Turkey retaliates by raising tariffs

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

Erdogan has blamed the USA for the fall of the lira, but refused to budge on Trump's demand for Brunson's release. "We have Vestel", AP quoted him as saying.

President Trump and Vice President Mike Pence have repeatedly urged Turkey to release Brunson, with the USA levying sanctions against two Turkish ministers over his detainment.

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.

Moody's Investors Service said a downgrade of Turkey's sovereign credit rating will hinge on the policies it takes to reduce risk of a balance of payments crisis amid an escalating standoff with the United States.

Ankara also announced new tariffs on United States imports, adding duties of 50% to 140% on alcohol, cars and rice.

Turkish President Recep Tayyip Erdogan has accused the United States of stabbing Turkey in the back and on Tuesday called for a boycott of USA electronics products. Although no further detail on the length and implementation of the boycott was provided, but significantly, the transcript of Erdoğan's speech on the Turkish presidency's website omitted the boycott announcement.

Mr. Trump has repeatedly asked for Mr. Brunson's release, while Ankara said the decision was up to the court.

The Gulf state made the investment as Turkey grapples with a collapse in the lira and tensions with North Atlantic Treaty Organisation ally the United States.

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Turkish Finance Minister Berat Albayrak, who is Erdogan's son-in-law, and his Qatari counterpart Ali Sharif Al-Emadi were present at the talks in the capital Ankara.

Lavrov held talks in Ankara with Turkish Foreign Minister Mevlut Cavusoglu days after the Turkish lira TRY= plummeted to an all-time low versus the USA dollar, while the Russian rouble RUB= lost almost 10 percent in just several days of August. The pastor has been held in Turkey since October 2016 on charges of aiding terrorists in a failed coup in July of that year.

The tensions and the tariff hike by the United States have caused the Turkish lira to bleed value, fanning fears the country is on the verge of an economic crisis that could spillover into Europe.

Turkey has also been publicly critical of criminal prosecutions in the USA involving state-run Halkbank official Mehmet Hakan Atilla, as well as Reza Zarrab, a Turkish-Iranian gold trader.

On Monday, National Security Council Advisor, John Bolton, met with Turkey's ambassador to Washington, Serdar Kilic.

"We expect that Turkey will have to introduce deep fiscal and monetary tightening to stabilise the Turkish lira, which in turn will dampen economic activity further".

There was also optimism about better relations with the European Union after a Turkish court released two Greek soldiers pending trial.

The lira has recovered somewhat from recent lows as the government cut the daily limit in the exchange of currencies with foreign countries.

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