Turkey doubles tariffs on some USA imports; Turkish lira rallies

15 August, 2018, 17:41 | Author: Regina Silva

On Friday, Turkey's Foreign Ministry said Turkey would retaliate against the raising of steel and aluminum tariffs by the us administration.

Turkish President Recep Tayyip Erdogan has repeatedly described the dispute with the USA with as an "economic war" that Ankara will win.

The call for a boycott appears to be Erdogan's answer to the US decision to double tariffs on Turkish steel and aluminum imports.

On Tuesday, he said Turkey would boycott US electronic products.

In addition, the US has placed sanctions on two Turkish ministers over the arrest of an American pastor who is charged with having links to terrorism.

Turkey has accused the U.S. of waging an "economic war" as part of a plot to harm the country.

"If they have the iPhone, there is Samsung elsewhere". Details of how a boycott of American electronics might be enforced were not presented during Erdogan's speech.

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Erdogan said Turkey is the target of an economic war waged by the United States, calling on citizens to exchange foreign currency and gold for the lira.

Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency.

The crisis has sent the Turkish currency into free fall since Friday. The declaration comes as a trade war between the United States and Turkey has caused the Turkish currency, the lira, to plummet over the past few days, sending shockwaves throughout global markets.

Turkish lira banknotes are seen in this picture illustration in Istanbul, Turkey August 14, 2018. But world stock traders were dismayed the bank did not raise interest rates, which is what many economists believe is necessary to ease the crisis.

Turkey has agreed to buy S-400 surface-to-air missiles from Russian Federation, an unprecedented move by a North Atlantic Treaty Organisation member, which has raised objections from members of both parties of the U.S. Congress and the Trump administration.

The lira was trading on Wednesday at 6.02 to the dollar, a gain in value on the day of 5.5 percent. But, foreign investors are concerned that the central bank may not act because of political interference.

"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 worldwide affairs", said Lavrov, predicting "such a policy can't be a basis for normal dialogue and can't last long". But the latest row with the USA also contributed to the lira's plunge.

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