Turkey hits back at United States with tariff hikes on key products

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The tariffs on cosmetic products were increased by 60 percent.

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

The US doubled tariffs last week over Turkey's refusal to extradite a US pastor who is imprisoned there. He added that USA electronics would have sanctions placed on them.

The US Treasury Department on August 1 announced sanctions on Turkish Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul.

"If [the US] has the iPhone, there's Samsung on the other side", Mr Erdogan said, referring to Apple and its South Korean competitor. We have Venus in our own country, Vestel.

Following Trump's announcement, Turkey's Foreign Ministry said Turkey would retaliate against the raising of steel and aluminum tariffs by the US administration.

Turkey's steel exports were valued at $11.5 billion past year, accounting for 7.3 percent of its total exports worth $157 billion, according to the Turkish Steel Exporters Association.

Investors are anxious not only about Turkey's souring relations with the U.S., a longtime North Atlantic Treaty Organisation ally, but also Turkish President Recep Tayyip Erdogan's economic policies and the country's high debt accumulated in foreign currencies.

United States should respect Turkish judicial process.

He clarified that there were no talks now planned between President Erdogan and President Donald Trump.He told the news conference that Turkey will take a positive stance towards trading in national currencies to escape from USA dollar pressure.

Turkey has also been publicly critical of criminal prosecutions in the USA involving state-run Halkbank official Mehmet Hakan Atilla, as well as Reza Zarrab, a Turkish-Iranian gold trader. Kalın also stressed that the efforts and collaborative negotiations to preserve a liberal economic system will continue uninterruptedly.

Turkish currency tumbled low over deteriorating relations with the United States as President Donald Trump unexpectedly doubled metal tariffs against the Muslim state on Friday.

The Turkish central bank has pledged to take "all necessary measures" to stabilize the country's economy to make sure the banks have all the money they need.

Erdogan admitted the Turkish economy had problems - including a widening current account deficit and inflation of nearly 16 percent but added: "Thanks to God, our economy is functioning like clockwork".

Ankara has repeatedly said the case is up to the courts and a Turkish judge moved Brunson from jail to house arrest in July. While Turkey's central bank has raised lending rates by 500 basis points this year to 17.75 per cent, it hasn't acted since the latest turmoil began with US sanctions on the interior and justice ministers on August 1.

He said the court had up to seven days to decide.

Brunson, who has lived in Turkey for 20 years and has been detained since October 2016, is accused of helping Gulen's network and the proscribed Kurdistan Workers Party (PKK).

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