Tuesday, 16 October, 2018

Qatar's emir travels to crisis-hit Turkey in show of support

Turkey news: Erdogan rages at Trump 'economic warfare' over sanctions | Daily Star Turkey's president threatens boycott of iPhones, other US electronics
Andy Castillo | 15 August, 2018, 20:56

Tariffs were also increased on goods including cosmetics, rice and coal.

Explaining the new tariffs, Turkish Vice-President Fuat Oktay said the rises were ordered "within the framework of reciprocity in retaliation for the conscious attacks on our economy by the United States administration".

The currency TRYTOM=D3 has lost almost 40 percent against the dollar this year, driven by worries over President Tayyip Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.

The diplomatic dispute has sent shockwaves through financial markets across the world as the plunging lira causing currencies in other developing countries to nosedive.

The tariffs come a day after President Recep Tayyip Erdoğan initiated a boycott campaign against US electronic goods, singling out Apple iPhones.

Erdogan has reacted to the financial instability by blaming foreign powers, in particularly the United States, a longtime North Atlantic Treaty Organisation ally, which he says is waging an "economic war" as part of a plot to harm Turkey.

The move is seen as retaliation for the United States' decision to sanction two Turkish ministers over the detention of an American pastor on terror-related charges, and to double tariffs on Turkish steel and aluminum imports.

Drop in Turkish lira is making us a lot more money
"The initial reaction emerging economies usually take in a currency crisis is to dip into their foreign reserves". He had been in jail for nearly 20 months when a court in July ordered him moved to house arrest.

Details about the U.S-Turkey crisis have been unfolding over the past few days: a pastor as stage hostage, frozen assets for ministers on both sides, tariffs on Turkish exports of aluminum and steel to the USA, a Trump tweet here, a fiery Erdogan speech there. In addition, the USA has placed sanctions on two Turkish ministers over the arrest of an American pastor who is charged with having links to terrorism.

It recovered a bit, by four per cent to around 6.12 lira per USA dollar Wednesday, after the government took steps to shore up the currency by reducing the daily limit in bank foreign currency swap transactions. Turkish President Recep Tayyip Erdogan accused the U.S. of seeking "to force Turkey to surrender in every field from finance to politics, to make Turkey and the Turkish nation kneel down." . As President Recep Tayyip Erdogan lashed out at the U.S., took higher rates off the table and said he wouldn't accept an global bailout, traders pushed down Turkish assets in a selloff that spilled over to other developing economies.

Erdogan said his government would offer further incentives to companies planning to invest in Turkey and said firms should not be put off by economic uncertainty. Erdogan accused the United States of conspiring against Turkey and said that the slide in its currency doesn't make any sense logically.

The evangelical pastor, who is originally from Black Mountain, N.C., has lived in Turkey for 23 years and led the Izmir Resurrection Church. Turkey's state-run news agency and US officials say US National Security adviser John Bolton had met with the Turkish ambassador to Washington on Monday. He is scheduled to appear before a court in October for his third hearing after the court rejected an appeal for his release in a July 18 hearing.

In another high-profile case, a Turkish court ruled on Wednesday to release from jail Taner Kilic, the local chair of Amnesty International, a researcher from the rights group said.

Turkey and Qatar have become close economic and political partners in recent times.

US-Turkish relations have been hurt by a series of issues from diverging interests in Syria, Ankara's plan to buy Russian defence systems and the detention of pastor Brunson.

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