'Turkey to emerge stronger from US-made lira crisis'

Turkish lira

'Turkey to emerge stronger from US-made lira crisis'

Albayrak, a 40-year-old former company executive with a doctorate in finance, said Turkey would not hesitate to provide support to the banking sector.

It may seem unreasonable but Turks are using American products to show support for President Recep Tayyip Erdogan, who has increased tariffs on goods imported from the United States.

A list published in Turkey's official Gazette on Wednesday raised tariffs on tobacco products to 60 percent, spirits to 140 percent and passenger cars to 120 percent.

A defiant Erdogan said the Americans "have their dollar but we have our God".

The tensions took a turn for worse after US President Donald Trump used his executive powers last week to authorize a doubling of steel and aluminum tariffs on Turkey, prompting a set of retaliatory measures from Ankara - including a similar hike in tariffs on imports from the US.

A Turkish court has rejected an appeal to release Brunson and lift his travel ban.

The move sent the Turkish lira to a record low against the dollar and spurred declines in other emerging market currencies.

"Turkey will emerge stronger from these (currency) fluctuations", Albayrak told the conference.

The US and Turkey are also embroiled in a bitter row over the role of Turkish bank Halkbank in skirting sanctions against Iran.

The move comes after US President Donald Trump announced that the United States was doubling steel and aluminium tariffs on Turkey, as the two North Atlantic Treaty Organisation allies row over the detention by Turkish authorities of American pastor Andrew Brunson.

Erdogan has repeatedly described the crisis as an "economic war" that Turkey will win.

The Turkish currency was trading at 5.85 at 1740 GMT, more than 1 percent stronger on the day.

The White House said on Wednesday that it would not remove steel tariffs on Turkey, appearing to give Ankara little incentive to work for the release of Brunson, a pastor on trial in Turkey on terrorism charges. "The tariffs are specific to national security", she said.

Turkish authorities have called on their citizens to sell their foreign currency in order to bolster the lira.

"The US is our major trade partner but it's not the only one", Pekcan was quoted as saying by the official Anadolu news agency.

The leaders engaged in three hours of talks on Wednesday, according to Erdogan's press office, discussing bilateral relations and regional developments. "We have other partnerships and alternative markets".

An Istanbul court also ordered the release of Amnesty International's Turkey chair Taner Kilic who has spent more than a year in jail over alleged links to a failed coup in 2016.

Erdogan and his French counterpart Emmanuel Macron agreed in a phone call Thursday to foster trade ties, a Turkish presidential source said.

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