Turkey has sharply increased tariffs on American goods

A Louis Vuitton bag in Turkey is now 25 percent cheaper than in the U.S

A Louis Vuitton bag in Turkey is now 25 percent cheaper than in the U.S

"It's a broad based sell-off across Europe as dealers are anxious about the currency crisis in Turkey, and the cooling of Chinese growth", said market analyst David Madden at CMC Markets UK. On Tuesday, he said the government is working on steps to help banks and support companies affected by the currency crisis.

The evangelical pastor is accused of terrorism charges and aiding the network of a USA -based Islamic preacher blamed by Ankara for masterminding a coup attempt in July 2016 against Turkish President Tayyip Erdogan.

Stock markets fell sharply on Wednesday, with commodities-linked assets hit by dollar strength, while the lira recovered despite Turkish-US tensions ratcheting higher.

Since Erdogan's June 24 election victory the lira has lost a quarter of its value against the dollar.

Albayrak said Turkey was the direct target of "the biggest actors in the global financial system", and warned that those escalating the issue to a political level would "pay the price".

It was supported by news of a planned conference call on Thursday in which the finance minister will seek to reassure investors concerned by Erdogan's influence over the economy and his resistance to interest rate hikes to tackle double-digit inflation. "The dollar has lost its credibility", he said.

"In response to deliberated and continued trade tensions, Turkey has again raised tariffs on key us imports", Turkish Trade Minister Ruhsar Pekcan said in a statement.

The lira was at 6.5 to the dollar, a gain of 5.0 percent on the day and 7.4 to the euro, well off the record lows of 7.24 to the dollar and 8.12 to the euro seen Monday. In its first statement since what was dubbed "Black Friday" in Turkey, the nation's central bank said on Monday it is ready to take "all necessary measures" to ensure financial stability, promising to provide banks with "all the liquidity" they need.


US crude oil CLcv1 fell 3.18 percent to $64.91 per barrel and Brent LCOcv1 was last at $70.75, down 2.36 percent on the day after data showed a surprise weekly increase in USA crude stockpiles, compounding worries about a weaker global economic growth outlook.

"In light of all the turmoil we've seen out of Turkey and the subsequent contagion into other emerging markets, the dollar is pretty much establishing itself as the safe-haven currency", said Bart Wakabayashi, Tokyo branch manager at State Street Bank. Tight bid-offer spreads suggested markets were liquid, the note said.

She declined to say if the US would respond with additional duties on Turkish goods.

Turkey's 2043 bond witnessed the largest increase in demand to short a specific issue, with the short balance amounting to $88 million. In total, the short balance on Turkish sovereign debt now stood at $1.4bn, a rise of $1bn this year, the data showed.

Turkey and the USA. are now experiencing rocky relations following Washington's imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.

The top U.S. diplomat in Turkey has called for the cases against an American pastor and others held in Turkey to be resolved "without delay" and in a "fair and transparent manner".

The White House stance appeared to give Turkish authorities little incentive to work for the release of Andrew Brunson, a pastor on trial in Turkey on terrorism charges and whose case Turkish officials have said was a matter for the courts.

Brunson s lawyer Cem Halavurt confirmed to AFP that he appealed for the release of his client once again on Tuesday, saying that: "The court should deliver its ruling in the next three days".

Recommended News

  • DeAndre Hopkins kicked out of practice for fight

    DeAndre Hopkins kicked out of practice for fight

    The San Francisco 49ers are in Houston this week in advance of their preseason bout with the Texans on Saturday, Aug. 18. Ward connected with Hopkins' exposed face and knocked him back before the two wrestled each other to the ground.
    The best hospitals 2018-19 honor roll

    The best hospitals 2018-19 honor roll

    News & World Report recently changed its methodology making it much more hard to achieve a rank in "High Performing" banners. News & World Report's are just one tool available to patients as they make informed decisions about their health care.
    Taimur's cute moments on I-Day, papa Saif's birthday with Sara, Ibrahim

    Taimur's cute moments on I-Day, papa Saif's birthday with Sara, Ibrahim

    She took to her Instagram handle, shared an image of the national anthem and wrote: "Happy Independence Day". Sara is debuting in Bollywood this year with Kedarnath and Simmba , her second film, releases in December.
  • Teyana Taylor Drops Out of Jeremih's Tour, Claims Mistreatment

    Teyana Taylor Drops Out of Jeremih's Tour, Claims Mistreatment

    Teyana Taylor announced earlier today that she has renamed the "Later That Night" tour to the " KTSE ON Alse VII" tour. The new " KTSE on Aisle VII Tour" is now set to continue through September 8 in Portland without Jeremih .
    AT&T faces $224 million lawsuit over cryptocurrency theft

    AT&T faces $224 million lawsuit over cryptocurrency theft

    Others simply shirk the responsibility of being the sole participant responsible for the safety of their digital wealth. After all, a hacker would still have required Terpin's username and password to access a secure cryptocurrency wallet.
    United Kingdom  unemployment at lowest since 1975

    United Kingdom unemployment at lowest since 1975

    The ONS figures also showed the number of European Union nationals working in the United Kingdom fell by a record amount. The ratio of vacancies to unemployed people continues to climb - a sign of an increasingly tight labour market.
  • Death toll in Italian bridge collapse climbs to 39

    Death toll in Italian bridge collapse climbs to 39

    Many of these were flattened when tonnes of broken concrete and twisted steel from the bridge itself then landed on top of them. Interested in Italy? Add Italy as an interest to stay up to date on the latest Italy news, video, and analysis from ABC News.
    Best images from this year's Perseid meteor shower

    Best images from this year's Perseid meteor shower

    Brilliant displays of Perseid meteors lit up the heavens this past weekend as the annual Perseid meteor shower reached its peak. Taking approximately 133 years to complete each of its solar orbits, the comet last flew its closest approach to Earth in.
    Russia Backs Non-dollar Trade With Turkey

    Russia Backs Non-dollar Trade With Turkey

    Cavusoglu said: "We support diplomacy and negotiations but it is not possible for us to accept impositions". Lavrov said the situation in the world remained alarming.
  • Ariana Grande Does Carpool Karaoke With James Corden: Full Episode!

    Ariana Grande Does Carpool Karaoke With James Corden: Full Episode!

    It's safe to say that James Corden carried Ariana Grande during the latter's turn in the " Carpool Karaoke " passenger seat. She previously joined Corden on Monday's Late Late Show , taking on the role of Rose in " Soundtrack to Titanic ".
    Aretha Franklin dies in Detroit, surrounded by family and friends

    Aretha Franklin dies in Detroit, surrounded by family and friends

    Amid rumours of infidelity, her parents separated in 1948 and her mother moved to Buffalo with a son from a previous relationship. The legendary performer, a mother of four, became an 18-time Grammy Award victor during a career spanning more than six decades.
    Trump aide Bolton met Turkish envoy to discuss U.S….

    Trump aide Bolton met Turkish envoy to discuss U.S….

    Brunson's lawyer, Ismail Cem Halavurt, said the court had up to seven days to decide. Brunson's next hearing as part of the trial is scheduled for October 12.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.