Turkey retaliates against Trump tariffs, hiking fees on U.S

Turkey issues sharp tariffs on US imports

Turkey issues sharp tariffs on US imports

His government is grappling with a currency crisis and a damaging dispute with the United States that late on Wednesday appeared further than ever from being resolved.

The Qatari money will be channelled into banks and financial markets, a Turkish government source told Reuters.

Analysts question the effectiveness of any Turkish boycott of US goods and view Turkey's tit-for-tat taxes - imposed Wednesday on American exports, including cars, tobacco and alcohol - as mostly symbolic because they have relatively little value to a global trade giant engaged in similar disputes with China and other major economies. The White House called the Turkish response a step in the wrong direction.

The lira, which has weakened 34% against the dollar this year, firmed to 5.7500 against the dollar by 0722 GMT from a close of 5.95.

She urged Ankara to release the detained American pastor Andrew Brunson, three locally employed staff of the US embassy, and a NASA scientist.

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.

It was also helped by a step from the banking watchdog BDDK, cutting the limit for Turkish banks' forex swap, spot and forward transactions with foreign banks to 25 per cent of a bank's equity. "Rates have gone up by 10 per cent ..."

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A senior official says a series of measures aimed at shoring up the Turkish currency are taking effect and that he expects the improvements to continue. The finance minister will seek to reassure global investors on Thursday in a conference call for which a ministry official said some far 3,000 people had signed up.

White House National Security Adviser John Bolton met with Turkey's ambassador to the U.S., Serdar Kilic, in Washington yesterday to discuss the potential release of Brunson.

According to Turkey's Vice President Fuat Oktay, the tariffs were increased "within the framework of the principle of reciprocity in retaliation for the deliberate economic attacks by the United States". Then last week, Trump increased them to 50 percent on Turkish steel and 20 percent on Turkish aluminum.

Tariffs have been imposed on 22 types of produce and goods imported from the United States, amounting to $533 million U.S. of extra duties, according to a report in the state-run Anadolu Agency, quoting Rushar Pekcan, the country's trade minister.

President Donald Trump personally took part in negotiations aimed at reaching a deal to release Brunson. "These are appeals that require fast decision making because they are related to an individual's freedoms", Brunson's attorney Ismail Cem Halavurt told Reuters.

The hikes were published in Turkey s Official Gazette in a decree signed by President Recep Tayyip Erdogan, who has repeatedly described the crisis as an "economic war" that Turkey will win.

"It definitely would make sense to own Gold now in Turkey given the depreciation of the lira", the precious metals strategist at Mitsubishi Corp U.K. Plc, said.

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