Published: Fri, August 17, 2018
Markets | By Josh Butler

Turkey has more to ‘lose’ in Apple boycott

Turkey has more to ‘lose’ in Apple boycott

Ankara's latest move follows President TrumpDonald John TrumpDems make history, and other takeaways from Tuesday's primaries Pawlenty loses comeback bid in Minnesota Establishment-backed Vukmir wins Wisconsin GOP Senate primary MORE's announcement last week that he will double tariffs on imports of steel and aluminum from Turkey until it releases USA pastor Andrew Brunson, who was arrested in 2016.

The lira has rebounded sharply since hitting a record low of 7.24 against the dollar at the start of the week, recovering after the central bank took liquidity measures and curbed selling of the currency.

The White House has said that Turkey's tariff hikes on United States products in retaliation for sanctions against Ankara were "regrettable" and again called for the immediate release of American pastor Andrew Brunson.

Trump said the United States had helped Turkey in a related incident, but that the North Atlantic Treaty Organisation ally had not repaid the favour.

A Trump tweet on Friday announcing a doubling of aluminum and steel tariffs for Turkey triggered the rout in the currency markets.

Turkey has responded by declaring that it will raise tariffs on a number of us imports, including cars, tobacco and spirits.

"They want to hold our wonderful pastor", Trump added.

"We have stood together and will continue to do so", he said, making clear the high-level meeting was meant to communicate unequivocal support for Turkey at a critical juncture.

Turkey Europe
Turkey is beset by a weak currency and tension with the United States

The charge d'affaires at the US embassy in Turkey, Jeffrey Hovenier, visited Brunson on Tuesday and called for his case, and those of others detained in Turkey, to be resolved "without delay" and in a "fair and transparent manner".

A decree by Erdogan doubled Turkish tariffs on imports of USA passenger cars to 120 per cent, alcoholic drinks to 140 per cent and leaf tobacco to 60 per cent. Tariffs were also doubled on goods such as cosmetics, rice and coal.

United States treasury secretary Steven Mnuchin yesterday said to Mr Trump that further sanctions are ready to be put in place. Turkish currency has nosedived lately. On Aug. 14, he said Turkey would boycott US electronic products.

The ministers responded by condemning the sanctions and claiming not to have any economic interests or properties in the United States.

The threat comes as Turkey sought to reassure investors rattled by the sanctions-fueled crash of the Turkish lira, insisting the country would emerge stronger.

China's Foreign Ministry said Turkey can "overcome" the economic problems.

Qatar has pledged to channel $15bn of direct investment into Turkey, a sign of burgeoning ties between the two countries.

He also recalled that Pakistan's next prime minister Imran Khan supported Turkey in the recent crisis with the U.S.

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