Turks film themselves smashing iPhones amid US-Turkey trade war

Turkey denies American pastor’s appeal decides to hit the US with tariffs instead

Turkey denies American pastor’s appeal, decides to hit the US with tariffs instead

In return, President Recep Tayyip Erdogan signed a decree to raise tariffs on American imports including cars, alcohol and tobacco.

Tariffs were also doubled on goods such as cosmetics, rice and coal.

"President Trump's imposition of tariffs on steel and aluminum is about protecting American national security", the spokesperson said.

Turkey has the highest foreign exchange-denominated debt among emerging markets, Societe Generale said in its note on Friday, estimating its short-term external debt at $180 billion (£141.6 billion) and total external debt at $460 billion (£361.9 billion).

"The tariffs from Turkey are certainly regrettable and a step in the wrong direction", White House press secretary Sarah Sanders said, while stopping short of announcing fresh retaliatory measures.

Brunson is under house arrest after spending almost two years in a Turkish prison under what the Trump administration has said are bogus allegations of aiding terrorists.

The growing tensions between Washington and Ankara have sent the Turkish currency tumbling to historic lows.

He also stated that in order to inform investors about the monetary policy of the central bank in a more detailed fashion, another conference call with CBRT Governor Murat Çetinkaya in attendance will be held at the soonest possible date.

Despite that, foreign currency deposits held by local investors rose to $159.9 billion (£125.8 billion) in the week to August 10, from $158.6 billion (£124.8 billion) a week earlier, central bank data showed on Thursday.

The lira's drop in value is certain to further fuel inflation, which is already near 16 percent.

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Turkey's Vice President Fuat Oktay commented on the move, stating: "Under the principle of reciprocity, the tax rates for imports of certain products have been increased against the U.S. administration's conscious attacks on our economy".

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.

For years Turkish firms have borrowed in dollars and lira to take advantage of lower interest rates. Two sources with knowledge told CNN that the move stemmed from Trump's frustration over Brunson's detention.

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

Al-Thani's visit, the diplomat said, "will serve to confirm the close links between the Qatari and Turkish people and their common positions vis-à-vis the many challenges they face".

She added that even if pastor Andrew Brunson was released, tariffs would remain in place on steel.

Angry Turks tore up fake dollar bills in protest.

Almost 10 million people use US iPhones in Turkey, press reports said, adding that the amount paid for the products hit 7 billion dollars in 10 years.

The threat comes as Turkey sought to reassure investors rattled by the sanctions-fueled crash of the Turkish lira, insisting the country would emerge stronger.

"Rates have gone up by 10 percent".

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