Turkey doubles tariffs on some USA imports over economy 'attacks'

Damage to Euro from Lira Crisis has its Limits: CBA

Damage to Euro from Lira Crisis has its Limits: CBA

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.

Presidential spokesman Ibrahim Kalin also told reporters Thursday that their like-minded position could present an "opportunity" for Turkey and European countries to further improve relations.

Some analysts said that US tax cuts passed previous year by Congress which are boosting corporate earnings and economic growth have reinforced the reasons for raising interest rates.

In a conference call with thousands of investors and economists, Albayrak - who is President Tayyip Erdogan's son-in-law - said Turkey fully understood and recognized all its domestic challenges but was dealing with what he described as a market anomaly.

Turkey has taken advantage of the United States for many years.

The White House said Wednesday that the United States "won't forget" how Turkey treated Andrew Brunson, the detained American pastor, after a court rejected his appeal for release.

They shared a list of 30 Turkish brands, including Turkish Airlines, urging people to support them as much as they can.

The U.S. dollar weakened against a basket of other major currencies as news that a Chinese delegation will travel to the United States for trade talks prompted investors to buy back into currencies hit hard in a selloff in recent days.The currency, which lagged many other "G10" currencies on Wednesday, traded in a range of C$1.3114 to C$1.3164.

Brunson is at the center of a diplomatic spat between North Atlantic Treaty Organisation allies Turkey and the United States, which has helped trigger a Turkish currency crisis.

An evangelical from North Carolina, he has been held in Turkey for almost two years over alleged links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup in 2016.

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The US has already increased its sanctions against Turkey.

The Turkish lira has strengthened more than 3% today, ahead of a presentation by Finance Minister Berat Albayrak to investors, shrugging off United States comments ruling out the removal of steel tariffs on Turkey even if it frees a United States pastor.

The tariffs come a day after President Recep Tayyip Erdogan said Turkey would boycott U.S. electronic goods, singling out iPhones.

However, analysts are calling for a sharp hike in interest rates - which Erdogan adamantly opposes because it will put a brake on economic growth.

A top Turkish official says Turkey, France and Germany "are on the same page" concerning their opposition to US sanctions and tariffs restricting trade.

The U.S. wants American evangelical pastor Andrew Brunson freed and cleared of terrorism-related charges he has faced since 2016, when Turkish authorities arrested him for allegedly aiding a failed coup attempt earlier that year.

Turkish officials say Brunson's case is a matter for the courts.

Mr Erdogan held a similar conversation with Germany's Angela Merkel on Wednesday.

Back then the Turkish ambassador to Qatar noted: "Sheikh Tamim bin Hamad al-Thani was the first leader to call President Erdogan and express support to our government and Turkish people".

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