Turkey braces for hard times amid currency crisis, United States spat

Turkey braces for hard times amid currency crisis, United States spat

Turkey braces for hard times amid currency crisis, United States spat

On Wednesday, Turkey doubled tariffs on some imports from the United States - such as passenger cars, alcohol and tobacco - in what it said was retaliation for "deliberate attacks" on its economy.

A Turkish court also rejected the American pastor's appeal to be released from house arrest and have his travel ban lifted.

The hikes were published in Turkey´s Official Gazette in a decree signed by President Recep Tayyip Erdogan, who has repeatedly described the crisis as an "economic war" that Turkey will win.

There were fears Ankara may need to turn to the International Monetary Fund as the currency crisis escalated.

The lira lost strength after Mnuchin's remarks.

Treasury and Finance Minister Berat Albayrak was quoted by private media NTV as saying the economy would emerge stronger from the turmoil.

The announcement comes after Turkish Finance Minister Berat Albayrak assured worldwide investors on Thursday that the country's banks were healthy and that Turkey would emerge "stronger" from its currency crisis.

Last week Trump said he would increase import duties on Turkish steel imports to 50% and on aluminium to 20%, tweeting: "Our relations with Turkey are not good at this time!"

On Wednesday, Erdogan met for more than three hours with His Highness the Amir Sheikh Tamim bin Hamad al-Thani, who approved a package of economic projects, investments and deposits worth $15bn.

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Turkey, he said, has no plans to seek help from the International Monetary Fund or impose capital controls to stop money flowing overseas in response to the recent collapse of its lira currency.

In another high-profile case, a Turkish court ruled on August 15 to release from jail Taner Kilic, the local chair of Amnesty International, a researcher from the rights group said.

"Tax rates on imports of some products have been increased on a reciprocal basis against the US administration's deliberate attacks on our economy", the country's vice president, Fuat Oktay, said in a pair of tweets.

Doubts about Turkey's future intensified as relations with the United States, a longtime North Atlantic Treaty Organisation ally, soured.

Turkish Airlines and Turk Telekom have said they will halt advertising in U.S. media.

US President Donald Trump last Friday announced he would double tariffs on Turkish steel and aluminum, mocking the slide of the Turkish lira on Twitter.

An originally political battle between Ankara and Washington over an American pastor jailed in Turkey has turned into a full-scale economic and diplomatic confrontation between the two North Atlantic Treaty Organisation allies. On Tuesday, he said Turkey would boycott United States electronic products.

In the wake of the currency crisis, the Turkish president has held talks with French and German leaders, Emmanuel Macron and Angela Merkel, on ways to promote bilateral ties.

"When the dollar turned in the second quarter we had a really weak EM market", noted Said Haidar, founder and chief investment officer, at NY hedge fund Haidar Capital Management.

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