Turkey invites U.S. to panel in WTO

Gladys Abbott
August 17, 2018

He also appeared to acknowledge that he was disappointed that Turkey did not release Brunson after the United States helped negotiate the release of a Turkish national being held in Israel.

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.

The lira went into a tailspin after a diplomatic spat with the USA over a detained pastor in Turkey.

Central bank data showed foreign currency deposits held by local investors rose to $159.9 billion in the week to August 10, from $158.6 billion a week earlier.

He later tweeted: "Turkey has taken advantage of the United States for many years". Turkish authorities arrested him in 2016 and charged him with being involved in a failed coup that same year against Turkish President Recep Tayyip Erdogan and with colluding with Kurdish militants. The Treasury Department earlier this month levied sanctions on two senior Turkish officials in retaliation for Brunson's continued detention.

Last week, Trump announced on Twitter that he had green-lit a doubling of steel and aluminum tariffs on Turkey, and warned that United States relations with Turkey "are not good at this time!"

The Turkish lira was slightly lower on Friday after the U.S. warned Ankara should expect more sanctions over the detention of an American evangelical pastor.

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

Turkey has responded by declaring that it will raise tariffs on a number of USA imports, including cars, tobacco and spirits.

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'The import duties were increased on some products, under the principle of reciprocity, in response to the US administration's deliberate attacks on our economy, ' Vice President Fuat Oktay wrote on Twitter.

"They have not proven to be a good friend", Trump said of Turkey during the Cabinet meeting.

"If they have the iPhone, there is Samsung elsewhere".

On Thursday, Finance Minister Berat Albayrak addressed hundreds of foreign investors from the US, Europe and Asia via a conference call in a bid to soothe the markets.

Turkey and its firms face repayments of almost $3.8 billion on foreign currency bonds in October, Societe General has calculated.

In London, the FTSE 100 was down 0.4 per cent by Wednesday morning.

The president has remained defiant, calling on Turks to sell their gold and dollars for lira, describing the crisis as an "economic war".

Erdogan has called for a boycott of USA electronic goods and Turkish media have given extensive coverage to anti-U.S. protests, including videos on social media showing Turks apparently burning dollar bills and destroying iPhones.

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