Erdogan says Turkey will boycott US electronics, lira steadies

Erdogan says Turkey will boycott US electronics, lira steadies

Turkey doubled tariffs on some USA imports including cars, alcohol and tobacco on Wednesday in retaliation for US moves, but the lira rallied a further six per cent after a fresh move by banking authorities to underpin the currency. Tariffs have also been increased on goods such as cosmetics, rice and coal.

Explaining the new tariffs, Turkish Vice-President Fuat Oktay said the rises were ordered "within the framework of reciprocity in retaliation for the conscious attacks on our economy by the United States administration".

The Turkish lira rose for a second day on central bank liquidity measures, while other emerging market currencies stumbled again, with the South African rand hitting a 13-month trough and the Indian rupee lingering near an all-time low.

On Wednesday, the lira traded at 6.4125 to the US dollar, weakening from a close of 6.3577 a day earlier.

Investors are anxious not only about Turkey's souring relations with the USA, a longtime North Atlantic Treaty Organisation ally, but also Turkish President Recep Tayyip Erdogan's economic policies and the country's high debt accumulated in foreign currencies.

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".

Erdogan also namechecked Vestel Venus phones as a home-built alternative for his countrymen to buy - a move that helped the shares of the company to rise nearly 5 percent.

Mr Brunson has denied charges of espionage, but faces up to 35 years in jail if found guilty.

Pogba "Determined" To Become Leader And Stay At Manchester United
Cryptically, Pogba followed up with "There are things that I can not say otherwise I will get fined". For me, it was a dream come true.

"We will boycott USA electronic products", Erdogan said.

The lira had already rebounded about 8 percent on Tuesday on news of a planned conference call on Thursday in which the finance minister will seek to reassure global investors.

He also reiterated that the Turkish economy has strong fundamentals and the recent volatility in the exchange rate does not reflect the economic structure of the country, but emanates from an economic war waged on Turkey with illegitimate and irrational moves targeting the country's economy. A higher court was however, was scheduled to review the appeal, the agency said. The US has since imposed financial sanctions on two Turkish ministers, leading Turkey to clap back with its own sanctions.

Turkey and the USA are now experiencing rocky relations following Washington's imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing Brunson.

A Turkish court on Wednesday rejected an appeal from American pastor Andrew Brunson to be released from house arrest, but a higher court has yet to rule on the matter.

Kalin said Erdogan would hold telephone conversations with German Chancellor Angela Merkel later Wednesday and with Emmanuel Macron of France on Thursday.

Speaking at a press conference with his Turkish counterpart Mevlut Cavusoglu, Lavrov said: "I'm certain that with such abuse, the role of the American dollar as the world reserve currency will weaken and more countries, even not affected by the American sanctions, will get away from dollars".

The State Department warned Turkey in June that its plan to purchase these planes could be hurt if it continued with its plan to also buy Russian S-400 missiles.

Related News:



Most liked

Paul Manafort’s Defense Rests Without Calling a Witness or Presenting a Case
Manafort is accused of hiding millions of dollars in income he received advising Ukrainian politicians. Manafort if he wished to testify on his own behalf, but the political strategist replied, "No, Sir".

Movie Director’s Pregnant Daughter Found Dead in NYC
McHenry first posted a boomerang of a chessboard at The Frederick Hotel in Tribeca, before she moved to the Soho Grand Hotel. McHenry's sister Maya , who also appeared on EJ Johnson's reality show, was likewise at the birthday celebration.

Oil falls on USA stocks rise, weaker economic outlook
The main driver is expected to be upcoming United States sanctions on Iran's energy sector, which kick in come November. Brent crude futures fell $1.67, or 2.3 per cent, to $71.14 a barrel, by 12:29 p.m.

Twitter Won’t Ban InfoWars Or Alex Jones Despite Violations Of Its Terms
Jones was also sued for defamation by the parents of two children who died in the 2012 Sandy Hook school massacre in CT in April. Thus, the social media site has taken to perhaps keeping on more controversial material than what other websites are willing to.

After her win in Vermont, Christine Hallquist could be first transgender governor
Hallquist is being supported by The Victory Fund , a political action committee that backs LGBTQ candidates across the country. And Vermont Democrats are okay with Sanders not taking the nomination, as they had been in 2006 and 2012.

American Troops Help Fight Off Major Taliban Assault
Just this week, American Special Forces were deployed to the city to help train local forces and guard against renewed attacks. Martin O'Donnell, a spokesman for USA forces in Afghanistan, said American forces and US attack helicopters flew in overnight.

Fineprint crucial to unlocking Caspian Sea's vast resources
That is why disagreements over how to divide some of its huge oil and gas fields have been numerous - and acrimonious. Some littoral states have also disputed the ownership of several oil and gas fields, which delayed their development.

Omarosa: Trump has ‘done nothing’ to stem Chicago violence
On Monday, Manigault Newman released another recording in which Trump appeared to express surprise that she had been fired. Mr Trump said "I don't have that word in my vocabulary, and never have". "White House", he said .

World equities slip on Turkey currency woes
USA officials say National Security adviser John Bolton had met with the Turkish ambassador to Washington on Monday. Erdogan claims that his stance against USA imports is necessary due to the recent collapse in Turkish assets.

Erdogan says Turkey to 'boycott' US electronic goods
Turkish Foreign Minister Mevlut Cavusoglu told reporters that the top US diplomat in Turkey would visit Brunson later Tuesday. Lavrov says that Washington's policies will undermine the dollar's position as the global reserve currency of choice.

Ivanka Trump, administration mark anniversary of Charlottesville riot
Ms Omarosa, the reality-TV star turned White House aide, put it more bluntly when questioned by reporters at a Virginia airport. Ivanka Trump encouraged her followers to "strengthen our communities" and help other "achieve his or her full potential".

Check Out The Fresh Face Of The 2019 Honda Civic
For the 2019 model year, Honda Sensing® is standard or available equipment on all Honda auto and light truck nameplates. It is also hailed as the most popular vehicle with the under 35 crowd in America for eight of the past nine years.

How to stop Google from tracking you on the web
This setting, turned on by default, controls various options for apps and services connected to your Google account . Critics say Google's insistence on tracking its users' locations stems from its drive to boost advertising revenue.

Highway bridge collapses in Genoa in northern Italy
Fire brigade sources said that tens of people have died after a section of a highway bridge in Genoa collapsed on Tuesday. Other images showed a green truck that had stopped on the bridge just yards short of the gaping hole in the road surface.

Chad Kelly to replace Paxton Lynch as No. 2 quarterback for Broncos
He's played with poise, he's played with confidence. "We'll move on from that and work on Chicago". He played well Saturday night. "He deserves a chance to be the [second-string] guy right now".