Trade Dispute Between US and Turkey Escalates

Turkish Treasury and Finance Minister Berat Albayrak

Sanders said the Trump administration "would consider" lifting sanctions imposed on Turkey's Justice and Interior ministers for their roles in the detention of the pastor once he is released. In a sign the conflict is far from over, White House spokeswoman Sarah Sanders said USA tariffs announced last week will stay in place regardless of whether an American pastor detained in Turkey is freed.

She wouldn't be drawn on whether the Trump administration would respond. Trump doubled tariffs on imports of Turkish steel and aluminum last week, contributing to a precipitous fall in the lira TRYTOM=D3 .

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

The officials provided the information only on condition of anonymity, in line with rules. They did not provide further information on the nature of the investments.

Ankara stood by Doha after Saudi Arabia and other Arab states severed diplomatic, trade and travel ties with Qatar a year ago, accusing it of financing terrorism, a charge Doha denies. But, he said, a 20 percent or 30 percent increase would force him to take bourbon off the menu.

Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency. Now, one pound is worth 7.7 Lira.

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.

Turkey announced its own tariffs against the U.S Wednesday.

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 declined to accept aid from the International Monetary Fund on Thursday, but Finance Minister Beret Albayrak said Ankara would cut spending and tighten financial markets to slow down its overheating economy. It follows a string of urgent steps Erdogan has taken to protect its economy from an escalating feud with USA counterpart Donald Trump over an American pastor held in Turkey.

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.

The decision to release Taner Kilic on Wednesday came a day after a Turkish court similarly freed two Greek soldiers from their jail in northwest Turkey, raising hopes for improved ties between Turkey and European Union countries.

NASA just launched a historic mission to touch the sun
He proposed the existence of solar wind, a steady, supersonic stream of particles blasting off the sun, 60 years ago. A highly advanced heat shield just 4.5 inches (11.43 centimeters) thick was devised to keep the probe from melting.

Now, it is Turkey under pressure.

The pastor is being charged with espionage as well as helping the outlawed Kurdistan Workers' Party (PKK) and being linked to those involved in the failed coup attempt of 2016 in Turkey.

Almost 10 million people use US' iPhones in Turkey, press reports said, adding that the amount paid for the products hit $7 billion in 10 years.

Last week, Washington doubled steel and aluminum tariffs on Turkey over its continued detention of the USA pastor Andrew Brunson.

State-run Anadolu Agency quoted Trade Minister Ruhsar Pekcan as saying: "We have responded to the sanctions with $533 million dollars of extra tax". He said "So anything other than weapons purchases. would not hurt the United States". "We have other partners and alternative markets".

A senior official says a series of measures aimed at shoring up the Turkish currency are taking effect and that he expects the improvements to continue.

Turkish President Tayyip Erdogan announced yesterday that the country would boycott all electronics from the U.S. amid tension and rising conflict between the two countries and its leaders. And Erdogan help a phone call with German Chancellor Angela Merkel and planned to speak this week also with France's Emmanuel Macron.

"They don't hesitate to use the economy as a weapon", the president noted, suggesting that Turkey may soon boycott American electronics, including the iPhone.

The escalating dispute between the two countries has exacerbated Turkey's economic crisis, pushing the lira to record lows. A Turkish court transferred Brunson to house arrest in late July. The United States slapped financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey over his continued detention.

Earlier in the day, the currency had shrugged off USA comments ruling out the removal of steel tariffs on Turkey even if it frees an American pastor who lies at the centre of the complex feud between Washington and Ankara.

Brunson, 50, is being tried on espionage and terror-related charges, which he and the USA government vehemently deny. In return, President Recep Tayyip Erdogan signed a decree to raise tariffs on American imports including cars, alcohol and tobacco.

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