Russia Favors Trade With National Currencies, Not US Dollar

Russia Favors Trade With National Currencies, Not US Dollar

Russia Favors Trade With National Currencies, Not US Dollar

Turkey has retaliated by announcing Wednesday that it will increase tariffs on certain USA products, including on cars, rice, alcohol, coal and cosmetics.

After Turkish President Recep Tayyip Erdogan's appeal to boycott USA electronic products on Tuesday, Erdogan signed a decree to raise tariffs on some U.S. imports including cars, alcohol and tobacco, state-run Anadolu agency quoted Turkish Trade Minister Ruhsar Pekcan as saying on Wednesday.

Mr Brunson has denied charges of espionage, but faces up to 35 years in jail if found guilty. Ankara responded by levying similar largely symbolic sanctions against two U.S. Cabinet members.

Yurdakul said opportunities offered by the project could benefit from joint initiatives, and Turkish companies should be more aware and eager to capitalize on them.

According to the Hurriyet Daily, a significant number of importers began to withdraw their short and long-term orders after Turkish President Recep Tayyip Erdogan's appeal to boycott American electronic products on Tuesday.

The charge d'affaires at the US embassy in Turkey, Jeffrey Hovenier, visited Brunson on Tuesday and called for his case, and those of others detained in Turkey, to be resolved "without delay" and in a "fair and transparent manner".

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Last Friday, President Donald Trump doubled tariffs on aluminum and steel imports from Turkey.

The Turkish lira has pulled back on Tuesday from a record low hit a day earlier, helped by the central bank's liquidity measures and news of a planned conference call in which the finance minister will seek to reassure investors.

In this July 25, 2018 photo, evangelical pastor Andrew Craig Brunson, center, arrives at his house in Izmir, Turkey.

Trump has called Brunson's detention a "total disgrace".

"Turkey is not in favor of an economic war, but we can not remain with no reaction if there is an attack on us", Erdogan spokesman Ibrahim Kalin said.

He stressed that using Turkish liras in trade would be provided throughout the country.

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