Erdogan calls for boycott of US-made electronic products

Andrew Cummings
August 14, 2018

Erdogan said his country will boycott USA -made electronic goods amid a diplomatic spat that has helped trigger a Turkish currency crisis. The EU put new taxes on United States motorcycles in response to the Trump administration's tariffs on products imported from Europe.

"We will boycott USA electronic goods", Erdogan said in a speech in Ankara, again showing no sign of compromise in the dispute.

"If they have the iPhone, there is Samsung elsewhere".

Terry Sandven, chief equity strategist at US Bank Wealth Management, said the dollar has strengthened because economic growth has picked up and other regions aren't doing as well.

"What we can do is proved by what we have done so far".

"There is a price we're paying for the period we're in", he said in a combative speech in Ankara.

They also called for a boycott of American brands.

In corporate news, German conglomerate Bayer took a dive after a United States jury ruled against its Monsanto unit on Friday and awarded US$289 million to a former school groundskeeper who said that exposure to Monsanto's Roundup weed killer caused cancer. "In the process of doing so they make their own allies suffer".

Erdogan announced on Tuesday his country will boycott USA electronic goods.

Sergey Lavrov, speaking after talks Tuesday with his Turkish counterpart, Mevlut Cavusoglu, said the wide use of sanctions reflect Washington's desire to win domination and secure unilateral advantages for its businesses. Russian Federation has sought to stop using the dollar in its commerce with Iran and China. "We go through the list of options they have to stop this: it involves rate hikes, getting the International Monetary Fund involved and restoring market confidence in the lira".

Last Friday, President Donald Trump doubled tariffs on aluminum and steel imports from Turkey.

Relations between the two North Atlantic Treaty Organisation allies have spiraled into a full-blown crisis over the trial of Christian pastor Andrew Brunson, who was held for 21 months in a Turkish prison until his transfer to house arrest last month - a move Washington dismissed as insufficient.

Erdogan says Turkey is the target of an economic war, and has made repeated calls for Turks to sell their dollars and euros to shore up the national currency.

As Turkey's central bank attempted to shore up the financial system yesterday, Erdogan accused the U.S. of trying to "stab it in the back".

Ankara has repeatedly said the Brunson case was up to the courts and a Turkish judge moved Brunson from jail to house arrest in July.

On Monday, the Turkish central bank introduced several measures to help, including cutting the reserves that banks are required to hold at the central bank, thereby freeing up money for lending.

The Turkish economy is relatively small - only about 1 per cent of global gross domestic product. Nobody should give credit to speculative news.

Aidan Donnelly said we were unlikely to see contagion to the euro, despite the fact that the single currency had shown some weakness in recent days.

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