Turkey hikes tariffs on imports of several USA products

Turkey Central Bank to provide all liquidity banks need

President Recep Tayyip Erdogan said Tuesday that Turkey would boycott US -made electronic products, escalating a feud with the Trump administration that has contributed to the rapid decline of the Turkish currency.

The call from businesses came as Erdogan demanded a boycott of Apple and other USA -made products in an effort to hurt the United States.

Erdogan has been repeatedly photographed with Apple products including the iPhone and iPad. "I believe in my nation", Erdogan vowed, the New York Times reported.

"We will boycott U.S. electronic goods", Erdogan said in a televised speech, raising the stakes in a spat that has seen the Turkish lira plunge to record lows.

"Whatever we buy from overseas we are going to produce here in better quality and export it".

"If (the United States) have the iPhone, there's Samsung on the other side", he said, referring to U.S. giant Apple's iconic phone and the top South Korean brand.

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

The trade fracas heated up as Turkish President Tayyip Erdogan doubled tariffs on some U.S. imports, and China lodged a complaint with the World Trade Organisation against American trade policies.

"The secret to successful states is their readiness for war".

The Trump administration's use of tariffs as a multi-purpose weapon and the impact it is having, or might have, on China and the emerging economies and resource economies that are part of China's supply chain has been layered over factors that by themselves would have resulted in a stronger USA dollar.

"On the one hand you are a strategic ally and on the other you shoot [the country] in the foot".


Turkey has raised tariffs on some US products under the principle of reciprocity "in response to the USA administration's deliberate attacks on our economy", Vice President Fuat Oktay wrote on Twitter on Wednesday.

The United States imposed sanctions on two Turkish government ministers over the trial on terrorism charges of USA evangelical pastor Andrew Brunson in Turkey, and last week Washington raised tariffs on Turkish metal exports.

Turkish lira banknotes are pictured at a currency exchange office in Istanbul, Turkey on August 13, 2018.

The lira was at 6.5 to the dollar, a gain of 5.0 percent on the day and 7.4 to the euro, well off the record lows of 7.24 to the dollar and 8.12 to the euro seen Monday.

The lira rebounded by 6 per cent, strengthening at one point to less than 6 lira to the dollar, after the banking regulator hit Turkish lenders with new restrictions on extending lira for overseas swap transactions.

Erdogan continued: "Together with our people, we will stand decisively against the dollar, forex prices, inflation and interest rates". Amid calls to "burn" the dollars, the group headed to a bank branch where they converted the money, it said.

It is an issue that has pre-occupied some of the global financial agencies, who have been concerned about the potential for an emerging market financial and economic crisis because of the divergence between conditions in the United States and developing economies.

A stronger greenback, even as the Fed is accelerating the unwinding of the legacy of its buying of USA government bonds and mortgages during the financial crisis, means the U.S. currency is becoming both more expensive, and less available.

"The plunge in the lira, which began in May, now looks certain to push the Turkish economy into recession", Andrew Kenningham, chief global economist at Capital Economics, told Reuters.

Turkey's business lobbies have also called for a tighter monetary policy to stabilize the lira, and for a diplomatic solution to the United States-Turkish dispute.

Related News:

  • GoFundMe 'reviewing' Fredericton shooting fundraisers after police tweet

    GoFundMe 'reviewing' Fredericton shooting fundraisers after police tweet

    Matthew Vincent Raymond, 48, has been charged with four counts of first-degree murder and is set to appear in court on August 27. Cochrane said he has received responses from grieving people across the country, including a colleague of Const.
    Trump's full statement on revoking John Brennan's security clearance

    Trump's full statement on revoking John Brennan's security clearance

    Also on the list: fired FBI agent Peter Strzok, FBI lawyer Lisa Page and senior Justice Department official Bruce Ohr. President Trump has revoked the security clearance of former Central Intelligence Agency director John O.
    CDC reports measles outbreaks in Indiana, Michigan

    CDC reports measles outbreaks in Indiana, Michigan

    The total number of cases per year in the U.S. usually hovers around 100, aside from 2014 when an outbreak led to 667 cases. The Centers for Disease Control and Prevention is monitoring the spread of measles in 21 states, including Indiana.
  • Trump signs Dollars  716 bn defence bill with watered-down China measures

    Trump signs Dollars 716 bn defence bill with watered-down China measures

    In a statement on its website, the ministry said that the U.S. should treat investors with objectivity and fairness. The mandate to produce a study came after an earlier version proposed to bar the delivery of F-35s to Turkey.
    Canopy Growth Corp Inspired Sector Run Expected To Ensue Today

    Canopy Growth Corp Inspired Sector Run Expected To Ensue Today

    Constellation's shares had gained 11.7 percent over the past year before the announcement, underperforming the S&P 500 index. Both companies said they have no plans to sell cannabis products anywhere unless it is permitted at all government levels.
    Sterling suffers longest losing streak since 2008 as dollar surges

    Sterling suffers longest losing streak since 2008 as dollar surges

    If UK inflation is lower than expected, investors may become concerned that the BoE's August interest rate hike was unjustified. United Kingdom inflation data and retail sales numbers for July are also due out this week.
  • BC declares state of emergency due to wildfires

    During the 2017 wildfire season, the province was in a provincial state of emergency for 10 weeks, from July 7 to September 15. The forecast across B.C. calls for continued hot and dry conditions with risks of thunderstorms.
    Coca-Cola bets on Kobe's sports drink to win where Powerade has lost

    Coca-Cola bets on Kobe's sports drink to win where Powerade has lost

    A BodyArmor representative did not immediately respond to FOX Business' request for comment on the report. On Tuesday, Coca-Cola announced it had purchased a minority stake in the drink.
    Roquan Smith Ends Holdout With Bears

    Roquan Smith Ends Holdout With Bears

    Smith's holdout seemed odd, but it might turn out to be an issue the National Football League has to navigate in coming years. Smith is already behind schedule, but the Bears' extended preseason makes it feel like he's missed more than he has.
  • Trump signs defense bill named for Sen. John McCain

    Trump signs defense bill named for Sen. John McCain

    Trump's promise to provide more certainty for military funding, after years of budget "sequestration" caps under President Obama. Notably in his remarks, Trump never mentioned McCain by name, even though the bill is named in his honor.
    Man charged in Walmart shooting apologizes in court

    Man charged in Walmart shooting apologizes in court

    During the chaos, a pregnant woman was knocked to the ground and required medical attention. Witnesses saw them throwing the handgun out of the car's window.
    Omarosa says she's 'not trolling' with White House recordings

    Omarosa says she's 'not trolling' with White House recordings

    But she has already contradicted herself and lacks credibility as she makes bombshell allegations that Trump is a vocal racist . Add Donald Trump as an interest to stay up to date on the latest Donald Trump news, video, and analysis from ABC News.


Most liked

David de Gea: Manchester United confident goalkeeper will sign new deal
Do you think De Gea deserves a big-money contract at United? "Two world-class saves nailed the game for Manchester United ". His current contract is due to expire next year, but Manchester United do have the option to extend it by a further season.

IPhone X-like Motorola P30 gets official in China, and it's cheap
Motorola on Wednesday officially joined the notch bandwagon after announcing its very first notched phone at an event in China. The single major reason for Motorola P30's close resemblance to iPhone X is the fact that consumers like such design language.

Corey Coleman asks for trade on HBO's 'Hard Knocks'
It was too early for him last Thursday when Buffalo opened the preseason against the Carolina Panthers. I gave him my ID and he was like, he went back to the auto , he was like my license is suspended.

Aerosmith to start Las Vegas residency in April 2019
The rock band will play an 18-date residency at MGM's Park Theater beginning April 2019. Aerosmith announced a total of 18 shows during the months of April, June and July.

Appointed Judge Upholds Mueller's Authority
President Donald Trump is guilty of wrongdoing in connection with Russia's interference in the 2016 U.S. presidential election. Ellis, who oversees Manafort's financial fraud case; and DC District Court Chief Judge Beryl Howell - to back up her decision.

Kevin De Bruyne suffers knee injury in training
Kevin De Bruyne is undergoing tests on his right knee after sustaining an injury at training on Wednesday. Manchester City midfielder Kevin de Bruyne isn't surprised by Bernardo Silva 's early season form.

Setback for US Pastor Brunson as Turkey Retaliates Against Trump
The White House said on Tuesday President Donald Trump was frustrated that Turkey had not released Brunson. But on Wednesday the lira was trading at 6.0 to the dollar, a gain in value on the day of 5.2 percent.

Putin ready to meet N. Korea's Kim soon - North's state media
Pyongyang has been calling for an end-of-war declaration as a security guarantee in return for taking denuclearization actions. The two Koreas announced earlier this week that Moon and Kim will meet in Pyongyang sometime next month.

Paris Jackson Reveals She Had Surgery for an Abscess
Jackson also revealed she is on a lot of medication to treat pain stemming from the operation. Her grandmother, Katherine Jackson, also made an appearance.

Flood toll in India's tourist hotspot Kerala jumps to 67
Fifty two have been killed in the worst floods since 1924, and over 1,00,000 people have been sent to relief camps. Northern parts have seen some rainfall activity which has further aggravated the situation in the state of Kerala.

Mobile Promises New Rock Star Customer Service For Everyone
Plus, the Un-carrier has launched asynchronous messaging for all T-Mobile customers in the T-Mobile App and iMessage. T-Mobile took the stage in Charleston, South Carolina on August 15 to host its latest Un-Carrier Next event.

Youtube removes trailer for 'The Nun' after violating "shocking content" policy
Examples of content considered violent or shocking include "gruesome imagery" and "promotions that are likely to shock or scare". A recent ad for " The Nun ", the fifth flick in " The Conjuring " series, is not the most saintly.

What is a subtropical storm vs. a tropical storm?
With five named storms so far in 2018, forecasters are still calling for four to eight more before the end of hurricane season. Continuity prevents a higher forecast, but Lane seems destined to eventually become a category-4 hurricane like Hector.

India to launch its first manned space mission by 2022
He announced a health insurance scheme for 500 million poor people providing a cover of 500,000 rupees ($7,150) per family a year. Modi turned poetic before winding up his almost 80-minute speech, saying that the country's fortunes were being transformed.

Pearl Jam slammed for 'gory' anti-Trump concert poster
He said it was "important to have a congressman that can sort of make people think less emotionally about some of these things". Tester Evel Knievel on tractor ... over the cesspool below. "Maryland Matt.