>> The fallout between the US and Turkey showing no sign of letting up. A regional Turkish court rejecting an appeal from an American Christian pastor to be released from house arrest, and for his travel ban to be lifted. Andrew Bronson's appeal now lays at the hands of an upper court, and his case at the heart of this diplomatic crisis.
A defiant Turkish leader says his nation is the target of an economic war. In response to President Trump announcing higher duties on Turkish imports to the US on Wednesday, Ankara retaliated. In the latest tit-for-tat, Turkey says that it will be doubling tariffs on some US imports, for example, tobacco, cosmetics, and alcohol.
Say, for example, if you're looking to import a US passenger car into Turkey, you're facing trade tarriffs that have doubled to 120%. And the iPhone, well, Erdogan says that his country will be boycotting American electronics. The spat between the US and Turkey has caused chaos for the lira currency in recent days.
The US was the fourth largest source of imports to Turkey last year. While Turkish exports to the US amounted to $8.7 billion, making it Turkey's fifth largest export market. Investors are now looking to a planned conference call with Turkey's finance minister, Erdogan's son-in-law, on Thursday.