Turkey hikes tariffs on imports of several United States products

Turkey Lira crisis Anti-USA protest against sanctions

Turkey Lira crisis Anti-USA protests against sanctions have broken out in Turkey

US pastor Andrew Craig Brunson, escorted by Turkish plainclothes police officers, arrives at his house on July 25, 2018, in Izmir.

The two North Atlantic Treaty Organisation allies have exchanged tit-for-tat sanctions over the pastor's house arrest.

These increases affect a list of more than 20 goods, which Ankara first targeted earlier this summer in retaliation for the Trump administration's broad tariffs on imported steel and aluminum.

Although Qatar has now pledged $15 billion it has not actually paid anything, and it may not be enough to solve Turkey's economic problems.

Turkey has also gained substantial support from nations around the world as the country's economy continues to suffer amid the ongoing dispute.

The minister ruled out any move to limit money flows - which is a possibility that worries investors - or any assistance from the International Monetary Fund, NTV said.

The lira - which had lost just under a quarter of its value in trade on Friday and Monday - however continued to claw back some ground on financial markets, rallying over five percent against the dollar. Efforts to rally support and bolster domestic markets included a call Thursday between Turkish Finance Minister Berat Albayrak and global investors.

"We don't like those who don't like us", said Rifat Tepe, an electronic goods seller in Istanbul who said he will heed a call by President Recep Tayyip Erdogan to stop selling American electronic products.

US Vice President Mike Pence also renewed his threats to Turkey on Wednesday, warning that he and Trump would "stand firm" until Brunson is released.

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.

Turkey slapped another round of steep tariffs on US goods as the two countries escalate their trade battle and push the relationship to a breaking point.

Turkey's President Erdogan and his French counterpart Emmanuel Macron agreed on a meeting between the two countries' finance ministers "as soon as possible."

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

Vice President Fuat Oktay tweeted that the new tariffs were retaliation for "the deliberate attack of the USA administration on our economy", CNN said. Turkey had previously said it would boycott U.S. electronic products.

Turkey is now grappling with a currency crisis and heightened tensions with the United States, its North Atlantic Treaty Organisation ally.

"They are squeezing lira liquidity out of the system now and pushing interest rates higher", said Cristian Maggio, head of emerging markets strategy at TD Securities.

"The statements that came particularly from German Chancellor Angela Merkel and other German and European Union officials boost the confidence in Turkey ties with Germany and the European Union", it added.

Albayrak said that support offered to Turkey proved promising for positive relations with the EU.

"We will turn this crisis into an opportunity", said Erdogan's spokesman Ibrahim Kalin after a cabinet meeting chaired by the president, saying measures taken so far had helped bring about a "rapid improvement process" over the last two days.

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