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Turkey's Erdogan Threatens Boycott of US Goods

15 August, 2018, 21:41 | Author: Sara Gill
  • Stocks were on a five-week winning streak before last week

On Sunday, Turkish President Recep Tayyip Erdogan said he would like to form "a new alliance" with China, Iran and Russian Federation to resist economic pressures imposed by the Donald Trump administration.

Turkey's President Recep Tayyip Erdogan announced that the country of 81 million people will boycott American consumer electronics, including Apple's iPhone.

"Every product that we buy in foreign currency from outside, we will produce them here and sell overseas", Erdogan said in a speech, according to The New York Times. He urged Turks to buy local or Korean mobile phones, instead of American iPhones.

Turkish authorities arrested him in 2016 and charged him with being involved in a failed coup that same year against Turkish President Recep Tayyip Erdogan and with colluding with Kurdish militants.

Turkey has doubled tariffs on some USA imports, such as cars, alcohol and tobacco, one day after President Recep Tayyip Erdogan called for a boycott of iPhones.

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.

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

In a direct threat against the White House, Erdoğan warned United States president Trump, who signed off the sanctions, of unspecified consequences for punishing Turkey.

A higher Turkish court was still considering the appeal and Brunson's lawyer, Ismail Cem Halavurt, told CBS News on Wednesday that he would not consider the appeal formally rejected until the higher court issues it's ruling.

Turkey has been thrown into crisis mode over the past week after US President Donald Trump doubled steel and aluminium tariffs on the country, sending the value of the lira into free-fall.

The imprisonment of USA pastor Andrew Brunson has weighed heavily on relations, leading to a series of escalations. Earlier this week it was reported that Erdogan has accused the United States of stabbing them in the back.

Lavrov held talks in Ankara with Turkish Foreign Minister Mevlut Cavusoglu days after the Turkish lira TRY= plummeted to an all-time low versus the U.S. dollar, while the Russian rouble RUB= lost almost 10 percent in just several days of August.

But the lira posted gains on forex markets for the first time after days of losses, giving the currency much needed respite.

Andrew Brunson is an American pastor who has been detained in Turkey for nearly two years since October 7, 2016.

US sanctions against Turkey recently sent the country's currency, the lira, into free fall.

"They are squeezing lira liquidity out of the system now and pushing interest rates higher", said Cristian Maggio, head of emerging markets strategy at TD Securities.

Andrew Craig Brunson is escorted by Turkish plain clothes police officers, July 25, 2018, in Izmir, Turkey.

Gulen has denied the charges, and the US has rejected every request to force him from his compound in Pennsylvania to stand trial in Turkey.



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