Erdogan, Macron vow to boost economic ties - Turkish presidential source

White House Says Turkey’s Tariffs on U.S. Goods Are ‘Wrong Direction’

Turkey will emerge stronger from lira crisis, finance minister tells investors

Turkey's President Recep Tayyip Erdogan has said his country will boycott USA electronic products, after Washington imposed punitive sanctions on Ankara.

White House spokesperson Sarah Sanders (Rear) attends a press briefing at the White House in Washington D.C., the United States, on Aug 15, 2018.

The feud escalated into an economic battle with global consequences this week as the Turkish currency, the lira, plummeted in value over fears of the country's economic stability stemming from the harsh USA sanctions.

'The import duties were increased on some products, under the principle of reciprocity, in response to the US administration's deliberate attacks on our economy, ' Vice President Fuat Oktay wrote on Twitter.

The decision to impose new tariffs came a day after Erdogan said Turkey would boycott United States electronic goods, including iPhones.

The chief executive of Turkey's Akbank said the banking sector remained strong and the measures taken to support the market had started to have an impact, adding there was no withdrawal of deposits.

Erdoğan's claim that the United States is using "the economy as a weapon" is a response to sanctions imposed on high-ranking Turkish justice officials this month in response to the continued detention of Pastor Brunson.

Erdogan said his government would offer further incentives to companies planning to invest in Turkey and said firms should not be put off by economic uncertainty.

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

Turkey has agreed to buy S-400 surface-to-air missiles from Russian Federation, an unprecedented move by a North Atlantic Treaty Organisation member, which has raised objections from members of both parties of the U.S. Congress and the Trump administration.

Image Zoom
Image Zoom

"So anything other than weapons purchases. would not hurt the United States".

U.S. national security adviser John Bolton on Monday met Turkey's ambassador to the United States to discuss Brunson's detention.

Underscoring the ties between the countries, Sheikh Tamim was the first foreign leader to phone President Erdogan during the failed coup in Turkey in 2016.

Turkish media reports say Treasury and Finance Minister Berat Albayrak has told global investors that Turkey would come out of the current "currency fluctuation" stronger than before.

Brunson's lawyer, İsmail Cem Halavurt, filed the demand on August 14 around a week after his previous appeal was rejected by the Turkish court in the western province of İzmir.

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.

The 50-year-old pastor is now being tried on espionage and terror-related charges.

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.

WASHINGTON (Reuters) - The United States is warning more economic pressures may be in store for Turkey if it refuses to release a jailed American pastor, a White House official said on Tuesday, in a dispute that has further strained relations between the North Atlantic Treaty Organisation allies.

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