In a joint statement, TUSIAD and TOBB Union of Chambers and Commodity Exchanges said that diplomacy should be used to solve U.S.-Turkish disputes urgently.
Turkey's business lobbies said on Tuesday that the foundations of Turkey’s economy are strong and that during this period of currency instability, real sectors, production and employment capacities were of utmost importance.
In a joint statement, TUSIAD and TOBB Union of Chambers and Commodity Exchanges said that diplomacy should be used to solve U.S.-Turkish disputes urgently.
The statement added that a concrete roadmap should be prepared to lower inflation permanently and that a tighter monetary policy is needed to stabilize the lira, which has fallen about thirty percent this month.
Turkey's currency recovered ground on Tuesday morning, rising by approximately five percent after the central bank had pledged on Monday to provide liquidity in response to the meltdown which has unsettled global markets. Finance Minister Berat Albayrak is due to hold a conference call with investors from the United States, Europe and the Middle East on Thursday.
Turkey's industry and technology minister on Tuesday announced a new support package worth 1.2 billion Turkish liras (approx. $183 million) for industrialists.The package aims to reduce current account deficit and encourage production of high value-added outputs, Mustafa Varank said in a statement.The industrialists will benefit from the package through the Technology and Innovation Grant Programmes Directorate TEYDEB 2.0, a new support system of the Scientific and Technological Research Council of Turkey (TUBITAK)."We will provide 1.2 billion liras (approx. $183 million) in three years for projects that will be implemented through TEYDEB's project announced this year," Varank said.Turkey's Borsa Istanbul up at openTurkey will emerge from this economic siege victorious, says parliament speaker
Turkey announces $183M package for industrialists
“We are in a sensitive period, thus necessary precautions must be taken in order to prevent a lasting impact of this situation on real economy. Following the positive steps taken by the Turkish Central Bank regarding liquidity, a tighter monetary policy must be implemented for the currency to stabilize,” the TUSIAD and TOBB Union of Chambers and Commodity Exchanges statement said.
“Austerity measures to support a tighter monetary policy must be announced soon. As a business community, we believe that with the implementation of the necessary measures, our economy will quickly return to a state of sustainable growth,” the statement said.
Turkey-US row
Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gül for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.
The exchange rate cannot be explained economically and Turkey will emerge from this economic siege victorious, Parliament Speaker Binali Yıldırım said on Tuesday while speaking to Turkish ambassadors during an address at the Çankaya Palace in capital Ankara.“Our people have seen the game. It is not a problem that we cannot overcome. We will emerge from this crisis successfully,” Yıldırım said.“The fluctuations of the exchange rate cannot be explained with Turkey’s economic indicators. The basis of these developments are political, not economic. Turkey is closed to economic impositions brought upon by political accounts,” he added.US-based group urges dialogue between US, TurkeyRelations between Ankara and Washington have been rocky since the Trump administration imposed sanctions on Turkey’s interior and justice ministers last week after Ankara refused to release American Pastor Andrew Brunson, who faces terrorism-related charges in Turkey.Last Friday, President Donald Trump doubled tariffs on aluminum and steel imports from Turkey.Turkish President Recep Tayyip Erdoğan in his turn said Turkey would turn toward new markets, new partners and alternative financial tools.Campaign launched in Senegal to support Turkish brands“If you pressure us through the dollar, we will look for other ways to carry out our works,” he said.Terming the recent U.S. tariffs on Turkey as an “economic war,” the Turkish president said: “We’ve seen your game and we challenge it.”The aim of the recent U.S. pressure is “to ensnare Turkey in every field from finance to politics,” the president noted.“We will not surrender,” Erdoğan asserted.Lebanese businesspeople come to support of Turkish lira
Turkey will emerge from economic siege victorious, says parliament speaker
U.S. President Donald Trump last week ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively, causing the lira to lose value against the dollar.
Turkish President Recep Tayyip Erdoğan in his turn said Turkey would turn toward new markets, new partners and alternative financial tools.
“If you pressure us through the dollar, we will look for other ways to carry out our works,” he said.
Turkish President Recep Tayyip Erdoğan on Monday stated that the country was under an economic siege of the U.S. and reassured that the lira would soon return to “rational levels.” 
Erdoğan: Turkey is under ‘economic siege’
Terming the recent U.S. tariffs on Turkey as an “economic war,” the Turkish president said: “We’ve seen your game and we challenge it.”
The aim of the recent U.S. pressure is “to ensnare Turkey in every field from finance to politics,” the president noted.
“We will not surrender,” Erdoğan asserted.
Turkey's stock exchange rose 2.16 percent, or 2,004.88 points, to open at 94,689.43 points on Tuesday.On the second transaction day of the week, the banking and holding sector indices rose 4.99 percent and 1.15 percent, respectively.Among all sector indices, the banking sector index posted the best performance, while the construction sector index was the sole index to fall at the open, losing 2.55 percent.On Monday, Borsa Istanbul's BIST 100 closed at 92,684.55, down 2.38 percent, or 2,255.08 points, with a trading volume of 15.5 billion Turkish liras ($2.26 billion).Turkey will emerge from this economic siege victorious, says parliament speakerTurkish lira gained in value against foreign currencies as of the beginning of Tuesday.On Monday, Turkey's Central Bank has announced several measures to revalue Turkish liras and provide foreign exchange deposits liquidity to lenders.The U.S. dollar/Turkish lira exchange dropped to 6.5930 as of 9.30 a.m. local time (0630GMT) on Tuesday. It was 6.8710 at Monday's close.The euro/lira exchange rate also fell to 7.5980 by market open -- from 7.8560 at the previous close -- and one British pound traded for 8.5050 Turkish liras versus 8.5540 at the previous close.The price of Brent oil rose slightly to $72.86 per barrel as of 10.00 a.m. local time (0700GMT) Tuesday, compared to $72.69 on Monday -- climbing from around $66 at the beginning of 2018.
Turkey's Borsa Istanbul up at open
Ankara and Washington must increase dialogue and return to the negotiating table to solve their budding crisis, the U.S.-based American-Turkish Council (ATC) said Monday.The independent business group said it "is deeply troubled by the U.S. Administration’s increased steel and aluminum tariffs levied against Turkey,” in a statementIt follows moves by President Donald Trump on Friday who said on Twitter he authorized those tariffs to be doubled, noting that "aluminum will now be 20% and steel 50%." He said they would take effect Aug. 13."The tariffs do not make business sense and will hurt the American companies and workers who rely on Turkish metals to meet their customers’ needs," ATC said.Turkey, US conduct 29th round of patrols in ManbijThe organization asserted the business relationship between Ankara and Washington has historically been based on mutual respect and cooperation."The ATC implores the Trump Administration to reconsider this escalation of a trade war that is without winners and to resolve this dispute at the negotiating table," it said.The American-Turkish community must work to encourage both sides to find positive terms and common ground to anchor the relationship between the two NATO allies, according to ATC.Campaign launched in Senegal to support Turkish brands"We must inspire increased dialogue, seek greater collaboration, and support the efforts to strengthen our trade and investment ties in the near, medium, and long term," it said.Trump's tariffs decision is another salvo in the growing dispute between the two NATO allies.Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.Lebanese businesspeople come to support of Turkish lira
US-based group urges dialogue between US, Turkey
Organizers in Senegal launched a campaign on social media Monday to support Turkey and its economy.They shared a list of 30 Turkish brands, including Turkish Airlines, urging people to support them as much as they can. They also called for a boycott of American brands.“If Turkey is solid and strong, all of the Muslim world is too. Allah is with Turkey. We are with Turkey. We all pray to Allah to end Turkey’s distress,” said Mohammad Yousef, who supports the campaign.“Through this simple campaign, we are showing our solidarity with the Turkish people against these artificial U.S. sanctions,” he said.Turkish president, Qatari emir talk over phoneRelations between Ankara and Washington have been rocky since the Trump administration imposed sanctions on Turkey’s interior and justice ministers last week after Ankara refused to release American Pastor Andrew Brunson, who faces terrorism-related charges in Turkey.Last Friday, President Donald Trump doubled tariffs on aluminum and steel imports from Turkey.The U.S. media said the decision was related to the current state of Turkish-American relations and the Brunson case.
Campaign launched in Senegal to support Turkish brands
Lebanese businesspeople have launched a solidarity campaign for the Turkish lira, which has recently lost ground against the dollar amid a raft of newly-imposed U.S. sanctions.Hani Hariri of Lebanon’s Rawwad Izci Association told Anadolu Agency that his association had decided to launch a campaign in support of Turkey’s national currency, which, he said, was “under attack”.“Through this simple campaign, we are showing our solidarity with the Turkish people against these artificial U.S. sanctions,” he said.Ahmad al-Taish, a Lebanese businessman who recently converted thousands of dollars into Turkish Lira, told Anadolu Agency: “We are obliged to support Turkey, which has become a symbol of development and civilization in the Muslim world.”Merchants in Lebanese capital Beirut, meanwhile, have launched a similar solidarity campaign, offering discounts to customers who make purchases in Turkish lira.Turkey-U.S. are currently experiencing rocky relations since Washington imposed sanctions on Turkey’s interior and justice ministers last week after Ankara refused to release an American pastor who faces terrorism-related charges in Turkey.Last Friday, U.S. President Donald Trump doubled tariffs on aluminum and steel imports from Turkey.Turkey Central Bank to provide all liquidity banks needNo deposits will be seized: Turkish FinMinTurks sprint to support national currency after Erdoğan call
Lebanese businesspeople come to support of Turkish lira