Turkish President calls for iPhone boycott

Cornelia Mascio
Agosto 15, 2018

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

Turkish President Tayyip Erdogan attends a news conference in Ankara, Turkey, Aug. 14, 2018.

The lira lost a quarter of its value this month as Donald Trump doubled tariffs on Turkish steel and aluminum imports and slapped sanctions on two ministers. "If [the US] has the iPhone, there's Samsung on the other side", Erdogan was reported as saying.

The White House announced sanctions on the Turkish justice and interior ministers, prohibiting USA citizens from doing business with them. But Sanders declined to say how the US government plans to apply more pressure on Ankara, which repeatedly has ignored calls from Trump and others to free Christian pastor Andrew Brunson. It recovered a bit, by 4 per cent to around 6.12 lira per dollar Wednesday, after the government took steps to shore up the currency by reducing the daily limit in bank foreign currency swap transactions.

The dispute between the USA and Turkey has started an economic crisis in Turkey that has pushed its currency to historic lows.

Turkey's president appeared to escalate a dispute with the United States that has helped foment a Turkish currency crisis, claiming Tuesday that his country will boycott US-made electronic goods.

USA national security adviser John Bolton on Monday met Turkey's ambassador to the United States to discuss Brunson's detention. In 2017, the United States exported $9.7 billion dollars in goods to Turkey, according to the U.S. Census Bureau.

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

Serving at the Diriliş (Resurrection) Protestant Church in the western province of İzmir, Brunson was arrested in October 2016 and moved to house arrest on July 25 due to health problems.

Turkey and the USA have been locked in a heated crisis emanating from unjust sanctions and the actions of Trump, as Washington levied sanctions on Interior Minister Süleyman Soylu and Justice Minister Abdulhamit Gül for not releasing American pastor Andrew Brunson, who faces terrorism charges in Turkey. The Turkish vice president says it's a response to Washington's "deliberate attacks" on the country's economy. This has raised concerns over the central bank's independence given the president's repeated statements against raising interest rates.

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 worldwide investors.

She said Turkey would continue to "protect the rights of Turkish companies and retaliate" against unjust actions by the United States.

"We view the policy of sanctions as unlawful and illegitimate, driven mostly by a desire to dominate everywhere and in everything, dictate policies and call shots in global affairs", said Lavrov, predicting "such a policy can't be a basis for normal dialogue and can't last long".

The Union of Chambers and Commodities Exchanges of Turkey and the Turkish Industry and Business Association called on the government to cut spending, improve ties with the European Union and bring to an end the spat with the U.S.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE