Turkish finance chief tries to reassure investors on crisis

Turkey Central Bank to provide all liquidity banks need

Turkey Central Bank to provide all liquidity banks need

Qatar poured funds into the country the same day Turkey doubled tariffs on some USA imports, such as cars, alcohol and tobacco, one day after President Recep Tayyip Erdogan called for a boycott of iPhones.

The U.S. media said the decision was related to the current state of Turkish-American relations and the Brunson case.

Turkey on Wednesday said it was hiking tariffs on imports of several key United States products in retaliation for American sanctions against Ankara, as a bitter dispute between the two allies that sent the Turkish lira into freefall showed no sign of ending.

Turkish President Recep Tayyip Erdogan has accused the United States of stabbing Turkey in the back and on Tuesday called for a boycott of USA electronics products.

Turkey's President Erdogan is calling on his people to boycott other U.S. products as Turkey plunges into a financial crisis and drifts farther away from North Atlantic Treaty Organisation allies and closer to Russian Federation.

Erdogan has said Turkey is the target of an economic war, and has made repeated calls for Turks to sell their dollars and euros to shore up the currency. Turkey will continue talks with the United States if it shows a constructive stance to resolve the diplomatic row, Ibrahim Kalin said, adding that no discussions were planned.

Turkey's influential business groups have called on the government to implement tighter monetary policy to help overcome the country's currency crisis.

Last Friday, President Donald Trump doubled tariffs on aluminum and steel imports from Turkey.

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But Trump backed away from the agreement and the two nations have been locked in a tit-for-tat trade war ever since. The Trump administration started to impose last July 6 tariffs on $34 billion in Chinese imports.

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In response, Erdogan has called for a boycott of U.S. electrical goods while Ankara has sharply hiked tariffs on some USA goods. Nevertheless, Erdogan won a reprieve on Wednesday after Qatar's emir promised to invest $15 billion in the country.

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The Turkish lira plummeted to a record low on Monday, losing almost 40 percent of its value since the start of 2018.

Since January, the Turkish lira has lost more than 34 per cent of its value against the dollar, pushing up the price of everyday items.

He said: "If they have the iPhone, there is Samsung elsewhere".

Pence tweeted that "Turkey would do well not to test" Trump's resolve "to see Americans who are wrongfully imprisoned in foreign lands returned home to the United States".

Turkey has meanwhile resisted pressure to release Brunson - who has been held for two years and is now under house arrest - with officials warning it could face further sanctions.

In response, Bank Indonesia Deputy Governor Dody Budi Waluyo announcedthat the central bank was preparing intervention measures to stabilize the rupiah.

Press secretary Sarah Huckabee Sanders also criticized Turkey's move to impose tariffs on some US goods as "regrettable and a step in the wrong direction".

The Turkish currency began to recover after authorities this week took steps to help bank liquidity.

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