Erdogan spokesman says problems with USA will be resolved

Bulgaria Turkey Doubles Tariffs on some U.S. Imports Turkish Lira Rallies

According to a Bloomberg story, the decision follows President Recep Tayyip Erdogan's call on Tuesday for a boycott of US electronics including Apple Inc.'s iPhones to retaliate for the Trump administration's punitive actions over the past few weeks to pressure Turkey into releasing an American pastor.

The dispute is one of several between the North Atlantic Treaty Organisation allies, including diverging interests in Syria and USA objections to Ankara's ambition to buy Russian defence systems, that have contributed to instability in Turkish financial markets.

A Turkish court Tuesday released two Greek soldiers detained since March on espionage charges for illegally crossing the border in a case that has stoked tensions with Brussels.

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

The row with Washington has helped to drive the lira to record lows, with the currency losing more than 40 per cent of its value against the dollar this year, prompting central bank liquidity moves to support it. The lira lost almost 40 percent against the dollar this year and suffered a staggering collapse on the heels of Trump's announcement of increased tariffs on metals. The declaration comes as a trade war between the United States and Turkey has caused the Turkish currency, the lira, to plummet over the past few days, sending shockwaves throughout global markets.

Analysts question the effectiveness of any Turkish boycott of USA 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. "This is regrettable and a step in the wrong direction".

"The sanctions, however, that have been placed on Turkey are specific to Pastor Brunson and others that we feel are being held unfairly".

"Escalating the use of Section 232 tariffs on imports from Turkey poses serious risks for the United States", Brilliant said.

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The Turkish tariff increases amount to a doubling of the existing rate, the state-run Anadolu news agency said, in an apparent parallel response to Trump s move.

The United States sanctioned Justice Minister Abdulhamit Gul and Interior Minister Suleyman Soylu, blaming both for being involved in the arrest and detention of Brunson, who is accused of backing a coup attempt against Erdogan two years ago, something he denies.

The currency drop is particularly painful for Turkey because it has accumulated a high debt in foreign currencies, and because recent trade tariffs from the US have further injured the economy.

State television TRT reported the 2nd Penal Court in İzmir rejected the appeal on August 15 and sent the defendant's petition to an upper court. "The administration is going to stay extremely firm on this", the official said.

A banking watchdog's step to limit foreign exchange swap transactions also helped the currency.

"Rates have gone up by 10 percent". The lira had already rebounded about 8pc on Tuesday on news of a planned conference call today in which the finance minister will seek to reassure worldwide investors.

Turkey said it would not be strong-armed into releasing Brunson, whose second appeal for release was rejected on Wednesday. "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.

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