Turkey Boosts Tariffs Amid US Feud

US dollar tumbles more than 5 percent against the Turkish lira

The decision to impose new tariffs came a day after Erdogan said Turkey would boycott U.S. electronic goods, singling out iPhones.

Turkey's President Recep Tayyip Erdogan has said his country will boycott U.S. electronic products, after Washington imposed punitive sanctions on Ankara.

"We (also) have our Venus and Vestel", he said about homegrown Turkish electronics brands.

"If (the United States) have the iPhone, there's Samsung on the other side", he said, referring to U.S. giant Apple's iconic phone and the top South Korean brand. He urged Turks to buy local or Korean mobile phones, instead of American iPhones.

The move comes after the U.S. imposed sanctions on two Turkish ministers over the continued detention of an American pastor on terror-related charges, and President Donald Trump compounded the country's economic crisis by doubling steel and aluminium tariffs to 50% and 20%, respectively.

Neither the White House, Turkey's Ministry of Foreign Affairs nor Apple immediately responded to a request for comment.

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The lira continued its recovery against the dollar on Wednesday as Turkey increased tariffs on U.S. goods and introduced measures to restrict bets against the embattled currency.

Both Russia and Turkey's currencies have been exposed to the United States sanctions pressure.

On Tuesday, Brunson's Turkish lawyer petitioned the court to release the American from house arrest, after a previous appeal was denied.

On Friday, U.S. President Trump said the he made a decision to impose a 50 percent ad valorem tariff on steel articles and 20 percent on aluminum imported from Turkey, specifically targeting the slide in the Turkish lira and the economy as he wrote on his Twitter account.

Evangelical pastor Andrew Brunson is standing trial in Turkey over terrorism charges.

As Turkey faces a serious financial meltdown, there are several Taiwanese businesses with a significant presence in the Turkish market, that are taking measures to mitigate expected losses in response to the new sanctions and tense political environment developing in Turkey.

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"Together with our people, we will stand decisively against the dollar, forex prices, inflation and interest rates".

On Wednesday, Turkey rejected pastor Andrew Craig Brunson's appeal to be released from custody, and slapped additional tariffs on USA imports.

Turkey is in the throes of a full-blown currency crisis, with the Turkish lira losing almost 45 percent of its value since the start of the year.

In a televised speech on Friday, he called on Turkish citizens to exchange foreign currency and gold for lira, calling it an "economic war". His case now lies at the heart of a diplomatic crisis between Turkey and the United States that has sent Turkish lira into free-fall.

Amid calls to "burn" the dollars, the group headed to a bank branch where they converted the money, it said.

"What is happening in Turkey goes far beyond the United States and the United States' recent policies and impositions of various policies and mechanisms", Nauert said.

Heavy rains, landslides kill 25 in India
He tweeted , "Unprecedented rainfall has created havoc in Kerala, destroying property & forcing thousands to abandon their homes". The deaths included 11 in Idukki , five in Malapuram, three in Wayanad , two each in Kannur and Ernakulam, and one in Kozhikode.

A previous appeal by Brunson was rejected at the end of July.

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