Turkey increases tariffs on some US imports, escalating feud

People walk past a currency exchange shop in Istanbul Tuesday Aug. 14 2018. AP

People walk past a currency exchange shop in Istanbul Tuesday Aug. 14 2018. AP

"Actions that heighten these tensions risk spreading today's financial challenges to other emerging markets, to European banks, and, ultimately, to the US economy".

Actress Ebru Özkan was released the next day, while the pastor was moved from prison to house arrest. Earlier in August, his administration had levied sanctions against Turkey's justice and interior ministers, accusing them of playing "leading roles" in the organizations responsible for the arrest and detention of Pastor Andrew Brunson.

Turkey's President Recep Tayyip Erdogan gestures prior to delivering a speech in Ankara, Turkey, Tuesday, Aug. 14, 2018.

Relations between the two North Atlantic Treaty Organisation allies have spiraled into a full-blown crisis over the trial of Christian pastor Andrew Brunson, who was held for 21 months in a Turkish prison until his transfer to house arrest last month - a move Washington dismissed as insufficient.

On Tuesday the White House said President Trump was frustrated that Turkey had not released Andrew Brunson, the evangelical pastor held on terrorism charges that Washington believes are fabricated.

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Ali, an emergency services worker, suffered a fractured eye socket while Mr Hale, a former soldier, was left with concussion. Ali denied that Mr O'Connor and Mr Barry were being "a bit of a nuisance" and he and Mr Hale were getting "irate" with them.

"We will boycott USA electronic products", Erdogan said.

"If they have iPhone, there is Samsung on the other side".

Asked how the Trump administration would react to any such Turkish boycott, Sanders replied during Tuesday afternoon's briefing, "I certainly don't have a policy announcement on that at this point".

Turkey has accused the United States of waging an "economic war" as part of a plot to harm the country.

The Indian rupee hit an all-time low of 69.62 to the USA dollar and the Indonesian rupiah took the biggest tumble out of all the Asian currencies and hit its lowest point in three years.

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Erdogan, rejecting economic fundamentals as the cause of lira weakness, said Turkey was the target of an economic war.

Businessmen holding USA dollars stand in front of a currency exchange office in response to the call of Turkish President Tayyip Erdogan on Turks to sell their dollar and euro savings to support the lira, in Ankara, Aug. 14, 2018.

The United States is also considering a fine against Turkey's state-owned Halkbank for allegedly helping Iran evade USA sanctions. This has raised concerns over the central bank's independence given the president's repeated statements against raising interest rates. Bolton warned him that the United States would not give any ground, a senior US official said.

A bigger danger is that Turkey's crisis will spill over into other emerging market economies and there were signs on Monday that other countries seen as vulnerable were coming under speculative attack. The lack of interest-rate action has coincided with a marked worsening of Turkey's relations with the US. The country's Finance Minister will seek to reassure around 1,000 global investors in a teleconference scheduled for Thursday.

Russia's Foreign Minister Sergei Lavrov, who is visiting Ankara, branded the USA sanctions an illegitimate policy at a news conference on Tuesday.

President accuses United States of waging 'economic war' against his country
Washington "must give up the misguided notion that our relationship can be asymmetrical", he said in the opinion piece. He has said Turkey's economy remains strong, noting a 7.4 percent growth rate in the first three months of this year.

Turkish Foreign Minister Mevlut Cavusoglu said the U.S. embassy charge d'affaires was due to visit Brunson on Tuesday, and also adding that talks were under way to come out of the crisis.

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