Erdogan calls to boycott USA electronics, including iPhone

Asian stocks hit one-year low amid Turkey woes, bearish China equities

Asian stocks hit one-year low amid Turkey woes, bearish China equities

A court meanwhile rejected an appeal for the release of American pastor Andrew Brunson - whose detention for nearly two years sparked the crisis - leaving no immediate solution to the Turkey-US row in sight.

"The tariffs that the United States placed on Turkey were out of national security interests".

"The president has a great deal of frustration (about) the pastor not being released" press secretary Sarah Sanders said. "The president has a great deal of frustration on the fact that Pastor Brunson has not been released as well as the fact that other USA citizens and employees of diplomatic facilities have not been released", White House Press Secretary Sarah Sanders told a briefing. Although narrowly tailored, those penalties have contributed to a slide in the value of the Turkey's currency, the lira, amid fears of a broad economic crisis.

Bill Van Auken CorrespondentThe value of the Turkish lira fell by another 10 percent on Monday as markets in Asia, Europe and the USA declined on fears that contagion from Turkey's crisis would spread to other emerging market economies as well as to European banks holding billions of dollars' worth of Turkish debt.

The United States' top diplomat in Turkey, Jeffrey Hovenier, visited Brunson on Tuesday and called for his case - and those of others detained in Turkey - to be resolved "without delay" and in a "fair and transparent manner".

Turkey's President Recep Tayyip Erdogan delivers a speech in Ankara, Turkey, on August 14, 2018.

The Turkish unit had been under pressure for weeks over growing concerns about the health of the economy but the currency slumped on Friday and Monday, when US President Donald Trump announced Washington was ramping up aluminium and steel tariffs.

The Turkish tariff increases the amount to a doubling of the existing rate, the state-run Anadolu news agency said, in an apparent parallel response to Trump's move.

Turkey placed a 140 % tariff on USA alcohol, 120 percent on passenger vehicles and 60 % on tobacco.




Sanders said the USA tariffs on steel and aluminum will not be lifted even if Brunson is freed, but suggested the sanctions against Turkish officials could eventually be removed. "Trade wars help no one, but Turkey will do what is necessary to protect our industries and economy from assault".

Also increased fees for food, cosmetics and other products.Turkey sharply raised duties on some American goods.

Although the lira enjoyed a small respite yesterday, investors say measures taken by the Central Bank on Monday to ensure liquidity fail to address the root cause of lira weakness.

"Copper and other commodities at first reflected the downturn in China but now have been exacerbated by expectations of further economic weakness", said Kristina Hooper, chief global market strategist at Invesco in NY.

"President Erdogan appears to be playing a risky game if he thinks he can come out on top in this spat with the United States", he warned.

The pastor's Turkish lawyer launched a fresh appeal on Tuesday for his release.

Erdogan has warned Turkey could seek alternative partners, pointing to Ankara's strong ties with Russia, Iran and China.

The officials said Qatar's Sheikh Tamin bin Hamad Al Thani pledged to "quickly implement" the investment package during a meeting with Mr Erdogan in Ankara. And Erdogan held a phone call with German Chancellor Angela Merkel and planned to speak this week also with France's Emmanuel Macron.

There was also optimism about better relations with the European Union after a Turkish court released two Greek soldiers pending trial.

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