Turkey to boycott USA electronics, including iPhone

15 August, 2018, 20:58 | Author: Teresa Adams
  • European banks

The currency's climb followed retaliatory tariffs by Ankara against USA goods including rice, coal and cars.

The lira has fallen more than 40 per cent against the United States dollar this year, while Ankara's relationship with Washington has soured.

It was unclear whether Erdogan's call for Turks to sell dollars would be widely heeded, but a Turkish news agency said traders in Istanbul's historic Eminonu district converted $100,000 into lira on Tuesday.

Turkey is increasing tariffs on imports of series of USA products, escalating a feud with the United States that has helped trigger a currency crisis.

Erdogan has reacted to the financial instability by blaming foreign powers, in particularly the United States, a longtime North Atlantic Treaty Organisation ally, which he says is waging an "economic war" as part of a plot to harm Turkey.

Turkey announced Wednesday that it is increasing tariffs on imports of certain US products as a court denied an American pastor's appeal to be released from house arrest - both moves likely to escalate a feud with the United States that has helped trigger a currency crisis.

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Turkey already imposed new tariffs in June on a similar range of United States goods, worth a total of $1.8 billion, in retaliation for President Donald Trump's initial tariffs on steel aluminum.

The tit-for-tat measures are part of a broader dispute between the two countries over the fate of an American citizen, Andrew Brunson, who is being prosecuted by Turkish authorities on terrorism-related charges.

Lavrov echoed Erdogan's calls for countries to use their national currencies rather than the dollar in global trade, but there were no firm commitments on help for Turkey. He suggested Turks would buy local or Korean-made Samsung phones instead, although it was unclear how he meant to enforce the boycott.

Turkey's economic crisis boils down to heavy reliance on foreign investments made in dollars, while Turkish assets are valued in lira, and the lira has been declining at an alarming rate (although it appeared to stabilize somewhat on Tuesday).

State media in Doha said Sheikh Tamim bin Hamad Al-Thani was travelling to Turkey for a "working visit".

An evangelical from North Carolina, he has been held in Turkey for almost two years over alleged links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup in 2016.

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On Friday, Turkey's Foreign Ministry (MFA) said Turkey would retaliate against the raising of steel and aluminium tariffs by the United States administration.

Turkey's ambassador to Washington Serdar Kilic held talks with U.S. national security advisor John Bolton in a meeting which Ankara said was arranged by the White House.

This week, bankers told Reuters that the Turkish Central Bank would meet "banks' lira liquidity needs at an overnight rate of 19.25 per cent if needed", in what the bankers said could be a first step toward tightening monetary policy.

That is an unsubtle plea for the courts to end the U.S. -Turkey standoff by taking the Brunson decision out of Erdogan's hands. But neither side has backed down, with Erdogan invoking Turkey's past of supporting the U.S. in times of need, including America's war in Afghanistan.

Kalin called on the United States to respect legal process in Turkey in reference to the American pastor's continued detention.

A Turkish court Tuesday released two Greek soldiers detained since March on espionage charges for illegally crossing the border in a case that has stoked tensions with Brussels.

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