Turkey's president threatens boycott of iPhones, other United States electronics

Ivan Schwartz
August 15, 2018

Tariffs are more than doubling for American cars and alcohol, for instance, to 120 per cent and 140 per cent, respectively. The tariffs on cosmetic products were increased by 60 percent. The tariff increases followed Donald Trump's decision last week to double U.S. tariffs on Turkish steel and aluminium, deepening Turkey's economic crisis.

It's unclear what the US trying to achieve by targeting an ally with whom it worked together in places including Somalia, Afghanistan and Kosovo. "We will protect our economic independence by being tight-knit together", he said.

Turkish President Tayyip Erdogan's spokesperson said on Wednesday he expected problems with the United States, which helped drive the lira to record lows, to be resolved but Washington must stop trying to influence Turkey's judiciary.

Erdogan also said Turkey was boycotting United States electronic products.

Chanting "Damn America", they unfurled a banner saying "we will win the economic war", the Demiroren agency said.

He said: "Contagion and risk off are the main themes although we are seeing a generalised selloff rather than the "similar characteristics" theory".

On Friday, U.S. President Trump said the he made a decision to impose a 50 percent ad valorem tariff on steel articles and 20 percent on aluminum imported from Turkey, specifically targeting the slide in the Turkish lira and the economy as he wrote on his Twitter account.

And last week, Donald Trump announced that he was looking to double the steel and aluminum tariffs that the USA has imposed on Turkey, adding fuel to the fire.

The diplomatic dispute has sent shockwaves through financial markets across the world as the plunging lira causing currencies in other developing countries to nosedive.

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"We (also) have our Venus and Vestel", he said about homegrown Turkish electronics brands.

The US doubled tariffs last week over Turkey's refusal to extradite a US pastor who is imprisoned there.

President Erdogan has accused the USA of trying to "bring Turkey to its knees through threats over a pastor".

In a televised speech on Friday, he called on Turkish citizens to exchange foreign currency and gold for lira, calling it an "economic war".

Kalın underscored that the US administration regularly creates crises in its ties with other countries to manipulate the problems in domestic politics.

He said Russian President Vladimir Putin and Erdogan had also discussed using national currencies in trade. The country has also called for a ban on USA electronics.

Washington has imposed financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey, as Donald Trump tries to secure the release Andrew Brunson, an American pastor being tried in Turkey on espionage and terrorism-related charges.

AFP reports Brunson's jail term had been converted to house detention for health reasons.

They called on the government to cut spending, improve ties with the European Union, bring to an end the spat with the USA and chart out a clear plan to bring inflation - which soared to a 15-year high of nearly 16 per cent in July - back to single digits permanently.

Other reports by GizPress

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