Turkey hikes tariffs on United States products amid escalating tensions
Turkey hikes tariffs on United States products amid escalating tensions
Turkey to boycott US electronics, including iPhone
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.
West Texas Intermediate ( WTI ) crude futures were at $67.43 a barrel, down 20 cents, or 0.3 percent from their last settlement. Oil prices slid Monday after inventories at a key United States crude delivery hub jumped last week, adding to demand concerns.
On Monday, Trump alleged Manigault Newman was already bound by an agreement not to speak about her time at the White House. Trump's tweets that said, " Wacky Omarosa , who got fired 3 times on the Apprentice , now got fired for the last time".
The staffer said she witnessed Manigault Newman being verbally abusive to junior level staffers several times . The Situation Room is the inner sanctum of the White House . "They were not offering a real job", she said.
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The cities were scored on security, access to healthcare, culture and entertainment, education and infrastructure. Among other Australian cities to be demoted, Perth has gone from seventh to 14th place since 2017.
USA national security adviser John Bolton on Monday met Turkey's ambassador to the United States to discuss Brunson's detention. The dispute centres on Turkey's refusal to release USA pastor Andrew Brunson.
According to Pakistan Meteorological Department, previously two solar eclipse and two lunar eclipse have been witnessed in 2018. Those who reside in areas where the eclipse will be visible, must be warned that they should not look at the Sun directly.
However, he should keep his place in the side for now as Murali Vijay has had a completely horrid time with the bat so far. The hosts had declared on 396-7, with Chris Woakes finishing on 137 not out, before Anderson reduced India to 17-2.
Her brother and manager Cecil died from lung cancer in 1989, one year after her sister Carolyn passed away from breast cancer. Franklin won her first Grammy Award in her mid-20s, going on to win an additional 19 gongs throughout her career.
But the trade minister, Ruhsar Pekcan, said: "We implore President Trump to return to the negotiating table". After nearly 20 months in a Turkish jail, a court moved Brunson was moved to house arrest in July.
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Erdogan: Turkey can do without United States electronic goods
By contrast, Spanish, French and Italian banks have loaned Turkey $83.3 billion, $38.4 billion and $17 billion, respectively. Washington began to apply economic pressure on Ankara after the detention of American pastor Andrew Brunson in Turkey .
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Manigault-Newman also taped Trump sounding surprised on the phone after being informed of her firing at Kelly's behest. In her new book, Unhinged , she writes: "Taken as a whole, all of her style rebellions have served the same goal ".