Turkey rejects US pastor's appeal for release

Greenwald Interviewed on Trump's Tariffs on Turkey | The Frederick S. Pardee School of Global Studies

In retaliation, Turkey is now hiking tariffs on American cars to 120 percent and increasing duties on alcohol to 140 percent.

Tariffs on other goods like cosmetics, rice and coal were also doubled. The Trump administration announced plans on Friday to double U.S. tariffs imports of steel and aluminum from Turkey.

Turkish President Tayyip Erdogan announced yesterday that the country would boycott all electronics from the United States amid tension and rising conflict between the two countries and its leaders.

United States electronics like the iPhone may be banned in Turkey after the country's president declared a boycott Tuesday.

"We will give our answer, by shifting to new markets, new partnerships and new alliances, to the one who waged an economic war against the entire world and also included our country", Erdogan said.

The lira had nosedived in recent weeks, hitting a record low of 7.24 this week, as investors anxious about fundamental economic problems in the country and a diplomatic and trade dispute with the United States.

The country's Finance Minister will seek to reassure around 1,000 global investors in a teleconference scheduled for Thursday.

The Turkish lira plummeted to a record low against the dollar this week, falling to 7.24 before recovering slightly. The currency has lost almost 40 per cent against the dollar this year, impacted by Mr Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation. "The tariffs are specific to national security", she stated.

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Washington is demanding the pastor be released but Turkish officials say the case is a matter for the courts.

The Turkish president said: "If they have the iPhone, there is Samsung elsewhere".

In response, Bank Indonesia Deputy Governor Dody Budi Waluyo announcedthat the central bank was preparing intervention measures to stabilize the rupiah.

The Turkish lira has been hit by concerns over President Recep Tayyip Erdogan's economic policies and a trade and diplomatic dispute with the United States, a North Atlantic Treaty Organisation ally.

The White House on Wednesday condemned Turkey's move tariffs, calling the action "a step in the wrong direction".

Mr. Trump has repeatedly asked for Mr. Brunson's release, while Ankara said the decision was up to the court.

Turkish authorities have called on their citizens to sell their foreign currency in order to bolster the lira. Although he was released to home detention, he faces a prison sentence of up to 35 years if he is convicted at the end of his ongoing trial.

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