Economy

Turkey doubles tariffs on some US imports over economy 'attacks'

Turkey doubles tariffs on some US imports over economy 'attacks'

Erdogan also moved to strengthen ties with Germany, Turkey's biggest economic partner by far, accounting for about 37 billion euros ($42 billion) in bilateral trade previous year.

Before he spoke, the Turkish lira strengthened more than 3 percent, despite signs that a rift with the United States is as wide as ever.

Speaking in Washington, White House spokeswoman Sarah Sanders made clear the United States had no plan to remove the steel tariffs if Brunson were released though she said it could remove sanctions imposed on two senior Turkish officials.

The Turkish currency showed a rebound on Thursday after losing over 16 percent of its value last Friday, following US President Donald Trump doubling aluminium and steel tariffs on Ankara.

Turkey's new tariffs follow President Recep Tayyip Erdogan's call on Tuesday for a boycott of USA 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 evangelical Christian minister, Andrew Brunson.

Pence tweeted that "Turkey would do well not to test" Trump's resolve "to see Americans who are wrongfully imprisoned in foreign lands returned home to the United States".

Turkish president says the country will boycott U.S. electronics
The visit came hours after Brunson's lawyer appealed to a court for his release and for a travel ban against him to be lifted. White House Press Secretary Sarah Huckabee Sanders holds the daily briefing at the White House in Washington, D.C., U.S.

Turkey's biggest mobile phone importing companies have cancelled their iPhone orders as Turkish citizens join a move to boycott US products.

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. Brunson is now on trial and held on house arrest, with few indications that Turkish officials intend to comply with the demands - despite USA sanctions that were leveled against them two weeks ago.

The weakness of the Turkish currency has rippled through global markets.

Administration sources says further sanctions against Turkey are under active consideration.

It chose to release two Greek soldiers from prison on Tuesday.

However, the former diplomat does not think "the trans-Atlantic community will push Turkey to such an option".

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Khamenei referred specifically to the collapse in the currency, which has seen half its value wiped since early April. But though he ruled out talks, Khamenei also ruled out the possibility of war with the United States.

Underscoring the ties between the countries, Sheikh Tamim was the first foreign leader to phone President Erdogan during the failed coup in Turkey in 2016.

Turkey has agreed to buy S-400 surface-to-air missiles from Russian Federation, an unprecedented move by a North Atlantic Treaty Organisation member, which has raised objections from members of both parties of the U.S. Congress and the Trump administration.

Washington wants the evangelical Christian freed but Turkish officials say the case is a matter for the courts.

On Wednesday, a court rejected an appeal for Brunson to be released from house arrest.

Ties between Ankara and Washington have been extremely strained in recent weeks over Turkey's detention of US pastor Andrew Brunson.

Turkish Foreign Minister Mevlut Cavusoglu struck a somewhat conciliatory note, saying Turkey was ready to discuss its issues with the United States as long as there are no threats.

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The U.S. was Turkey's biggest export market for steel previous year, though exports have fallen since because of tariffs. An upper court had yet to rule on the appeal, his lawyer told Reuters.