Turkey raises tariffs on some U.S. imports in response to economic 'attacks'

European banks

The plunge in the lira has prompted fears in Europe over the exposure to European banks

Tariffs were also increased on goods including cosmetics, rice and coal.

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

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

'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. "And we have our own telephone brands", he said in clear-worded remarks.

It was unclear whether Erdogan's call for Turks to sell dollars would be widely heeded, but a Turkish news agency said traders in Istanbul's historic Eminonu district converted $100,000 into lira on Tuesday.

White House press secretary Sarah Sanders said the United States had seen "no evidence that Pastor Brunson has done anything wrong". Erdogan warned that the U.S.is putting decades-old alliances at risk and pushing Turkey to seek allies elsewhere.

They called on the government to cut spending, improve ties with the European Union, bring to an end the spat with the US and chart out a clear plan to bring inflation - which soared to a 15-year high of nearly 16 per cent in July - back to single digits permanently.

The dispute between the USA and Turkey has started an economic crisis in Turkey that has pushed its currency to historic lows.

National Security Adviser John Bolton met at the White House on Monday with Turkish ambassador Serdar Kilic, but the discussion reportedly did not result in any substantive progress.

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Turkey has meanwhile resisted pressure to release Brunson - who has been held for two years and is now under house arrest - with officials warning it could face further sanctions.

On Friday, U.S. President Trump said the he chose 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. 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. U.S. sanctions against two Turkish ministers have sent the lira spiralling against the dollar, threatening a debt payment crisis for Turkish banks which have taken out billions...

"Turkey does not favour an economic war, but it can not remain unresponsive when it is attacked", said Ibrahim Kalin, a spokesperson for President Recep Tayyip Erdogan.

The Turkish central bank has pledged to take "all necessary measures" to stabilize the country's economy to make sure the banks have all the money they need.

Investors are anxious that about Erdogan's control over the central bank and his pressure to keep it from raising interest rates.

Kalin further iterated on Wednesday that Turkey will continue talks with the United States if it shows a constructive stance to resolve a diplomatic rift.

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The lira rebounded some 8 per cent on Tuesday, helped by news of a planned conference call on Thursday in which the finance minister will seek to reassure global investors.

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