Turkey's new tariffs on U.S. worth $533 million

On Tuesday, Erdogan called for a boycott of USA electronics products, and his spokesperson described American policy as goading Turkey into an "economic war".

The White House called the Turkish response a step in the wrong direction and signaled a hard line on Brunson's release. The situation is not only creating a potential regional crisis, but it's also deepening a rift between Turkey and the U.S. Right now, Turkey's currency is weaker against the dollar than it has ever been.

Turkey's Vice President Fuat Oktay said on Twitter that the tariffs on certain products were increased "within the framework of the principle of reciprocity in retaliation for the deliberate economic attacks by the United States".

Speaking to reporters in Washington, White House spokeswoman Sarah Sanders also made clear that the United States had no plan to remove the steel tariffs if Brunson were released though it could remove those imposed on two senior Turkish officials.

Although preference for Apple products is strong, their already high prices are curbing demand, Yavuz said adding that the boycott "is expected to reduce Apple's performance in the country in the upcoming quarters".

During the meeting, Erdogan and Al Thani also expressed their determination to develop ties between their countries "in all areas", according to the officials.

The pastor is being charged with espionage as well as helping the outlawed Kurdistan Workers' Party (PKK) and being linked to those involved in the failed coup attempt of 2016 in Turkey.

Turkey has agreed to buy S-400 surface-to-air missiles from Russian Federation, an unprecedented move by a North Atlantic Treaty Organisation member, which has raised objections from members of both parties of the U.S. Congress and the Trump administration.

"Turkey has alternatives", he said.

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The currency strengthened some 3 percent against the dollar on Thursday, trading at around 5.75 per dollar, hours before Turkey's treasury and finance minister were scheduled to reassure global investors about the economy.

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".

Brunson has appealed again to a Turkish court to release him from house arrest and lift his travel ban, his lawyer told Reuters on Tuesday.

The U.S. Department of Treasury sanctioned Turkey's Minister of Justice Abdulhamit Gul and Minister of Interior Suleyman Soylu in early August over their roles in Brunson's detention.

Turkish Foreign Minister Mevlut Cavusoglu struck a somewhat conciliatory note, saying Turkey was ready to discuss its issues with the United States as long as there are no threats.

"It definitely would make sense to own Gold now in Turkey given the depreciation of the lira", the precious metals strategist at Mitsubishi Corp U.K. Plc, said.

Brunson faces up to 35 years in prison if found guilty.

Washington wants the evangelical Christian freed but Turkish officials say the case is a matter for the courts.

"The tariffs that the United States placed on Turkey were out of national security interests, theirs are out of retaliation", she noted, refusing to reveal U.S. further actions to respond to Ankara's statement.

  • Darren Santiago