Turkey doubles tariffs on more U.S. imports as diplomatic row escalates

Turkey doubles tariffs on more U.S. imports as diplomatic row escalates

"We will boycott USA electronic products", Erdogan said.

The tit-for-tat measures are part of a broader dispute between the two countries over the fate of an American citizen, Andrew Brunson, who is being prosecuted by Turkish authorities on terrorism-related charges.

USA sanctions against two Turkish ministers have sent the lira spiralling against the dollar, threatening a debt payment crisis for Turkish banks which have taken out billions in foreign currency loans.

'If (the United States) have the iPhone, there's Samsung on the other side, ' he said, referring to USA giant Apple's iconic phone and the top South Korean brand.

The past month has seen not only the sanctions that have sunk the Turkish lira, but the imposition of new sanctions against Iran, following the unilateral US abrogation of the 2015 Iranian nuclear deal with the P5+1-the US, UK, France, China, Russia and Germany-that have led to severe strains on the Iranian economy.

Turkey has increased trade tariffs on United States imports including tobacco, vehicles and beauty products in a row over an imprisoned preacher that has poisoned relations between the North Atlantic Treaty Organisation allies.

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The Turkish president has repeatedly been photographed while using Apple products such as iPhones and iPads. Brunson was arrested in 2016 on charges of participating in a failed military coup against Erdogan's government.

Brunson, who has been living in Turkey for more than two decades, was accused of helping supporters of the US -based Fethullah Gülen who Turkish authorities say masterminded the 2016 coup attempt in which 250 people were killed.

Turkish Airlines also announced on Twitter that it would join a campaign circulating on social media with a hashtag #ABDyeReklamVerme [don't give ads to America].

"We will stand against the dollar, currency rates, inflation, interest rates". The Erdogan government's foreign policy has cut across United States geostrategic aims in the Middle East and more broadly in Eurasia. "What do you want to achieve", he added, referring to the US.

The day after the summit, Israel let the Turkish woman walk free, but Turkey merely moved Brunson from jail to house arrest, where he remains today.

How much has Turkey's currency dropped?

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The rebound in the Turkish currency to stronger than 6.0 against the dollar was driven by a banking watchdog's step to limit swap transactions and by hopes of improved relations with the European Union.

Turkey's ambassador to Washington Serdar Kilic on Monday held talks with US National Security Advisor John Bolton in a meeting that Cavusoglu said was arranged by the White House.

Erdogan warned that the U.S.is putting decades-old alliances at risk and pushing Turkey to seek allies elsewhere.

The state-run Anadolu Agency said the finance chief would address hundreds of foreign investors on Thursday in a teleconference.

None of this looks remotely sufficient to deal with the scale of the crisis, particularly given the paucity of Turkey's foreign currency and gold reserves - which are often used by central banks to fight off currency speculators.

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