Turkey announces sharp tariffs on United States goods

Turkey announces sharp tariffs on United States goods

In 2017, the United States exported $9.7 billion dollars in goods to Turkey, according to the U.S. Census Bureau.

The country's currency, the lira, has fallen sharply against the US dollar in recent weeks but rebounded after the aid announcement.

Turkish officials say Qatar has pledged $15 billion of direct investments for Turkey as it struggles with a currency crisis.

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.

A court in Izmir rejected the appeal, but a higher court would review the appeal, the report said.

President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Turkey, which says it will not bow to threats, to raise tariffs on US cars, alcohol and tobacco by the same amount on Wednesday.

The case now lies at the heart of a bitter row between North Atlantic Treaty Organisation allies Turkey and United States, who have been growing apart for years over a series of disagreements on Syria, their perception of security threats and defense deals.

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 national currency.

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Kilic spent 14 months in prison for terror-related charges, accused of links to a network led by US -based Muslim cleric Fethullah Gulen, whom Turkey blames for a failed coup in 2016.

Investors said Albayrak's conference call was going to be a key test of whether Turkey can convince the market that its monetary policy is not hostage to political influence. "The central bank has not done this through a change in the benchmark rates, but they are squeezing liquidity, so the result is the same", he said.

Ken Odeluga, market analyst at City Index, a spread betting firm, blamed worries over the Turkish crisis for the stock market falls.

President Donald Trump had previously announced that the USA was doubling steel and aluminium tariffs on Turkey.

On Wednesday, a Turkish court rejected an appeal by Brunson's lawyer for his appeal to be released from house arrest.

Those consequences are USA sanctions and a doubling of tariffs on Turkish steel and aluminum, announced by President Trump on Friday. In another high-profile case, a Turkish court freed Taner Kilic, the local chair of Amnesty International, a researcher from the rights group said. "Our relations with Turkey are not good at this time!" The currency's climb followed retaliatory tariffs by Ankara against U.S. goods including rice, coal and cars.

Michael Hewson, chief market analyst at CMC Markets UK, warned the Turkish tariff hikes risked provoking a new reaction from Trump and ultimately add to downward pressure on tbe lira.

The decision shows Turkey giving a proportionate response to American "attacks" on the Turkish economy, Vice President Fuat Oktay said in a Tweet.

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