Qatar pledges $15bn of direct investments in Turkey - Ankara

Turkey news: Erdogan rages at Trump 'economic warfare' over sanctions | Daily Star
Turkey issues retaliatory tariffs on US imports

16 August, 2018

Turkey said Wednesday it was imposing extra tariffs on imports of products, including rice, vehicles, alcohol, coal and cosmetics.

Turkey on Wednesday raised tariffs on a number products imported from the United States, including passenger cars, tobacco and spirits, retaliating for President Trump's decision last week to double tariffs on Turkish metals.

The Turkish lira has dropped to record lows in recent weeks, having fallen some 42 per cent this year.

Turkey's currency, the lira, bounced back sharply Wednesday morning, falling back below six per dollar.

Erdogan has repeatedly described the crisis as an "economic war" that Turkey will win.

Possible measures include an interest rate hike, capital controls, a reduction in spending and an easing of tensions between Turkey and the United States, which are North Atlantic Treaty Organisation allies, he said.

Turkey and the US are now experiencing rocky relations following Washington's imposition of sanctions on two Turkish Cabinet ministers for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.

On Tuesday, Erdogan announced that Turkey would boycott USA electronic goods, singling out iPhones.

Erdogan suggested Turks would stop procuring US-made iPhones and instead buy Korean Samsung or Turkish-made Vestel.

Qatar pledged to invest $15 billion in Turkish financial markets and banks amid the massive collapse of its currency.

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State media in Doha said Sheikh Tamim bin Hamad Al-Thani was travelling to Turkey for a "working visit".

He was also charged with supporting the outlawed Kurdistan Workers' Party (PKK), which was designated as a terrorist organization by Turkey and the U.S.

The move by Turkey's Gulf ally offered further support to a lira rally after the Turkish central bank tightened liquidity and curbed selling of the currency.

The emir of Qatar also arrived in Turkey on Wednesday on a "working" visit aimed at strengthening mutual cooperation.

Bar owner Burhan Coban said consumer and distributor prices for American whiskey are the same, for now, despite the currency plunges and the new Turkish tariffs.

In a sign of improving ties to European Union nations, Kalin said Erdogan would hold telephone conversations with German Chancellor Angela Merkel later Wednesday and with Emmanuel Macron of France on Thursday.

WASHINGTON - The White House warned on Wednesday that Turkey is increasingly trending away from U.S. interests, furious over the continued detention and trial of an American pastor in Ankara.

But the U.S. insists Andrew Brunson, a long-time Turkish resident who ran the tiny Izmir Resurrection Church, is "a victim of unfair and unjust detention". Overall, the duties will amount to $533 million, a relatively small sum that is unlikely to hurt US companies much and appears meant instead to make a political point.

The 50-year-old pastor is now being tried on espionage and terror-related charges.

Brunson's lawyer Cem Halavurt told AFP that a higher court would also discuss his appeal for Brunson's release.

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