Turkey’s president wants to boycott American electronics. Good luck with that

15 August, 2018, 12:14 | Author: Salvatore Jensen
  • Umit Bektas  Reuters

"Actions that heighten these tensions risk spreading today's financial challenges to other emerging markets, to European banks, and, ultimately, to the US economy". Arrested in 2016, Brunson faces terror and espionage charges.

A Turkish court has rejected an appeal for United States Christian pastor Andrew Brunson to be released from house arrest during his trial on terrorism charges.

US National Security Adviser John Bolton met with the Turkish ambassador to Washington on Monday, suggesting that diplomatic efforts are continuing, according to the AP.

That was a rare Trump understatement, as the two countries face sharp differences on the case of Brunson and other detained Americans, Erdogan's consolidation of power, USA support for Kurds in Syria, growing Turkish relations with Russia, Turkey's evasion of US sanctions and more.

The tension between the two states stemmed out of a recent skirmish over a U.S. pastor Andrew Craig Brunson who was sentenced to nearly two years in prison on terror charges.

Turkish President Tayyip Erdogan attends a news conference in Ankara, Turkey, Aug. 14, 2018.

Erdoğan has today threatened to boycott American-made electronic goods in response to United States sanctions against Turkey that sent the value of its currency, the lira, into freefall.

"If they have the iPhone, there is Samsung elsewhere". "The administration is going to stay extremely firm on this", the official said.

Erdogan described US sanctions as an "economic attack" doomed to fail because "Turkey has one of the most solid banking systems in the world in all respects".

Mr Erdogan also renewed a call for Turks to convert their dollars into the Turkish lira, to help strengthen the country's currency which has lost 40% in value this year.

The lira posted gains on forex markets for the first time after days of losses, giving the currency much-needed respite.

The United States is also considering a fine against Turkey's state-owned Halkbank for allegedly helping Iran evade USA sanctions.

The rebound in the Turkish currency to stronger than 6.0 against the dollar was driven by a banking watchdog's step to limit swap transactions and by hopes of improved relations with the European Union.

In other words, Turkish assets are worth less and less compared to its foreign debts, and outside investors are growing reluctant to risk more money on a system that might be entering a death spiral. Turkey ranks 28th among foreign markets for United States goods, accounting for just 0.6 percent of U.S. exports in the first half of this year.

"In the end, it doesn't make economic sense for him, it doesn't make political sense for him, to deny his people the best products that they're used to", Rao said.

The lira had already rebounded about 8 percent on Tuesday on news of a planned conference call on Thursday in which the finance minister will seek to reassure worldwide investors.

Visiting Ankara, Russia's Foreign Minister Sergei Lavrov accused the Trump administration of abandoning diplomacy for "sanctions and blackmail".



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