News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
31
o
Mount Lebanon
33
o
Metn
31
o
Keserwan
31
o
North
31
o
South
31
o
Bekaa
26
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Law Ma LTa2ayna
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
31
o
Mount Lebanon
33
o
Metn
31
o
Keserwan
31
o
North
31
o
South
31
o
Bekaa
26
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Turkey doubles tariffs on some US imports; lira rallies
Breaking Headlines
2018-08-15 | 09:40
High views
Share
Share
Turkey doubles tariffs on some US imports; lira rallies
Watch now
More details about online video viewing packages
6
min
Turkey doubles tariffs on some US imports; lira rallies
Turkey doubled tariffs on some U.S. imports including alcohol, cars and tobacco on Wednesday in retaliation for U.S. moves, but the lira rallied further after the central bank's liquidity moves had the effect of supporting the currency.
Ankara acted amid increased tension between the two NATO allies over Turkey's detention of a Christian American pastor and other diplomatic issues, which have helped send the lira tumbling to record lows against the dollar.
The currency has lost nearly 40 percent against the dollar this year, driven by worries over President Tayyip Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.
It rebounded some 6 percent on Wednesday, briefly strengthening to less than 6.0 against the dollar, after the central bank squeezed lira liquidity in the market, effectively pushing up rates and supporting the currency.
Optimism about better relations with the European Union after a Turkish court released two Greek soldiers pending trial and a banking watchdog's step to limit foreign exchange swap transactions have also helped the lira.
"They are squeezing lira liquidity out of the system now and pushing interest rates higher," said Cristian Maggio, head of emerging markets strategy at TD Securities.
"Rates have gone up by 10 percent ... The central bank has not done this through a change in the benchmark rates, but they are squeezing liquidity, so the result is the same," Maggio said.
The lira firmed as far as 5.75 against the dollar on Wednesday and stood at 6.1320 at 1243 GMT in a move initially triggered by the Turkish court decision on the Greek soldiers who faced espionage charges.
A treasury desk trader at one bank said this showed relations with the EU could recover "while tense relations continue with the USA."
The lira was also helped by a step from the banking watchdog BDDK, cutting the limit for Turkish banks' forex swap, spot and forward transactions with foreign banks to 25 percent of a bank's equity.
"Remarkable turnaround," Tim Ash, Bluebay Asset Management senior emerging markets analyst wrote in a client note. "They are killing offshore lira liquidity to stop foreigners shorting the lira," he said.
The lira had rebounded about 8 percent on Tuesday on news of a planned conference call on Thursday in which the finance minister will seek to reassure international investors. A Finance Ministry official said so far 3,000 people have signed up for the call.
Turkey's banking sector remained strong and liquid and the measures taken to support the market have started to show impact, Turkey's Akbank chief executive said and added there were was no withdrawal of deposits.
SPAT WITH U.S.
A decree signed by Erdogan doubled Turkish tariffs on passenger cars to 120 percent, on alcoholic drinks to 140 percent and on leaf tobacco to 60 percent. Tariffs were also doubled on goods such as cosmetics, rice and coal.
The duties were raised in response to the U.S. administration's "deliberate attacks on our economy," Vice President Fuat Oktay wrote on Twitter. Last Friday, U.S. President Donald Trump said he had authorized higher tariffs on aluminum and steel imports from Turkey.
The United States was the fourth largest source of imports to Turkey last year, accounting for $12 billion of imports, according to IMF statistics. Turkey's exports to the United States last year amounted to $8.7 billion, making it Turkey's fifth-largest export market.
NATO allies the United States and Turkey have been at loggerheads over a wide range of topics including diverging interests in Syria, Ankara's ambition to buy Russian defense systems and Andrew Brunson, a pastor on trial in Turkey for terrorism charges.
Trump has repeatedly asked for Brunson's release, while Ankara said the decision was up to the court. On Wednesday, a Turkish court in the Aegean province of Izmir, where Brunson is on trial, rejected the pastor's appeal to be released from house arrest. An upper court had yet to rule on the appeal, his lawyer told Reuters.
Washington warned more economic pressures may be in store for Turkey if it refuses to release Brunson, a White House official said on Tuesday.
Erdogan has said Turkey is the target of an economic war, and has made repeated calls for Turks to sell their dollars and euros to shore up the currency. On Tuesday, he said Turkey would boycott U.S. electronic products.
In another high-profile case, a Turkish court ruled on Wednesday to release from jail Taner Kilic, the local chair of Amnesty International, a researcher from the rights group said.
REUTERS
To watch the full report, please click on the video above.
Breaking Headlines
Turkey
US
Lira
Currency
Economy
Next
Grand Mufti Derian travels to Saudi Arabia for Hajj
Recommended For You
d-none hideMe
0
Middle East News
02:10
Over 430 settlers storm Al-Aqsa Mosque on third day of Passover holiday: Al Jazeera reports
Middle East News
02:10
Over 430 settlers storm Al-Aqsa Mosque on third day of Passover holiday: Al Jazeera reports
0
Lebanon News
2024-04-23
Hezbollah announces launching 'dozens of rockets' at Israel in response to civilian deaths
Lebanon News
2024-04-23
Hezbollah announces launching 'dozens of rockets' at Israel in response to civilian deaths
0
Lebanon News
2024-04-21
Breaking: Israeli airstrike hits Naqoura, reports NNA
Lebanon News
2024-04-21
Breaking: Israeli airstrike hits Naqoura, reports NNA
0
Lebanon News
2024-04-21
Shelling from Lebanon hits Western Galilee: Israeli Channel 12 reports
Lebanon News
2024-04-21
Shelling from Lebanon hits Western Galilee: Israeli Channel 12 reports
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
Middle East News
2024-01-04
Liberia-flagged vessel reportedly boarded by armed individuals off Somalia: Ambrey
Middle East News
2024-01-04
Liberia-flagged vessel reportedly boarded by armed individuals off Somalia: Ambrey
0
World News
2024-04-10
US limits trade with 11 entities from Russia, China, UAE, government notice reveals
World News
2024-04-10
US limits trade with 11 entities from Russia, China, UAE, government notice reveals
0
World News
2024-04-04
Somalia expels Ethiopian ambassador over port agreement
World News
2024-04-04
Somalia expels Ethiopian ambassador over port agreement
0
Middle East News
2023-10-08
The day will come when Palestine and its sanctities will return to their Arab owners: Jumblatt
Middle East News
2023-10-08
The day will come when Palestine and its sanctities will return to their Arab owners: Jumblatt
Videos
d-none hideMe
0
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
0
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
0
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
0
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
0
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
0
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
0
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Most read
d-none hideMe
24 hours
7 days
Month
1
Lebanon News
02:55
Ethiopian Airlines plane lands in Beirut with 'Tel Aviv' marking: Civil Aviation Directorate
Lebanon News
02:55
Ethiopian Airlines plane lands in Beirut with 'Tel Aviv' marking: Civil Aviation Directorate
2
Lebanon News
05:17
Breaking: Lebanese Parliament approves one-year postponement for municipal and mukhtars elections
Lebanon News
05:17
Breaking: Lebanese Parliament approves one-year postponement for municipal and mukhtars elections
3
Lebanon News
03:12
Israeli drone strikes Douris plain in Baalbek: Driver injured
Lebanon News
03:12
Israeli drone strikes Douris plain in Baalbek: Driver injured
4
Lebanon News
02:34
Israeli strike hits Iaat plain in Baalbek: Thursday update
Lebanon News
02:34
Israeli strike hits Iaat plain in Baalbek: Thursday update
5
Israel-Gaza War Updates
00:30
Israeli army awaits 'green light' from Netanyahu to invade Rafah
Israel-Gaza War Updates
00:30
Israeli army awaits 'green light' from Netanyahu to invade Rafah
6
Lebanon News
07:00
Hezbollah refutes Israel's claim of killing half of its leaders in southern Lebanon
Lebanon News
07:00
Hezbollah refutes Israel's claim of killing half of its leaders in southern Lebanon
7
Middle East News
02:10
Over 430 settlers storm Al-Aqsa Mosque on third day of Passover holiday: Al Jazeera reports
Middle East News
02:10
Over 430 settlers storm Al-Aqsa Mosque on third day of Passover holiday: Al Jazeera reports
8
Lebanon News
11:01
Mikati discusses preparations for French Foreign Minister's visit with Magro, reviews monetary situation with Mansouri
Lebanon News
11:01
Mikati discusses preparations for French Foreign Minister's visit with Magro, reviews monetary situation with Mansouri
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More