Erdogan, Macron vow to foster trade ties: Turkish presidency

Emerging market currencies plunged as Turkey’s lira extended its precipitous slide

Emerging market currencies plunged as Turkey’s lira extended its precipitous slide

In an address in the Turkish capital Ankara, Mr Erdogan insisted his nation's economy was strong and said the currency would soon settle "at the most reasonable level". We are with Turkey.

"Tax rates on imports of some products have been increased on a reciprocal basis against the USA administration's deliberate attacks on our economy", Vice President Fuat Oktay said on Twitter.

"There has been a lot of hot money coming in on the construction sector in Turkey and a building boom", said Harry Broadman, director of the Council on Global Enterprise and Emerging Markets and senior fellow at Johns Hopkins' Foreign Policy Institute. In the months preceding the blockade Turkish companies were handling projects worth about $11.6bn in Qatar, most of which is put into FIFA World Cup 2022 projects, according to Qatar Chamber.

Trump later said in a tweet the United States "will pay nothing" for Brunson's release, "but we are cutting back on Turkey!"

"We have more that we are planning to do if they don't release him quickly".

The action comes after the Turkish lira slumped to record lows against the USA dollar amid an escalating feud with the United States.

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However, the currency market's reaction to his conference call - in which he also said Turkey had no plans to seek help from the International Monetary Fund or impose capital controls to stop money flowing overseas - was measured.

"If the traitor in Pennsylvania is extradited to our country, the handover of the pastor may be in the offing, and both countries will get what they want", Devlet Bahceli, leader of a far-right political party allied with Erdogan, said Wednesday in Ankara, according to the Anadolu news agency.

A decree by Erdogan doubled Turkish tariffs on imports of US passenger cars to 120 percent, alcoholic drinks to 140 percent and leaf tobacco to 60 percent.

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

Investors, already anxious about Turkey's economy, were irked by a diplomatic and trade dispute with the United States over the continued detention of an American pastor Andrew Brunson on espionage and terror-related charges.

President Erdogan said earlier this week that Turkey should not "give in to the enemy" by investing in foreign currencies.

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Worldwide investors have been anxious by Turkey's high levels of foreign debt and Erdogan's refusal to allow the central bank to raise interest rates to support the currency, as experts say it should.

Turkish Foreign Minister Mevlut Cavusoglu told reporters that the top US diplomat in Turkey would visit Brunson later Tuesday.

Erdogan has remained combative towards Trump's economic decisions, vowing to boycott United States products such as the iPhone. Ankara also wanted Washington to hand over Turkish cleric Fethullah Gulen, who lives in Pennsylvania and who Turkey suspects of plotting the coup against Mr Erdogan.

The euro recovered against dollar on Thursday as dollar fell after news that a Chinese delegation will travel to the United States for trade talks, with investors buying back into currencies hit hard in the recent sell-off.

Also helping the Turkish currency are moves by Turkey to gain favour with European countries.

Turkish officials say President Recep Tayyip Erdogan has spoken with French President Emmanuel Macron, during which Macron said that Turkey's economic stability is important for France.

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