White House denounces Turkey tariffs on U.S. products

Roman Schwartz
August 17, 2018

At a cabinet meeting, US Treasury Secretary Steven Mnuchin assured President Donald Trump that sanctions were ready to be put in place if an American pastor, being held in Turkey on terror-related charges, was not freed.

The lira had nosedived in recent weeks, hitting a record low of 7.24 earlier this week, amid a diplomatic and trade dispute with the United States that has exacerbated investor concerns over Turkey's economy.

The lira lost almost 40 percent against the dollar this year and suffered a staggering collapse on the heels of Trump's announcement of increased tariffs on metals.

The chief executive of Turkey's Akbank said the banking sector remained strong and the measures taken to support the market had started to have an impact, adding there was no withdrawal of deposits.

Albayrak said there would be no concessions on fiscal discipline and said, "We are targeting lowering inflation into the single digits as soon as possible".

"Escalating the use of Section 232 tariffs on imports from Turkey poses serious risks for the United States", Brilliant said.

"I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!"

The New Motorola P30 Is A Mix Between iPhone X & Huawei P20
Motorola has officially launched their latest flagship P30 in China with a design that makes it look like a clone of iPhone X . Display: The Motorola P30 sports a 6.2-inch FHD+ (2248×1080) display with a 19:9 aspect ratio and a 2.5D curved glass on top.

The move by Turkey's Gulf ally offered further support to a lira rally after the Turkish central bank tightened liquidity and curbed selling of the currency.

"We have more that we're planning to do if they don't release him quickly", Mnuchin said.

"For months, the U.S. Chamber has warned that alienating our allies in a tit-for-tat trade war would harm the U.S. economy and undermine American global leadership, and evidence of that harm to U.S. workers, farmers, and businesses is mounting".

Despite the political tensions, the lira rebounded 6 percent on Wednesday, strengthening to about 6.0 to the dollar. Also helping the currency were moves by Turkey this week to gain favor with European countries, including releasing two Greek soldiers and an Amnesty International human rights campaigner from prison.

Brunson is under house arrest after spending almost two years in a Turkish prison under what the Trump administration has said are bogus allegations of aiding terrorists.

According to the Turkish presidential press office, Erdogan and al-Thani also exchanged views on bilateral relations and regional developments during their three-hour meeting. He is scheduled to appear before a court in October for his third hearing after the court rejected an appeal for his release in a July 18 hearing.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER