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.

Google Play shows warning to anyone searching for Fortnite APKs
Unfortunately, most users won't get past the sign-in process as only invited players will be able to launch the game. Epic Games' decision to not list Fortnite on Play Store is a huge loss for Google .

"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

'They hid it all': Catholic Church hid abuse of 1000 children
Another child drank juice, only to wake up the next morning bleeding from his rectum and unable to remember what had happened. Since the Boston abuse scandal erupted in the 1990s, accusations involving American clerics have sporadically surfaced.

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".

Horrifying Moment Driver Ploughs Car Into Pedestrians Outside UK Parliament
The force said: "At 7.37am today, Tuesday, August 14, a auto was in collision with barriers outside the Houses of Parliament". Police officers surrounded a silver auto which had hit several cyclists and arrested a man wearing a puffa jacket.

U.S. urges United Kingdom to end support for Iran nuclear deal
In the article, Johnson said the Trump administration is "determined to make sure they [the sanctions] are fully enforced". President Trump warned United States partners and the rest of the global community against trading with Iran .

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.

Tesla directors: 'No formal proposal' to take company private
The board had confirmed earlier this month that it had "met several times over the last week" to discuss going private. Shares of Tesla slipped $3.15, or less than 1 percent, to $353.26 in early trading Tuesday.

Vienna ranks as most liveable city in 2018 displacing Melbourne
Wore-torn Syria saw its capital of Damascus rank last on the list as the country's bloody civil war continues to drag on. Two European cities , Helsinki, Finland and Hamburg, Germany fell out of the top-10 ranks from previous year .

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.

Nicki Minaj Successfully Makes Stephen Colbert Blush With Personalized Rap Verse
It's fair to say that " Barbie Dreams " was the song that took all the headlines from Nicki Minaj's new album Queen . While drumming her hand on the table, Minaj raps, "I might f*** Stephen after the show".

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.

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".

Tiger wakes up the echoes with best major final round
Woodland, who has made great strides in his smooth, powerful swing working with Butch Harmon, has time to become that hot player. When Woods withdrew after the opening round of the Dubai Desert Classic in February 2017, he had fallen all the way to No.674.

Rupee fall due to external factors: Government
The rupee has been among the worst performing currencies against the dollar compared with its peers so far this year. Previously, the rupee had dropped 2.4 percent or 148 paise in a single day in August 2013.

Turkish economy is solid, strong: President Erdogan
More than a third of Turkish banks' lending is in foreign currencies, according to Reuters . The fear is of a full-blown emerging market crisis.