Published: Wed, August 15, 2018
Finance | By Jaime Brady

Turkey to boycott USA products including iPhone, says Erdogan

Turkey to boycott USA products including iPhone, says Erdogan

Turkey said Wednesday it was imposing extra tariffs on imports of products, including rice, vehicles, alcohol, coal and cosmetics.

Commenting on the new measure, Vice-President Fuat Oktay tweeted that it was taken "under the principle of reciprocity" against "the U.S. administration's deliberate attacks on our economy". The Turkish lira has lost more than 45 percent of its value since 2017.

Because of the currency storm and the possibility that access to materials, and to export markets will be disrupted at the Turkish plants, financial data for the performance of the companies in Turkey is now unbalanced and for the time being unreliable, reports LTN.

Turkey is boosting tariffs on imports of certain US products, including rice, cars, alcohol, coal and cosmetics - escalating a feud with the United States that has helped trigger a currency crisis.

Last week, Washington imposed sanctions and raised tariffs against Ankara over the continued detention of American pastor Andrew Brunson.

As Turkey's currency started dropping, President Donald Trump announced that the USA would be doubling its tariffs on imports of Turkish steel and aluminum.

It's not clear how Erdogan would enforce the boycott, the AP noted.

Neither side appears willing to back down in the row over Andrew Brunson, an evangelical preacher who was arrested on terrorism charges in Turkey nearly two years ago.

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"We have already seen some effect on the European banks and the euro because of that".

The currency has now stabilised at around 6.50 lira against the dollar.

"Turkey does not favour an economic war, but it can not remain unresponsive when it is attacked", said Ibrahim Kalin, a spokesperson for President Recep Tayyip Erdogan.

Brunson was arrested and indicted on espionage and terror-related charges back in 2016 in connection with a failed military coup operation. The Trump administration announced plans on Friday to double USA tariffs imports of steel and aluminum from Turkey.

However, severe changes in the value of the currency calmed Tuesday after news that US national security adviser John Bolton had met with the Turkish ambassador to Washington Monday.

"If we postpone our investments, if we convert our currency to foreign exchange because there's danger, then we will have given in to the enemy", he said. "The central bank has not done this through a change in the benchmark rates, but they are squeezing liquidity, so the result is the same", Maggio said.

The US has also been irritated by Turkey's decision to buy a Russian missile defence system earlier this year, while Ankara has hit out at Washington's backing of Kurdish rebels in Syria. He is scheduled to appear before a court in October for his third hearing after the court rejected an appeal for his release in a July 18 hearing.

And Mr Erdogan's spokesman Ibrahim Kalin wrote on Twitter that Turkey would emerge stronger from the process as the government works to support financial stability.

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