Friday, 24 May, 2019

Erdogan says Turkey to 'boycott' U.S. electronic goods

Erdogan calls for boycott of iPhones as he targets American consumer products in retaliation for sanctions Turkey to boycott US electronics, including iPhone
Ginger Lawrence | 15 August, 2018, 17:42

On Friday, Turkey's Foreign Ministry said Turkey would retaliate against the raising of steel and aluminum tariffs by the USA administration.

The new decree amends a presidential decree on July 11.

The war of words between Turkey and the United States has escalated significantly in the past week as the U.S. calls for the release of an American evangelical pastor.

On Tuesday, he said Turkey would boycott USA electronic products.

Turkey and the USA are now experiencing rocky relations following Washington's imposition of sanctions over the detention of American pastor Andrew Brunson, who is under house arrest in Turkey over terrorism charges.

During an impassioned speech yesterday in Ankara, Turkey's capitol, Erdogan accused the United States of being "economic hitmen" who use the economy "as a weapon".

Asked how the Trump administration would react to any such Turkish boycott, Sanders replied during Tuesday afternoon's briefing, "I certainly don't have a policy announcement on that at this point".

The Turkish lira has dropped to record lows in recent weeks, having fallen 42 per cent so far this year.

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Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency. Erdogan has encouraged his citizens to sell any American dollars they have to buy local currency, but the lira continues to slide.

That helped ease tensions in financial markets, with the Turkish lira stabilizing somewhat near record lows.

In a statement released Tuesday, Turkish business groups called on Erdogan to let the Turkish central bank raise interest rates to stop the currency crisis.

Turkey doubled tariffs on some US imports including cars, alcohol and tobacco on Wednesday in retaliation for USA moves, but the lira rallied a further six percent after a fresh move by banking authorities to underpin the currency.

The differences are drawing Turkey closer to Russian Federation, they key adversary of North Atlantic Treaty Organisation but a country supplying more than half of Turkey's gas.

It was also helped by a step from the banking watchdog BDDK, cutting the limit for Turkish banks' forex swap, spot and forward transactions with foreign banks to 25 percent of a bank's equity. USA sanctions against two Turkish ministers have sent the lira spiralling against the dollar, threatening a debt payment crisis for Turkish banks which have taken out billions...

"We view the policy of sanctions as unlawful and illegitimate, driven mostly by a desire to dominate everywhere and in everything, dictate policies and call shots in global affairs", said Lavrov, predicting "such a policy can't be a basis for normal dialogue and can't last long".

Lavrov, alongside Turkish Foreign Minister Mevlut Cavusoglu, also declared, "We are at a turning point, without exaggeration, in world history" from dominance by a single power toward a multipolar environment.