Lira rallies after Turkey raises tariffs on U.S. imports

Gold Prices Reduce To Over19 Month Low On Firm Dollar

In response to Trump's tariffs, Turkish officials said they will impose a 50 percent tax on US rice, 140 percent on spirits, 60 percent on tobacco and 120 percent on cars while increasing duties on a variety of other goods.

Doubts about Turkey's future intensified as relations with the United States, a longtime North Atlantic Treaty Organisation ally, soured.

"We got somebody out for him", Trump said, referring to Turkish President Recep Tayyip Erdogan.

President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Turkey, which says it will not bow to threats, to raise tariffs on USA cars, alcohol and tobacco by the same amount on Wednesday.

Pastor Andrew Brunson, who has lived in Turkey for more than two decades, was detained in 2016 after a government crackdown following a failed coup attempt.

Finance Minister Berat Albayrak assured worldwide investors on Thursday that Turkey would emerge stronger from its currency crisis, insisting the country's banks were healthy and signalling it could ride out a row with the United States.

The Turkish lira TRY= rose 2.7 percent to 5.80 per dollar.

Then last week, Trump increased them to 50 percent on Turkish steel and 20 percent on Turkish aluminum.

A US dollar banknote is seen on top of 50 and 100 Turkish lira banknotes in this picture illustration in Istanbul, Turkey August 14, 2018.

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The Trump administration has threatened more sanctions if Turkey does not release Brunson.

Mr Trump's comments came as Turkey's finance minister Berat Albayrak attempted to reassure 6,000 global investors and economists on a video link that the country would emerge stronger from the crisis. "We are not expecting any fines on Halkbank for sure", he said.

Erdogan also spoke with French President Emmanuel Macron, a day after talks with German Chancellor Angela Merkel and a $15 billion pledge of support from Qatar.

The United States doubled tariffs on Turkish steel and aluminium last week, which contributed to a tumble in the Turkish lira.

"Turkey is both more exposed and less able to do something about it than any other country", says Brad McMillan, chief investment officer for Commonwealth Financial Network.

"Turkey will emerge stronger from these (currency) fluctuations", said Albayrak, who is also Erdogan's son-in-law.

The two North Atlantic Treaty Organisation allies have traded tit-for-tat sanctions over the pastor's house arrest.

Turkey's biggest mobile phone importing companies have cancelled their iPhone orders as Turkish citizens join a move to boycott U.S. products.

Meanwhile, Turkish courts have moved to defuse other legal cases that have irritated relations with the EU.

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