Turkey releases Greek soldiers as it slaps 140% tariff on American alcohol

16 August, 2018, 00:51 | Author: Elaine Woods
  • LEADING ARTICLEAugust 13 2018 5:00pm The Times Tantrum in Turkey Erdogan should end his spat with the West if he wants to avert a deeper crisis

In another episode of diplomatic activity, Erdoğan also met the Emir of Qatar, Sheikh Tamim bin Hamad al-Thani, who was on a "working visit" to meet the Turkish president.

Ken Odeluga, market analyst at City Index, a spread betting firm, blamed worries over the Turkish crisis for the stock market falls.

Doha has $20 billion worth of investments in Turkey, official figures showed last month, and Ankara is now one of the top exporters to the emirate.

The country's currency, the lira, has fallen sharply against the USA dollar in recent weeks but rebounded after the aid announcement.

A state of frustration is now permeating Turkish society due to the "silence of Qatar" regarding the crisis that hit Turkey's economy as a result of USA sanctions against Ankara, Turkish daily newspaper Takvim reported.

It touched a record low of 7.24 to the dollar early on Monday, rattling global stock markets and threatening the stability of Turkey's financial sector.

"The import duties were increased on some products, under the principle of reciprocity, in response to the United States administration's deliberate attacks on our economy", Oktay wrote on Twitter. The move comes amid increasing tariffs and sanctions by the United States against Turkey.

The lira was trading at 6.3 to the dollar, a gain in value on the day of 0.8%.

A banking watchdog's step to limit foreign exchange swap transactions also helped the currency.

Announcing the boycott, Erdogan said: "They do not hesitate to use the economy as a weapon against us, as they [also] tried with diplomacy, the military, or efforts to sow social and political instability".

An Apple store is pictured in Istanbul, Turkey August 15, 2018.

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"It would be unrealistic to believe that Turkey would fully integrate its security with the East", Temur said.

Treasury and Finance Minister Berat Albayrak, son-in-law of Erdogan, will speak with about 1,000 foreign investors on Thursday via a teleconference, the private NTV broadcaster said.

The Turkish government said tariffs on American cars will be doubled to 120 per cent while those on alcoholic drinks will be hiked by the same rate to 140 per cent.

The appreciation of the lira also comes just hours after the Turkish government hit numerous American goods being imported to the country with punitive tariffs.

Turkey took the action in response to what it called the Trump's administration's attack on its economy.

According to International Monetary Fund statistics, the US was the fourth largest source of imports to Turkey in 2017 with $12 billion of imports.

"The U.S. administration must respect the judiciary process in Turkey, they need to stop trying to influence Turkish judiciary by making statements and putting pressure", stated Kalin.

The dispute is one of several between the North Atlantic Treaty Organisation allies, including diverging interests in Syria and USA objections to Ankara's ambition to buy Russian defence systems, that have contributed to instability in Turkish financial markets.

Sanders said Brunson's release would not lead to an easing in the tariffs, but that it could lead to an easing in sanctions.

WASHINGTON - The White House warned on Wednesday that Turkey is increasingly trending away from United States interests, furious over the continued detention and trial of an American pastor in Ankara. An upper court had yet to rule on the appeal, his lawyer told Reuters.

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