Turkey raises tariffs on some U.S. goods amid escalating feud

President Erdogan yesterday blamed “economic terrorists” for the nation’s woes

Turkey and Qatar have traditionally maintained good ties. It recovered a bit, by 4 per cent to around 6.12 lira per dollar Wednesday, after the government took steps to shore up the currency by reducing the daily limit in bank foreign currency swap transactions.

Turkey and Russian Federation will take steps to "enhance strategic partnership" between the two countries, Lavrov said on Tuesday at a joint press conference with his Turkish counterpart Mevlut Cavusoglu.

The tensions and the tariff hike by the United States have caused the Turkish lira to bleed value, fanning fears the country is on the verge of an economic crisis that could spillover into Europe.

Investors seemed to focus on this and underlying economic problems over the exchange of tariffs with the USA, which analysts said was unlikely to cause serious pain. Bolton warned him that the United States would not give any ground, a senior US official said. Worldwide investors have been put off by the country's high levels of foreign debt and Erdogan's refusal to allow the central bank to raise interest rates to support the currency, as experts say it should. Ankara was also ready for such a move in trade with the European Union, he added.

Ankara acted amid increased tension between the two North Atlantic Treaty Organisation allies over Turkey's detention of a pastor and other diplomatic issues, which have helped to send the lira tumbling to record lows against the dollar.

Player Ratings: Liverpool vs West Ham - August 12th 2018
Liverpool have not conceded a goal in their last six home games in the league - since West Ham scored against them in February. Jurgen Klopp was pleased with Liverpool's convincing start to the season, but warned there will be much tougher tests ahead.

US President Donald Trump authorized increased tariffs against Turkey on Friday in response to Turkey's unwillingness to release an American evangelical pastor, Andrew Brunson. According to him, Turkey would exercise its rights if the USA does not deliver F-35 jets to Ankara. Kalin also said that Turkey will take a positive stance towards trading in national currencies to escape from U.S. dollar pressure.

The United States is also considering a fine against Turkey's state-owned Halkbank for allegedly helping Iran evade US sanctions. The summit focusing on Syria and the wider region will be held in Istanbul on September 7.

Turkey has come to the point of seeking new allies, according to Burhanettin Duran, coordinator of Foundation for Political, Economic and Social Research (SETA).

China isn't the only country the USA has a rocky relationship with - Turkey is causing a few headaches for U.S. leaders as well. "The U.S.is having the same attitude towards not only to Turkey but also to China, Russia, Iran and Venezuela", he said, noting that this perspective introduces a new world order. Overall, the duties will amount to $533 million, a relatively small sum meant as retaliation for U.S. President Donald Trump's recent decision to double tariffs on Turkish steel and aluminum. After that unfortunate event, both countries proceeded to impose hefty sanctions and tariffs on one another.

Related news:

Hot News

isis-killer-beheading-video-story-top White House faces criticism over incorrect African American employment numbers
Aug 16, 2018 - 02:03
On Tuesday, White House Press Secretary Sarah Huckabee Sanders did something she's done plenty of times before. Beyond her word that the tape exists - and comedian Tom Arnold's claim that he's heard it - there is no proof.

isis-killer-beheading-video-story-top Elon Musk accused in lawsuit of fraud over going-private proposal
Aug 15, 2018 - 03:51
On Tuesday he tweeted that he had secured funding to buy all Tesla shares and take the company private . Shorting a stock can temporarily lower its price, making short investors a frequent target of CEO wrath.

isis-killer-beheading-video-story-top The Rush: Tiger Woods gives us chills and thrills at PGA Championship
Aug 15, 2018 - 03:07
It came as he finished his final round and walked off the green to a bridge that took the players to the clubhouse. Four victories secured his European Tour card and a win in Turkey in 2014 propelled him back onto the U.S.

isis-killer-beheading-video-story-top Convention on legal status of Caspian Sea signed in Aktau
Aug 15, 2018 - 01:31
It remained unclear whether the convention adopted on Sunday would definitely clear a way for the pipeline. At stake are the Caspian's vast oil and gas reserves.

isis-killer-beheading-video-story-top Firefighter killed battling largest blaze in California history
Aug 15, 2018 - 01:11
CalFire Mendocino issued a tweet Monday at around 7:30 p.m. and said more information will be released as it becomes available. The fire, which is roughly the size of Charlotte, North Carolina, was 59% contained as of Sunday morning.

isis-killer-beheading-video-story-top Rodgers has no excuses for loss as Boyata issue grows Soccer
Aug 14, 2018 - 02:28
The Scottish champions would be back in the market for a centre-back if the move goes through, having lost a key player. He said: "Offers of £7million and £8million - but apparently Celtic is financially strong enough not to go into that".

isis-killer-beheading-video-story-top Omarosa releases taped conversation with President Trump
Aug 14, 2018 - 02:10
And if I didn't have these recordings, no one in America would believe me. "I was complicit - and for that I regret". But Newman pushed back against her critics by arguing that she can substantiate her claims in the book. "Damn it.

isis-killer-beheading-video-story-top Why NASA’s Parker Solar Probe headed for the Sun won’t melt
Aug 14, 2018 - 01:07
It is the first space craft to be named after a living person - astrophysicist Eugene Parker , 91, who first described solar wind in 1958.

isis-killer-beheading-video-story-top Romanians return to streets to protest corruption
Aug 14, 2018 - 01:05
Anti-government protesters rally at Victoriei Square in front of government headquarters in Bucharest , Romania, on Sunday. Romania is one of the most corrupt countries in the European Union, according to Transparency International .

isis-killer-beheading-video-story-top Fmr, Current WH Officials: Manigault's Claims In New Book Are 'Completely False'
Aug 14, 2018 - 00:57
Then moments later he apologized for attacking her, but said he had to because the "Fake Media" would not cover her fairly . But Newman pushed back against her critics by arguing that she can substantiate her claims in the book.

isis-killer-beheading-video-story-top Arsenal 0-2 Manchester City | Tactical Snippets
Aug 13, 2018 - 03:44
It's unclear if the Welshman will return in time to start on Sunday afternoon but it will be fascinating to see Emery's midfield . To continue working I want one thing because it's very important for the players to take confidence in our work, in ourselves.

isis-killer-beheading-video-story-top Wrong of United States to threaten Turkey, says Erdogan
Aug 13, 2018 - 03:05
But since adopting increased powers, Mr Erdogan appears to have greater control over the bank as well. The price of the lira dropped significantly immediately after he spoke.

isis-killer-beheading-video-story-top Tech stocks take Nasdaq closer to record
Aug 13, 2018 - 02:25
Shares of Apple (AAPL.O) rose 0.8 percent , while those of Amazon (AMZN.O) were up 0.6 percent and Microsoft (MSFT.O) 0.4 percent. The report comes as the latest reading of the consumer price index - a key metric for inflation - is set for release on Friday.

isis-killer-beheading-video-story-top Surge in part-time work offsets full-time losses, helps drops unemployment rate
Aug 13, 2018 - 02:24
Average hourly wages in July, a figure watched closely by the central bank, rose by 3.0 percent from a year earlier. But, it could be an indicator of whether the Bank of Canada will increase interest rates next month.

isis-killer-beheading-video-story-top Juventus' Cristiano Ronaldo scores goal vs. U20s in first appearance
Aug 13, 2018 - 02:21
Ronaldo , who joined the Serie A champions last month in a deal worth a £100million, made the flawless start to life in Turin. Dybala then struck after Ronaldo's shot was blocked as Juve's first team filled their boots.