Turkey hits back at USA with tariff hikes on key products

Erdogan supporters in Turkey

On Aug. 14, he said Turkey would boycott us electronic products.

The tensions and the tariff hike by the United States have caused the Turkish lira to bleed value, fanning fears the country is on the verge of an economic crisis that could spillover into Europe.

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.

"We got somebody out for him", Trump said.

The move sent the Turkish lira to a record low against the dollar and spurred declines in other emerging market currencies.

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

President Erdogan's spokesman Ibrahim Kalin praised Qatari-Turkish relations on Twitter.

The announcement came after Qatar's emir Sheikh Tamim bin Hamad Al-Thani held lunchtime talks with Turkish President Recep Tayyip Erdogan. It, however, recovered a bit a day after Turkish President Recep Tayyip Erdogan announced the sharp spike in tariffs on U.S. goods.

In a conference call with some 6,000 foreign investors on Thursday, Berat Albayrak said Turkey will navigate this period of U.S. sanctions with the help of other parties such as Russia, China and Germany.

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Turkish Finance Minister Berat Albayrak hosted a conference call with global investors on Thursday in a bid to reassure them that policymakers are able to tackle a dip in the Turkish lira.

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Washington is demanding the pastor be released but Turkish officials say the case is a matter for the courts.

Turkish authorities have called on their citizens to sell their foreign currency in order to bolster the lira.

"Trade wars help no one, but Turkey will do what is necessary to protect our industries and economy from assault", Pekcan said.

In his televised speech yesterday, Erdogan vowed that Turkey will "boycott United States electronic goods".

Turkey has proven a key ally for Qatar over the past year, helping the tiny Gulf nation ride out a more than 14-month blockade by its powerful neighbors, including Saudi Arabia, with which it shares its only land border.

"The US is our major trade partner but it's not the only one", Pekcan, the trade minister, was quoted as saying by the official Anadolu news agency.

Relations between the two countries had deteriorated as Erdogan consolidated power after the failed coup, prompting disputes that led Germany to withdraw troops from Turkey and a long-running diplomatic standoff over a jailed German journalist.

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