Turkey to boycott U.S. electronic goods

15 August, 2018, 07:54 | Author: Regina Silva
  • Euro Sells Off on Fragile Emerging Market Rebound- US Market Open

Behind the scenes, however, diplomats resumed contact to ease tensions.

President Recep Tayyip Erdogan suggested that Turkey will stick to Samsung and Vestel if U.S. products are banned.

FILE PHOTO: A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul, Turkey August 2, 2018.

Along with a boycott of USA electronics, Erdogan indicated that his government would offer further incentives for companies to invest in Turkey. He suggested Turks would buy local or Korean phones instead of US-made iPhones, though it was unclear how he meant to enforce the boycott.

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.

Behind the scenes, however, diplomatic dialogue appears to have resumed.

Even though a meeting between National Security Adviser John Bolton and Turkey's USA ambassador on Monday yielded no public progress, the White House is now leading the talks with Turkey over Brunson's release and a host of other issues that have dragged down the alliance.

The lira TRYTOM=D3 -which plummeted to a record low of 7.24 to the dollar at the week's start, rattling global markets- was slightly weaker at 6.415 after rebounding more than 8 percent overnight.

Rather, the only real hope for Turkey to stabilize its currency without resorting to exchange controls or to default on its debt would be for the country to restore investor confidence by seeking an IMF-backed economic stabilization program.

Oil steady as emerging market woes dim demand outlook
Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC). West Texas Intermediate was down 0.6% to $67.34 per barrel at 3:15 p.m.


Trump campaign taking legal action against Omarosa
She said she did not write this in her book because she heard the tape after her memoir was sent off for publication. Trump is heard saying, after chief of staff John Kelly terminated her employment.


Calgary ranks fourth in The Economist's list of most livable cities
Bangladesh's Dhaka was second last with a score of 38 percent, with Nigeria's Lagos just ahead with a score of 38.5 percent. Canadian cities also fared well, with Calgary taking out number four, Vancouver in sixth, and Toronto seventh.


"They do not refrain from using the economy as a weapon against us, as they tried in the areas of diplomacy, military, or efforts for social and political instability", Erdogan said. However, other countries - such as Mexico and South Africa - also took advantage of low U.S. interest rates in the years after the financial crisis to borrow heavily in dollars and saw their currencies coming under pressure.

The dire state of Turkey's economy may be a effect of a diplomatic misunderstanding between the country's president and Donald Trump.

The finance chief, Berat Albayrak is due to address hundreds of foreign investors on Thursday in a teleconference, the state-run Anadolu Agency said. On Tuesday, he said the government is working on steps to help banks and support companies affected by the currency crisis.

Mr Brunson was released from prison and placed under house arrest last month after serving 21 months in pre-trial detention in a Turkish prison on charges related to the 2016 attempted coup in Turkey. It was not clear when the court would consider the appeal.

Brunson has already denied the charges, calling them "shameful and disgusting".

How much has Turkey's currency dropped?

In a direct threat against the White House, Erdoğan warned United States president Trump, who signed off the sanctions, of unspecified consequences for punishing Turkey.

Synnex Technology (聯強), Acer (宏碁), and Asus (華碩) all reportedly have productions facilities in Turkey, and will certainly be impacted by the trade spat and the crash of the lira.

Independent economists caution it would be hard to unseat the dollar as the top reserve currency as it is used widely in the global economy, for example to trade in oil and for commercial deals. "Such policy can't be a basis for normal dialogue and it can't last long". "I believe in my nation", Erdogan vowed, the New York Times reported. Earlier this week it was reported that Erdogan has accused the United States of stabbing them in the back.

Recommended:

  • Jim Mattis defends his reversal on Space Force

    Jim Mattis defends his reversal on Space Force

    Secretary Mattis now says he's sure creating a sixth branch of the military is the best way to reorganize the Pentagon. This force will draw from across the military to provide space expertise in times of crisis and conflict, Pence said.
    Liverpool fans are already losing their minds over Naby Keïta

    Liverpool fans are already losing their minds over Naby Keïta

    If he is capable of keeping up these type of performances, he will certainly be a contender for signing of the season. He is such a well-rounded midfielder with unbelievable qualities and he ran the show in the middle of the park.
    Brooks Koepka wins the U.S. Open for the 2nd straight year

    Brooks Koepka wins the U.S. Open for the 2nd straight year

    Open, joining Johnny Miller (1973), Jack Nicklaus (1980), Tom Weiskopf (1980), Vijay Singh (2003) and Justin Thomas (2017). Late a year ago , he registered a nine-shot victory in the Dunlop Phoenix, one of the strongest Japan Golf Tour events.
  • Netflix's CHILLING ADVENTURES OF SABRINA

    Netflix's CHILLING ADVENTURES OF SABRINA

    Today, Netflix released a first look at the upcoming TV show. In the first photo below, we see Shipka as Sabrina Spellman. That second image is titled "the dark Baptism of Sabrina ".
    Tiemoue Bakayoko Moves To AC Milan, Ends Disappointing Chelsea Spell

    Tiemoue Bakayoko Moves To AC Milan, Ends Disappointing Chelsea Spell

    The Blues will now switch their attentions towards their crunch Premier League clash against Arsenal at Stamford Bridge on Saturday evening.
    Genoa bridge collapse: WATCH shocking moment major motorway bridge collapses in Italy

    Genoa bridge collapse: WATCH shocking moment major motorway bridge collapses in Italy

    Italian television showed images of the collapsed bridge, which was built on the A10 toll motorway in the 1960s. Ansa said that authorities suspected that a structural weakness caused the collapse on Tuesday.
  • New Mexico family believed dead boy's spirit would lead attacks -prosecutors

    New Mexico family believed dead boy's spirit would lead attacks -prosecutors

    Family members said the remains were that of Wahhaj's disabled son, who had been abducted from his mother in Georgia in December. Last week, authorities found the remains of a young boy at the compound on what would have been Abdul-Ghani's fourth birthday.
    Two-time champion Fernando Alonso leaving F1 at end of the season

    Two-time champion Fernando Alonso leaving F1 at end of the season

    According to IndyCar CEO Mark Miles, Zak Brown and McLaren still have plenty of time to investigate running a team in IndyCar. Alonso returned to Renault in 2008, before joining Ferrari in 2010.
    Crash outside London Parliament treated as terrorism

    Crash outside London Parliament treated as terrorism

    He was not known to police or security agency MI5, counter-terrorism head Neil Basu said in an interview outside Scotland Yard. London police have confirmed they are treating Tuesday morning's incident outside the Houses of Parliament as terror-related.
  • Vimeo removes Infowars content

    Vimeo removes Infowars content

    The theories he has promoted include that the September 11, 2001 attacks on NY and Washington were staged by the U.S. government. This makes Vimeo - a video uploading and sharing service similar to YouTube - the latest platform to remove Infowars content.
    Trump campaign taking legal steps against Omarosa

    Trump campaign taking legal steps against Omarosa

    Before becoming president, Trump himself had a reputation for quietly recording conversations during his business dealings in NY . But his use of the phrase to characterize an African-American woman stands to complicate his denial of using racist language.
    First Look at Disney's Live Action Mulan Released as Production Begins

    First Look at Disney's Live Action Mulan Released as Production Begins

    She is huge in China , and has also featured in a number of Hollywood films including The Forbidden Kingdom and Outcast . Instead of allowing her elderly father to be forced into war, Mulan disguises herself as a man and enlists in his stead.


Popular

Reality Star Lyric McHenry Dead at 26
McHenry first posted a boomerang of a chessboard at The Frederick Hotel in Tribeca, before she moved to the Soho Grand Hotel. The night before her body was found, it appeared she was celebrating her birthday.

Demi Lovato's overdose reportedly caused by Oxycodone laced with fentanyl
More details have emerged regarding Demi Lovato's drug overdose , which TMZ says was trigged by Oxycodone laced with fentanyl. After her discharge from the hospital, the singer broke her silence with a post to Instagram .

Meghan Markle 'won't fall for dad's crocodile tears'
By that stage, Thomas Markle was in hospital recovering from a heart attack, and had decided not to attend the royal wedding. Prince Harry has flown to Botswana, the country he and wife Meghan Markle "fell in love" in, but she's not coming.

Bud Light Installs ‘Victory Fridges’ For When Cleveland Browns Win A Game
It'll be hooked up to Wi-Fi, and when the Browns win, Bud Light will simultaneously unlock all of them at once. The fridges will have smart technology that will be triggered with any Browns victory, either home or away.

These Ryder Cup choices should be easy for tight-lipped captain
As you can see in the caption, there is a joke about Koepka having to "keep Woods away" from his girlfriend. Koepka and Johnson, and Thomas and Fowler played together in the Presidents Cup a year ago .

Could Turkey's currency crisis spread "contagion"?
Since January, the Turkish lira has lost more than 34% of its value against the dollar , pushing up the price of everyday items. More than a third of Turkish banks' lending is in foreign currencies, according to Reuters .

Pilot dies after plane crashes into home with couple inside
But hours later, after 2am, he was taking off in a plane believed to belong to his employer and flying directly to his home. The National Transportation Safety Board was investigating the incident and was expected to issue a report within the week.

Tesla forms three-member panel to decide on any Musk deal
Mashable Tech Editor Pete Pachal on the fallout from Tesla CEO Elon Musk's tweet about potentially taking the company private. What's more, a deal would likely prompt a review but the Committee on Foreign Investments in the USA , noted the paper.

Mohamed Salah In Trouble With Police?
The Premier League club said that they have alerted the Merseyside Police about the video. 'Thanks for letting us know'. The Liverpool talisman has been marketed as not only a world-class footballer, but also a genuinely nice guy.

Nicki Minaj Leaves Stephen Colbert Flustered With Flirty Rap
Colbert pointed out that he was excluded from the list of men, which implied she might be willing to be intimate with him. Minaj admitted that two of the men mentioned had "approached" her about it, but she wouldn't say who.