Erdogan calls on Turkey to 'boycott' iPhones and other U.S. electronic goods

Cornelia Mascio
Agosto 14, 2018

Multiple institutions announced Monday similar warnings against those responsible for the crisis.

On Monday, the Turkish central bank introduced several measures to help, including cutting the reserves that banks are required to hold at the central bank, thereby freeing up money for lending. The evangelical pastor is on trial for terrorism charges.

The current crisis was sparked by Ankara's refusal to release pastor Andrew Brunson, who is now under house detention on terror-related charges and espionage.

He said the court had up to seven days to decide.

On July 18, ties take a turn for the worse when a Turkish court orders an American pastor, Andrew Brunson, held for nearly two years on terror charges, to remain in prison.

USA crude fell 2.29 percent to $66.08 per barrel and Brent was last at $71.53, down 1.76 percent on the day. "Whatever we pay for from overseas, we will do here", he said.

Turkey's president fired a new salvo in the growing war of words with the United States on Tuesday, saying Ankara will boycott all American-made electronic products. Ultra-low interest rates in the US and Europe have for years encouraged companies in Turkey to borrow in foreign currencies.

"It's another Manic Monday", said Jordan Rochester, a currency strategist at Nomura International in London.

For example, hoteliers are likely to benefit if tourists and foreigners decide to come to Turkey on holiday because of the weak currency making it cheaper for them to visit.

In Istanbul, 35-year-old Sukru Gumus, one of millions of Turks grappling with the country's economic crisis, said the crisis was raising costs for his business.

Turkish citizens could be in for a rough ride, as a combative Erdoğan clings to power, takes swings at the United States, and the Turkish currency continues to get battered.

The lira's plunge - which had been ongoing for weeks - was turned into a rout on Friday when US President Donald Trump tweeted that Washington was doubling aluminium and steel tariffs for Turkey. Arrested in 2016, Brunson faces terror and espionage charges.

The MSCI world equity index, which tracks shares in 47 countries, was down 0.7 percent and 1.7 percent since Friday's open as the Turkish lira plunged to a record low, forcing the country's finance minister to announce an economic action plan to ease nerves.

President Recep Tayyip Erdogan on Tuesday (Aug 14) said Turkey would boycott U.S. electronic goods like the iPhone in retaliation for punitive sanctions from Washington, as the Turkish lira finally clawed back some ground after going into a tailspin over the tensions.

Showing no signs of backing down in a standoff with the U.S., Erdogan suggested that Turkey would stop procuring U.S. -made iPhones and buy Korean Samsung or Turkish-made Vestel instead.

He said: 'You act on one side as a strategic partner, but on the other you fire bullets into the foot of your strategic partner.

It is not clear if this comes after Mr Erdogan's pressure.

In a joint statement issued Tuesday, the industrialists' group TUSIAD and the Union of Chambers and Commodity Exchanges called on the government to allow the central bank to raise interest rates to help overcome the currency crisis.

Despite Erdogan's rhetoric, diplomatic efforts are still under way.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE