Turkey Increases Tariffs on US Products

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President Trump and Vice President Mike Pence have repeatedly urged Turkey to release Brunson, with the US levying sanctions against two Turkish ministers over his detainment.

Despite the continuing stalemate and threat of further United States sanctions, the value of the Turkish Lira increased slightly on Tuesday, rising 8 percent from Monday's record low, to 6.3 Lira to the dollar.

Washington warned more economic pressures may be in store for Turkey if it refuses to release Brunson, a White House official said on Tuesday.

The lira was trading at 6.3 to the dollar, a gain in value on the day of 0.8%.

Turkey's lira has plummeted almost 40 percent this year due to concerns over Erdogan's growing influence on the economy.

Around 8.00 a.m. BST (3.00 a.m. ET), the lira made a rapid and large upwards movement against the dollar, briefly moving back below six to the dollar, and reversing some of the big downwards moves seen over the last week.

Turkey announced Wednesday increased duties on USA products including cars, tobacco and alcohol in retaliation to US sanctions and tariffs on Turkey in an on-going feud over the detention of an American pastor. The target products include, among others, cars, alcohol, and cosmetics, with rate hikes of 120%, 140%, and 60%, respectively.

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Its drop of as much as 18 percent on Friday hit US and European stocks as investors fretted about banks' exposure to Turkey . Erdogan says his country is under an economic "siege" that has nothing to do with its economic indicators.

Turkish Vice President Fuat Oktay said that the tariff hikes were ordered "within the framework of reciprocity in retaliation for the conscious attacks on our economy by the United States administration". Ankara more than doubled the tariff on U.S. rice to 50%, increased the U.S. coal tariff to 14% from 10% and more than tripled the tariff on cars to 120%.

Moves by the central bank to ensure Turkish banks have liquidity and a planned conference call by Turkish Finance Minister Berat Albayrak, who is Erdogan´s son-in-law on Thursday have gone some way to giving reassurance to investors.

American pastor Andrew Brunson is being held on terrorism charges in Turkey, facing up to 35 years in prison for his alleged role in a failed coup in 2016.

A Turkish court on Wednesday denied an appeal from pastor Andrew Brunson to be released from house arrest. On Wednesday, a court in Izmir, where Brunson is on trial, rejected his appeal to be released from house arrest. But she added that Turkey's economic problems "are a part of a long-term trend, something of its own making and not the result of any actions the United States has taken". An upper court had yet to rule on the appeal, his lawyer told Reuters.

After Turkish President Recep Tayyip Erdogan's appeal to boycott US electronic products on Tuesday, Turks started to raise their voices in social media by sharing the list of the USA items from fast food to clothing brands to be boycotted.

"Turkey does not favor an economic war, but it can not remain unresponsive when it is attacked", presidential spokesman Ibrahim Kalin said.

In his televised speech yesterday, Erdogan vowed that Turkey will "boycott U.S. electronic goods". "Not only with Turkey and Iran, we're also arranging and already implementing payments in national currencies with the People's Republic of China", he said.

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