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Turkey's stock exchange started the midweek trading day up 1.74 percent, or 1,622.28 points, to open at 95,040.93 points on Wednesday.
On the third transaction day of the week, the banking and holding sector indices gained 2.55 percent and 1.90 percent, respectively.
While all sector indices started the day on rise, the leasing factoring sector index posted the best performance, up 3.71 percent.
Raising tariffs on imports from Turkey “poses serious risks” for the United States, an official at the U.S. Chamber of Commerce said Tuesday.In a statement, Myron Brilliant, executive vice president and head of international affairs, said the Chamber of Commerce has warned for months that “alienating our allies in a tit-for-tat trade war would harm the U.S. economy and undermine American global leadership, and evidence of that harm to U.S. workers, farmers, and businesses is mounting”.President Donald Trump announced on Twitter last Friday that he would double the tariffs on steel and aluminum imports from Turkey.The two countries have been close allies for more than 60 years while Turkey has been a strong member of NATO.Turkey raises tariffs on US-origin products"Recent developments in the U.S.-Turkey relationship threaten both countries' economic interests and put at risk an alliance that has proven its value over decades," Brilliant said."Actions that heighten these tensions risk spreading today's financial challenges to other emerging markets, to European banks, and, ultimately, to the U.S. economy.” The U.S. Chamber of Commerce has been home since 2013 to the U.S.-Turkey Business Council, which represents more than 60 of the largest American companies doing business in Turkey, according to the statement.
Tariffs on Turkish imports ‘pose serious risks’ for US
On Tuesday, Borsa Istanbul's BIST 100 closed at 93,418.65, up 0.79 percent, or 734.10 points, with a trade volume of 11.2 billion Turkish liras (around $1.72 billion).
The U.S. dollar/Turkish lira exchange rate dropped to 6.3470 as of 9.30 a.m. local time (0630GMT) on Wednesday, from 6.5410 at Tuesday's close.
The euro/lira exchange rate fell to 7.2020 in the open market -- from 7.4500 at the previous close -- while one British pound traded for 8.0980 Turkish liras versus 8.3740 at the previous close.
The price of Brent oil rose to $72.36 per barrel as of 10.00 a.m. local time (0700GMT) Wednesday, down from $73.36 at the previous close -- climbing from around $66 at the beginning of the year.
Turkey has increased tariffs on several U.S.-origin products, including alcohol and tobacco products and cars, according to a new presidential decree published early Wednesday in the official gazette.Under the decree, Turkey will raise tariffs to 100 percent on imports of the products.The new decree amends a presidential decree on July 11."Tax rates on imports of some products have been increased on a reciprocal basis against the U.S. administration's deliberate attacks on our economy," Vice President Fuat Oktay said on Twitter.Turkey to boycott US construction materialsAmong the products are cars, rice, some alcohol and tobacco products and some cosmetic products like sun creams.On Friday, Turkey’s Foreign Ministry said Turkey would retaliate against the raising of steel and aluminum tariffs by the U.S. administration.Foreign Ministry Spokesman Hami Aksoy said on Twitter that President Donald Trump's decision, which also violates World Trade Organization rules, does not comply with "state seriousness".Trump ramped up his attack on Turkey by raising steel and aluminum tariffs to 50 percent and 20 percent respectively.Chinese firm to buy raisins from Turkey rather than USThe U.S. decision is another salvo in the growing dispute between Turkey and the U.S.Last week, a Turkish delegation returned from Washington with no movement on the detention of American pastor Andrew Brunson, who is under house arrest in Turkey over terrorism charges.Brunson's charges include spying for the PKK -- listed as a terrorist group by both the U.S. and Turkey -- and the Fetullah Terrorist Organization (FETÖ), the group behind the defeated coup attempt in Turkey of July 2016.Turkey to boycott US construction materialsTurkey 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 Brunson.The two NATO allies have been at odds since the defeated coup, which Ankara accused U.S.-based Fetullah Gülen and FETÖ of masterminding.Video: Erdoğan: Turkey will boycott US electronic products
Turkey raises tariffs on US-origin products