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Erdogan Vows to Boycott U.S. Electronic Goods Amid Pastor Spat

15 August, 2018, 20:57 | Author: Kristi Dunn
  • Stocks were on a five-week winning streak before last week

The country's Official Gazette announced on Wednesday the higher tariffs on a series of products including rice, vehicles, alcohol, coal and cosmetics.

Turkish Vice President Fuat Oktay said on Twitter the increases were being done "within the framework of the principle of reciprocity in retaliation for the conscious economic attacks by the United States".

Turkey has suffered the most from the feud, which has helped push its currency, the lira, to record lows against the dollar.

Just last week, Mr Erdogan was urging ordinary Turks to do their part to support the currency, saying, "If there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks".

Turkey's President Recep Tayyip Erdogan has said his country will boycott United States electronic products, after Washington imposed punitive sanctions on Ankara.

Erdogan described USA sanctions as an "economic attack" doomed to fail because "Turkey has one of the most solid banking systems in the world in all respects".

Turkey's economy has been under the threat of sanctions from the USA after President Donald Trump tweeted earlier this year that this would be a probable course of action if an American pastor, Andrew Brunson, was not freed from jail.

Last Friday, U.S. President Donald Trump said he had authorised higher tariffs on aluminium and steel imports from Turkey.

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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The lira led losses among global peers after the nation's first steps to bolster the financial system were seen by some analysts as insufficient to protect markets in times of distress.

For one more time, Erdogan called on Turks to convert USA dollars into lira in order to "maintain the dignity" of the currency. He showed no signs of backing down in the stand-off and suggested that Turkey would stop procuring US-made iPhones and buy Korean Samsung or Turkish-made Vestel instead.

Brunson, who has lived in Turkey for 20 years and has been detained since October 2016, is accused of helping Gulen's network and the proscribed Kurdistan Workers Party (PKK).

Turkey's economic crisis boils down to heavy reliance on foreign investments made in dollars, while Turkish assets are valued in lira, and the lira has been declining at an alarming rate (although it appeared to stabilize somewhat on Tuesday).

National Security Adviser John Bolton met at the White House on Monday with Turkish ambassador Serdar Kilic, but the discussion reportedly did not result in any substantive progress.

That is an unsubtle plea for the courts to end the U.S. -Turkey standoff by taking the Brunson decision out of Erdogan's hands.

Kalin also called on the United States to respect legal process in Turkey in reference to the American pastor's continued detention.

Qatar and Turkey are bound by strategic relations at the political, economic and military fronts.

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