Published: Thu, August 16, 2018
Markets | By Erika Turner

White House says Turkish sanctions ‘regrettable’

White House says Turkish sanctions ‘regrettable’

Turkey said Wednesday it is increasing tariffs on imports of certain US products, including rice, cars, alcohol and coal - escalating a feud with the United States that has helped trigger a currency crisis.

On Monday, the Turkish currency hit a record low of 7.24 against the United States dollar in Asia Pacific trading.

Another tweet user named Melike wrote: "Buy Turkish lira instead of the dollar and drink Turkish coffee instead of American Starbucks coffee".

Russia backs using national currencies, not the U.S. dollar, in its trade with Turkey, Russian Foreign Minister Sergei Lavrov said on Tuesday, but he made no firm commitments that would immediately help Ankara to weather its currency crisis.

Last Friday, US President Donald Trump said he had authorized higher tariffs on aluminum and steel imports from Turkey.

The evangelical pastor is accused of terrorism charges and aiding the network of a USA -based Islamic preacher blamed by Ankara for masterminding a coup attempt in July 2016 against Turkish President Tayyip Erdogan.

At any rate, it's not clear how Erdogan plans to enforce this boycott if indeed he intends to enforce it at all.

Turkey has announced that Qatar has pledged to invest $15 billion into Turkish financial markets and banks, a government source told Reuters on Wednesday.

Pekcan said, according to the report, "the United States is an important trading partner, but it is not our only partner".

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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.

With the dispute between the USA and Turkey seeming to escalate by the day, the value of Turkey's lira currency against the dollar has plummeted, but Sanders rejected any blame on the U.S.'s part.

The turmoil has raised fears of a looming economic crisis in Turkey and prompted alarm that foreign investors in the country, including Qatar, could be hit in the fallout.

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

Qatar and Turkey are bound by strategic relations at the political, economic and military fronts.

The Kremlin said the same day that Russian Federation favored bilateral trade with all countries in their national currencies, rather than the dollar, but that the idea needed detailed work before being implemented.

The court in the western city of Izmir ruled that Brunson, who faces 35 years in jail over terror and espionage charges, will remain under house arrest, the state television TRT reported.

State-run Anadolu Agency quoted Trade Minister Ruhsar Pekcan as saying: "We have responded to the sanctions with $533 million dollars of extra tax".

Kevin Hassett, chairman of the White House Council of Economic Advisers, noted on Monday that those tariffs involve only a "tiny, tiny fraction" of Turkey's gross domestic product.

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