On August 8, talks between the US and Turkey stalled again and two days later, Trump tweeted he would double steel and aluminium tariffs.
Beyond the bluster of the two world leaders, the spat between the North Atlantic Treaty Organisation allies has exacerbated a financial storm in Turkey.
Top U.S. dailies have published stories trying to deflect from Turkey announcing on Tuesday a boycott of American electronic products, focusing instead on other aspects of the bilateral row. He suggested Turks would buy local or Korean-made Samsung phones instead, although it was unclear how he meant to enforce the boycott.
But the Turkish government's framing of its problems as an epic battle for sovereignty against outside enemies, particularly U.S. President Donald Trump, resonates among core supporters, even as fears grow that further falls of the Turkish lira could threaten bankruptcies among Turkish firms carrying high foreign currency debt.
But on Wednesday the lira was trading at 6.0 to the dollar, a gain in value on the day of 5.2 percent.
Fundamental concerns about the economy persist, however. "We are going to continue to call on Turkey to do the right thing and release those individuals". Higher rates would slow economic growth, which he wants to egg on, but are urgently needed to support the currency and tame inflation, experts say.
Switching to foreign currency would mean giving in to the enemy, he added.
Erdogan's appointment of his own son-in-law as Finance Minister, following his electoral victory in June, was "the final straw for worldwide investors", Foreign Policy reported, citing Aaron Stein of the Atlantic Council.Читайте также: Wall St flat as trade tensions mute earnings optimism
In reference to tariffs Turkey announced Wednesday on the import of some American goods, Kalin said: "Turkey does not favor an economic war, but it can not remain unresponsive when it is attacked".
Turkish President Recep Tayyip Erdogan has dismissed calls for the country to raise interest rates to try to ease the crisis - and has lashed out at the United States.
Washington imposed sanctions on two Turkish ministers two weeks ago over the trial on terrorism charges of U.S. evangelical pastor Andrew Brunson in Turkey, and last week it raised tariffs on Turkish metal exports.
Trump has repeatedly asked for Brunson's release, while Ankara said the decision was up to the court.
Brunson's lawyer Cem Halavurt told AFP that a higher court would also discuss his appeal for Brunson's release.
Erdogan's office said the pledge was made by Qatar's head, Al Thani.
"Erdoğan has stated in the past that Brunson's arrest was meant to allow Ankara to trade" him for extraditing Gülen, who lives in Pennsylvania.
An Istanbul court also ordered the release of Amnesty International's Turkey chair Taner Kilic who has spent more than a year in jail over alleged links to a failed coup in 2016.
The two countries have also been in conflict in Syria's war.
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