Turkey doubles tariffs on some US imports over economy 'attacks'

15 August, 2018, 12:12 | Author: Kathy Ellis
  • Argentina bank

Turkey's President threatened Tuesday to boycott USA electronic goods because of what he calls an economic war against Turkey by the United States.

The move comes amid increased tension between the two North Atlantic Treaty Organisation allies over Ankara's imprisonment of a pastor and other diplomatic issues.

Santosh Rao, head of research at Manhattan Venture Partners, said Erdogan's move to boycott American electronics and push Turkish consumers to Vestel phones might not work the way he thinks it will.

"If they have the iPhone, there is Samsung elsewhere". It was unclear how he planned to enforce such a boycott.

In addition, Turkey's national airline and its main telecoms firm announced they will halt advertising in the United States media.

But the U.S. insists Andrew Brunson, a long-time Turkish resident who ran the tiny Izmir Resurrection Church, is "a victim of unfair and unjust detention".

Hamdi Ates, corporate communications director at Turk Telekom, posted a similar message on Twitter.

That was a rare Trump understatement, as the two countries face sharp differences on the case of Brunson and other detained Americans, Erdogan's consolidation of power, USA support for Kurds in Syria, growing Turkish relations with Russia, Turkey's evasion of US sanctions and more.

He was also charged with supporting the outlawed Kurdistan Workers' Party (PKK), which was designated as a terrorist organization by Turkey and the U.S. Turkey regards the Kurdish fighters as terrorists.

Kerala: Death toll rises to 26, CM calls emergency meeting
He has been reviewing the flood situation and relief work being undertaken by the Army, Navy, Air Force, Coast Guard and the NDRF. Earlier in the day, three shutters of the Cheruthoni dam were raised by 100 cm with 425 cumecs water gushing out every second.

The lira was at 6.49 to the dollar, a gain of 4.5 percent on the day and 7.50 to the euro, well off the record lows of 7.24 to the dollar and 8.12 to the euro seen Monday.

Erdogan said Turkey is the target of an economic war waged by the USA, calling on citizens to exchange foreign currency and gold for the lira.

Turkey's ambassador to Washington Serdar Kilic on Monday held talks with US National Security Advisor John Bolton in a meeting that Cavusoglu said was arranged by the White House. Charged with espionage and aiding Kurdish militants and a US -based Turkish cleric accused of fomenting that coup attempt, Brunson was imprisoned for almost two years and moved to house arrest last month.

"Recent developments in the U.S. -Turkey relationship threaten both countries' economic interests and put at risk an alliance that has proven its value over decades", Brilliant said.

The second is that Erdogan would have to bury his hatchet with the United States, which remains the IMF's largest shareholder.

In a joint statement issued on Tuesday, the industrialists' group TUSIAD and the Union of Chambers and Commodity Exchanges called on the government to allow the central bank to raise interest rates to help overcome the currency crisis.

"We will be taking the necessary steps with our banks and banking watchdog in a speedy manner", he said, while ruling out the possibility of seizing dollar-denominated bank deposits.

Mr Erdogan has presided over soaring inflation and borrowing levels, but insists the lira's plight is the result of a "campaign" led by foreign powers.

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