Economy

Turkish president says the country will boycott U.S. electronics

Turkish president says the country will boycott U.S. electronics

'The import duties were increased on some products, under the principle of reciprocity, in response to the US administration's deliberate attacks on our economy, ' Vice President Fuat Oktay wrote on Twitter.

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.

The move by Turkey's Gulf ally offered further support to a lira rally after the Turkish central bank tightened liquidity and curbed selling of the currency.

This tariff hikes came after Turkish President Recep Tayyip Erdoğan's announcement on 14 August of a boycott on USA electronics goods, with Erdoğan advising explicitly against the purchase of iPhones, encouraging citizens to instead use Samsung and Turkish-made Vestel phones.

Ankara also announced new tariffs on U.S. imports, adding duties of 50% to 140% on alcohol, cars and rice. Last week, the US also announced plans to double tariffs on Turkish steel and aluminum.

Turkey hiked Wednesday tariffs on imports of several key United States products in retaliation for American sanctions against Ankara, as a bitter dispute between the two allies that has battered the Turkish lira showed no sign of ending. The United States doubled tariffs on Turkish steel and aluminum last week, which contributed to a tumble in the Turkish lira TRYTOM=D3.

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Tammy Baldwin Sunday tweeted that Trump, "can not run our economy with Tweets". "It's called 'Bikers for Trump ". To recap, the president is cheering on Americans who want to boycott a brand founded in Milwaukee in 1903.

The move is seen as payback for Turkey's staunch support after Saudi Arabia, United Arab Emirates and Egypt blockaded Qatar previous year.

Evangelical pastor Andrew Craig Brunson has found himself at the centre of a war of word between USA President Donald Trump and Turkey President Recep Erdogan.

Talks between Washington and Ankara in recent days to resolve the standoff have foundered.

U.S. White House Press Secretary Sarah Huckabee Sanders holds the daily briefing at the White House in Washington, D.C., U.S. August 15, 2018. While officially the bad debt ratio at Turkey's banks is just 3 per cent, lenders are in the process of renegotiating upwards of US$20 billion of loans to try to prevent them from going into default.

"We predict that measures that our institutions will continue to take will result in an even stronger normalization of the Turkish economy", Kalin said.

The Turkish lira firmed to 5.8699, from 6.04 to the U.S. dollar after the news.

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And, as for Banks, well, her inflammatory history speaks volumes, so it's probably best to take all of this with a grain of salt. She referred to Grimes as a "dirty-sneaker-inbred-out of the woods-Pabst beer pussy methhead-junkie". "They're so pitiful.

The paper said the feud between Turkey and the USA was "escalating".

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.

Businessmen holding us dollars stand in front of a currency exchange office in response to the call of Turkish President Tayyip Erdogan on Turks to sell their dollar and euro savings to support the lira, in Ankara, Turkey Aug. 14, 2018.

She said: "the United States is an important trading partner, but it is not our only partner".

The visit came hours after Brunson's lawyer appealed to a court for his release and for a travel ban against him to be lifted.

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He said the board's outside directors discussed going private without Musk or his brother Kimbal Musk, a board member, present. They haven't reached any conclusion on whether taking Tesla private is advisable or feasible.


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