Wednesday, 14 November, 2018

Turkey hikes tariffs on United States products amid escalating tensions

Turkey's president threatens boycott of iPhones, other US electronics Turkey to boycott US electronics, including iPhone
Cristina Norman | 15 August, 2018, 20:59

Its drop of as much as 18% on Friday hit European and United States stocks as investors fretted about banks' exposure to Turkey.

President Recep Tayyip Erdogan is accusing the United States of waging a targeted economic war on his country, and on Tuesday he proposed a boycott of US electronic goods. So far this year, it has lost 40 percent of its value against the United States dollar, dipping to a historic low.

The lira continued its recovery against the dollar on Wednesday as Turkey increased tariffs on U.S. goods and introduced measures to restrict bets against the embattled currency.

The lira had already rebounded about 8 percent on Tuesday on news of a planned conference call on Thursday in which the finance minister will seek to reassure worldwide investors. He renewed a call on Turkish citizens to convert their dollars into the local currency.

"We will stand against the dollar, currency rates, inflation, interest rates. We will protect our economic independence by being tight knit together", he told members of his AK Party in a speech.

Ankara acted amid increased tension between the two North Atlantic Treaty Organisation allies over Turkey's detention of a Christian American pastor and other diplomatic issues, which have helped send the lira tumbling to record lows against the dollar.

The "law will be applied to those who release fake news about banks, financial institutions and companies that are open to public", the Capital Markets Board of Turkey said in a statement.

Brunson, who is under house arrest, faces 35 years in prison if convicted.

A White House official said the United States was warning more economic pressures may be in store for Turkey if it refuses to release Brunson. "If they have iPhones, there is Samsung on the other side", Erdogan said at an assembly of his AK Party members in Ankara on August 14.

Turkey's central bank has promised to provide banks with liquidity.

"We will impose a boycott on USA electronic products". Turkish President Recep Tayyip Erdogan accused the United States of seeking "to force Turkey to surrender in every field from finance to politics, to make Turkey and the Turkish nation kneel down." . The Turkish leader has consolidated power after a failed coup attempt in the winter of 2016, not long before America's presidential election. "I have a 16-year-old daughter". Independent economists say Erdogan should let the central bank raise interest rates to support the currency, but he wants low rates to keep the economic growth going.

He said Russian Federation and Turkey have set a goal to switch from dollars to national currencies in mutual trade.

The lira rallied to 6.53 against the dollar on Tuesday, buoyed perhaps by news of a forthcoming conference call between the Turkish finance minister and about 1,000 investors.

The government announced the tariffs "under the principle of reciprocity", following sanctions imposed by Washington over the detention of an American pastor, which has sent the lira tumbling to record lows against the dollar.

US National Security Adviser John Bolton met with the Turkish ambassador to Washington on Monday, suggesting that diplomatic efforts are continuing, according to the AP.

We have to serve better quality goods than we are importing from them, Erdogan added in his comments made amid the ongoing tussle with Washington. A higher court was however, was scheduled to review the appeal, the agency said.

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