denies American pastor’s appeal, decides to hit the US with tariffs instead

The lira went into a tailspin after a diplomatic spat with the USA over a detained pastor in Turkey.

The lira´s fall had raised fears Turkey was on the verge of a fully-fledged economic crisis, especially in its banking system, that could spill over into Europe and other markets.

The decree said the move brought tariffs to 50 percent on imports of United States rice, 140 percent on hard alcoholic drinks like spirits, 60 percent on leaf tobacco and 60 percent on cosmetics.

He said relations with Qatar, which he described as a "friendly and brotherly country", would be boosted in many areas.

The row with Washington has helped drive the lira to record lows, with the currency losing more than 40 per cent of its value against the dollar this year, prompting central bank liquidity moves to support it.

Three big companies operating in Dogubank, a trade center specialized in the sales of electronic products in central Istanbul, suspended 50 million US dollars' worth of iPhone orders, the Turkish daily said. "Turkish-Qatari relations are based on solid foundations of true friendship and solidarity".

The decision came after Qatar's emir, Sheikh Tamim bin Hamad Al Thani, met with Turkish President Recep Tayyip Erdogan in Ankara.

On Wednesday, Turkey doubled tariffs on some imports from the U.S. - such as passenger cars, alcohol and tobacco - in what it said was retaliation for "deliberate attacks" on its economy.

The lira had already rebounded about 8 percent on Tuesday on news of a planned conference call on Thursday in which the finance minister will seek to reassure worldwide investors. If they side with Turkey, they run the risk of antagonizing US President Donald Trump.

Turkish authorities have called on their citizens to sell their foreign currency in order to bolster the lira.

As a court in the western Turkish city of Izmir rejected a new appeal to free Brunson on Wednesday, spoksman Kalin said the United States needs to be respectful of the judicial procedures in Turkey.

In his televised speech yesterday, Erdogan vowed that Turkey will "boycott U.S. electronic goods".

Doha has $20 billion worth of investments in Turkey, and Ankara is one of the top exporters to the emirate. "We have other partnerships and alternative markets".

President Erdogan said earlier this week that Turkey should not "give in to the enemy" by investing in foreign currencies.

This, in turn, means that 41.09 million projected smartphone users in Turkey till a year ago out of which 7.15 million of them use iPhones.

An evangelical from North Carolina, he has been held in Turkey for almost two years over alleged links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup in 2016.

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