Turkey increases tariffs on some United States imports, escalating feud

Qatar has close ties with Turkey whose President Recep Tayyip Erdogan is seen here being welcomed by Qatari Emir Sheikh Tamim bin Hamad Al Thani in Doha

Qatar has close ties with Turkey whose President Recep Tayyip Erdogan is seen here being welcomed by Qatari Emir Sheikh Tamim bin Hamad Al Thani in Doha

During the meeting, Erdogan and Al Thani also expressed their determination to develop ties between their countries "in all areas", according to the officials.

Ankara stood by Doha after Saudi Arabia and other Arab states severed diplomatic, trade and travel ties with Qatar previous year, accusing it of financing terrorism, a charge Doha denies. The lira fell against the dollar after Mnuchin's announcement, a day after the Turkish currency had begun to return from record lows. Then last week, Trump increased them to 50 percent on Turkish steel and 20 percent on Turkish aluminum.

If customers can show a slip proving they exchanged $100 dollars into Turkish lira, Adnan Celiker, an Istanbul restaurateur, will hand over his fish sandwiches, or "balik ekmek", for nothing. Now, one pound is worth 7.7 Lira.

Some feel Erdogan's signal in his article titled "How Turkey Sees the Crisis with the U.S." that Ankara is not without options aims more to please the public.

President Donald Trump and Turkey President Recep Tayyip Erdogan at last month's North Atlantic Treaty Organisation conference in Brussels.

Finance Minister Berat Albayrak assured global investors on Thursday that Turkey would emerge stronger from its currency crisis, insisting that the country's banks were healthy and strong.

Turkey's sliding into a deep economic crisis as its currency plunges in value. It follows a string of urgent steps Erdogan has taken to protect its economy from an escalating feud with US counterpart Donald Trump over an American pastor held in Turkey.

Albayrak addressed thousands of investors in a teleconference on Thursday to update about the state of the economy.

"Turkey has alternatives", he said.

There was also optimism about better relations with the European Union after a Turkish court released two Greek soldiers pending trial.

Erdogan has refused to release Brunson, who is accused of aiding a failed coup, and has called for the U.S.to extradite Fethullah Gulen, an Islamic cleric that Erdogan has blamed for leading the revolt. "In our own country we have Vestel", said Erdogan. "It has taken us more than a year of campaigning and struggle to get here".

Albayrak also said that Turkey will provide support to the banking sector, which was capable of managing current volatility and that there has not been major deposit flow from banks lately.

President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Turkey, which says it will not bow to threats, to raise tariffs on us cars, alcohol and tobacco by the same amount on Wednesday.

The United States sanctioned Justice Minister Abdulhamit Gul and Interior Minister Suleyman Soylu, blaming both for being involved Brunson's arrest and detention.

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She said: "the United States is an important trading partner, but it is not our only partner".

The big fear, though, is that the distress could spill over into other emerging markets and cause a cascading wave of losses as investors pull out of other countries that borrow heavily in dollars and are dependent on foreign investors.

That hasn't prevented Turkish officials from continuing to press their perceived leverage in Brunson.

A senior official says a series of measures aimed at shoring up the Turkish currency are taking effect and that he expects the improvements to continue.

President Erdogan has accused the U.S. of trying to "bring Turkey to its knees through threats over a pastor". And Erdogan help a phone call with German Chancellor Angela Merkel and planned to speak this week also with France's Emmanuel Macron.

Turkey announced earlier to slap tariffs on American goods.

The dispute with the United States, focused on a tit-for-tat tariff row and Turkey's detention of Brunson, helped turn the currency's steady decline into meltdown. A lower court rejected the appeal on Wednesday, but Brunson's lawyer suggested to CBS News that he still had hope the higher court would reverse that decision.

Hurriyet newspaper said the court in Izmir rejected the appeal, but that a higher court would review the appeal.

Turkish Foreign Minister Mevlut Cavusoglu struck a somewhat conciliatory note, saying Turkey was ready to discuss its issues with the United States as long as there are no threats.

Turkey retaliated on Wednesday with tariffs on certain United States goods.

Brunson faces up to 35 years in prison if found guilty.

USA pastor Andrew Brunson reacts as he arrives at his home after being released from the prison in Izmir, Turkey July 25, 2018.

The Turkish newspaper Hurriyet reported on Wednesday that the Turkish government published a decree that morning imposing tariffs on American "rice, tobacco products, vehicles, alcohol, coal, and cosmetics".

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