Publicado: Jue, Agosto 16, 2018
Financiera | Por Marilu Caballero

Turkey Counterpunches By Raising Tariffs On U.S. Goods

Turkey Counterpunches By Raising Tariffs On U.S. Goods

In response to Trump's tariffs, Turkish officials said they will impose a 50 percent tax on US rice, 140 percent on spirits, 60 percent on tobacco and 120 percent on cars while increasing duties on a variety of other goods.

U.S. President Donald Trump last week ramped up his attack on Turkey by doubling tariffs on Turkish aluminum and steel imports.

Lavrov held talks in Ankara with Turkish Foreign Minister Mevlut Cavusoglu days after the Turkish lira TRY= plummeted to an all-time low versus the USA dollar, while the Russian rouble RUB= lost almost 10 percent in just several days of August.

Following the announcement, the lira firmed briefly to 5.8699 from 6.04 to the USA dollar, but later eased back to 6.0200 at 1538 GMT.

Erdogan has said that Turkey is the target of an economic war and has made repeated calls for Turks to sell their dollars and euros to shore up the currency.

Turkey has accused the USA of waging an "economic war" as part of a plot to harm the country.

President Donald Trump had previously announced that the United States was doubling steel and aluminium tariffs on Turkey, as the two North Atlantic Treaty Organisation allies row over the detention by Turkish authorities of American pastor Andrew Brunson.

Turkish President Recep Tayyip Erdogan speaks during a news conference Tuesday at the presidential palace in Ankara.

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"Qatar has pledged $15 billion of direct investments in Turkey", presidential spokesman Ibrahim Kalin wrote on Twitter.

But on Wednesday the lira was trading at 6.0 to the dollar, a gain in value on the day of 5.2 percent.

The Turkish lira has dropped to record lows in recent weeks, having fallen some 42 percent so far this year. He doubled down over the weekend, saying there was a "currency plot" against Turkey and arguing that the fall in the lira was not connected to economic fundamentals.

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

Investors seemed to focus on this and underlying economic problems over the exchange of tariffs with the USA, which analysts said was unlikely to cause serious pain. Brunson denies the charges, noting that his Christian faith makes him incompatible with both groups.

It usually takes a court between 3 to 7 days to process an appeal but a ruling could come sooner in this case, Brunson's lawyer Ismail Cem Halavurt told Reuters. "We've already seen settlements in national currencies between Russian Federation and the BRICS", he said, referring to the bloc that also includes Brazil, India, China and South Africa.

A court meanwhile rejected an appeal for the release of American pastor Andrew Brunson - whose detention for nearly two years sparked the crisis - leaving no immediate solution to the Turkey-US row in sight.

Brunson works as a pastor at the small Izmir Resurrection Church and leads a congregation of around two dozen.

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