Monday, 19 November, 2018

Turkey to boycott USA electronic goods: Erdogan

People walk by a Wall Street sign close to the NYSE in New York People walk by a Wall Street sign close to the New York Stock Exchange in New York U.S
Russell Knight | 14 August, 2018, 19:08

A man shops in a market in Istanbul, Monday, Aug. 13, 2018.

Instead on Monday it vowed to make available "all the liquidity" needed by the banks. The Turkish lira has nosedived over the past week and tumbled another 7 percent on Monday as the central bank's measures failed to restore investor confidence.

The dispute centres on Turkey's refusal to release American pastor Andrew Brunson.

Investors seemed to look through the fiery rhetoric, pushing the lira off record lows on reports that Turkish and US government officials held talks on Monday.

Erdogan on Monday had said: "Turkey's economic dynamics are solid, strong and intact, and they will continue to be intact".

The Russian foreign minister claims that the US increased use of sanctions will erode the dollar's role as the top reserve currency.

He said Russian President Vladimir Putin and Erdogan had also discussed using national currencies in trade.

A boycott would serve as retaliation against the USA sanctions on two Turkish ministers over the detention of American pastor Andrew Brunson, as well as President Donald Trump's doubling of tariffs on Turkish steel and aluminum imports last week, which resulted in a massive drop in the lira's value, according to Reuters. Ultra-low interest rates in the USA and Europe have for years encouraged companies in Turkey to borrow in foreign currencies.

Lavrov says that Washington's policies will undermine the dollar's position as the global reserve currency of choice.

Moves to ease Turkey's economic woes have failed to stop market turmoil as the country's row with the United States deepens. "This is called carrying out an operation against Turkey", he said.

The lawyer representing an American pastor held in Turkey has renewed an appeal for his release from house arrest. It was not clear when the court would consider the appeal.

His assurance came after Turkey's president blamed the lira's plunge on a plot against the country.

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Erdogan was inaugurated in July under a new system which entirely dispensed with the office of prime minister. And the rupee is feeling it.This time, it's the USA versus Turkey .

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On August 10, US President Donald Trump announced higher tariffs on Turkish imports of steel and aluminum.

Mr Brunson has denied charges of espionage, but faces up to 35 years in jail if found guilty.

President Tayyip Erdogan said on Tuesday Turkey would boycott electronic products from the United States, retaliating in a row with Washington that helped drive the lira to record lows.

"If the United States has the iPhone, there's Samsung on the other side", Erdogan said, referring to the top South Korean smartphone maker.

It was unclear how the Turkish leader planned to implement the boycott.

Even more, Trump's direct reference to the Turkish lira sent the currency tumbling.

"We can only say "goodbye" to anyone who sacrifices its strategic partnership and a half-century alliance with a country of 81 million for the sake of relations with terror groups", he said."You dare to sacrifice 81-million Turks for a priest who is linked to terror groups?" Not only would this help contain inflation but it would also help support the lira.

"When the dollar turns into a tool of political punishment, we will continue to take steps to protect the Turkish lira even more strongly in global trade", Albayrak said.

Eurozone countries run a trade surplus with Turkey but it is small and in the two previous Turkish financial crises since the turn of the millennium, European exporters have been able to divert their business to other markets.

The Turkish lira has been hit by concerns over President Recep Tayyip Erdogan's economic policies and a trade and diplomatic dispute with the United States, a North Atlantic Treaty Organisation ally.

The lira currency, which has lost more than 40 percent against the US dollar this year, pulled back from a record low of 7.24 earlier on Monday after the central bank pledged to provide liquidity, but it remained under selling pressure and its meltdown continued to rattle global markets.

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