Turkey slaps 140% tariff on American alcohol

Argentina bank

President Recep Tayyip Erdogan announced Turkey's latest salvo Tuesday, saying his country will boycott US -made electronic goods and turn to other manufacturers including South Korea's Samsung or Turkey's Vestel.

The United States is warning more economic pressures may be in store for Turkey if it refuses to release a jailed American pastor, a White House official said on Tuesday, in a dispute that has further strained relations between the North Atlantic Treaty Organisation allies.

President Erdogan told political supporters in Ankara that he would start "a boycott against America's electronic goods". "If they have iPhone, the other side has Samsung". Details of how a boycott of American electronics might be enforced were not presented during Erdogan's speech.

"Surely, Moscow might be happy to exploit this crisis especially as calls for boycotting iPhones could easily escalate to demands for reduced military cooperation, for example, with regard to Incirlik [Air Base] or other US-NATO facilities in Turkey at a time when Washington still doesn't have an ambassador there".

On Monday, Erdogan turned his attentions to social media with the announcement that Turkish authorities are investigating 346 accounts that "provoke the currency rate increase", the official news agency Anadolu reported.

"We will stand against the dollar, currency rates, inflation, interest rates".

Erdogan's call for a boycott of USA products comes after the Trump administration increased metals tariffs on Turkey as part of a campaign to pressure Ankara to release the U.S. citizen, pastor Andrew Brunson, who faces charges of terrorism. Turkey regards the Kurdish fighters as terrorists.

Since January, the Turkish lira has lost more than 34% of its value against the dollar, pushing up the price of everyday items. It was up 5 percent on Tuesday, at 6.55 per dollar, having fallen 42 percent so far this year, with most of those losses coming in recent weeks. At the same time, Turkey has come to the verge of military confrontation with the United States, which is utilizing as its main proxy ground force the Syrian Kurdish YPG militia, an affiliate of the Turkish Kurdish PKK against which Ankara has waged a protracted and bloody counterinsurgency campaign.

Carragher: New Arsenal boss Emery compared to Rafa Benitez
Emery could not have been handed a more hard start to life at Arsenal with a trip to Chelsea following on from the visit of City. The Gunners entertain Pep Guardiola's champions at the Emirates on Sunday.

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

The Turkish central bank has pledged to take "all necessary measures" to stabilize the country's economy to make sure the banks have all the money they need.

Turkey, one of NATO's most significant military powers, has provided Washington with logistical support for its military actions in the Middle East for years.

"President Erdogan keeps referring to an "economic war" with the United States, putting the blame on some type of foreign conspiracy".

Both currencies have been falling against the greenback, with lira setting new record lows every day.

While Erdogan didn't address their concerns in his speech, he said Turks have already begun converting foreign exchange into Turkish lira because it would be tantamount to "surrendering" if they did otherwise.

While Turkey's central bank has raised lending rates by 500 basis points this year to 17.75 per cent, it hasn't acted since the latest turmoil began with USA sanctions on the interior and justice ministers on August 1.

Related news:

Hot News

isis-killer-beheading-video-story-top Firefighter killed battling California's Ranch Fire
Aug 14, 2018 - 19:12
So far, the Holy Fire has scorched more than 22,700 acres in the Cleveland National Forest. By this time past year , the most deadly California fires hadn't even begun.

isis-killer-beheading-video-story-top Elon Musk Got 1.4 Million Dollars Richer Because Of A Tweet
Aug 14, 2018 - 18:36
Here are some of the key events in Tesla Inc's turbulent history as a public company. District Court, Northern District of California , No. 18-04865.

isis-killer-beheading-video-story-top Google Pixel 3 XL smiles for the camera
Aug 14, 2018 - 17:44
Google is expected to launch its latest flagship series of smartphones - the Google Pixel 3 and Pixel 3 XL in early October . And why not - it features a dual camera setup and an earpiece that also acts as the second speaker for the stereo setup.

isis-killer-beheading-video-story-top President Trump calls Omarosa a ‘dog’ in angry early-morning tweet
Aug 14, 2018 - 17:13
I told him to try working it out, if possible, because she only said GREAT things about me - until she got fired!" he wrote . On Tuesday, she explained to CBS News why she made the recordings: "I'm the kind of person who covers her own back.

isis-killer-beheading-video-story-top Broad propels England to victory over India
Aug 13, 2018 - 18:28
England lead 1-0 in the five-match series against the world's top-ranked Test nation. "And we deserved to lose", he said. In a terrific afternoon spell, Broad ran through India's middle order to put England in the ascendancy.

isis-killer-beheading-video-story-top Stocks drop on Monday as Turkey lira crisis continues
Aug 13, 2018 - 18:25
Meanwhile, the U.S. government is using the lira crisis to ramp up pressure on Turkey over its detention of an American pastor . Japan's Nikkei lost 1.6 percent, China's blue-chip index lost 1.4 and Hong Kong stocks were also down 1.6 percent.

isis-killer-beheading-video-story-top Aretha Franklin in serious condition; hospitalized in Detroit
Aug 13, 2018 - 14:25
She last performed less than a year ago in November of 2017 at a fundraiser for the Elton John AIDS Foundation in NY . The news emerged Sunday evening, and many are eagerly awaiting further corroborating reports.

isis-killer-beheading-video-story-top Turkey's Erdogan condemns 'shameful' United States over detained pastor
Aug 13, 2018 - 14:20
Trump's "jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful", he wrote. Erdogan downplayed the currency crisis in a speech on Friday, advising Turks not to be anxious over exchange rate fluctuations.

isis-killer-beheading-video-story-top Pakistan's newly-elected parliament begins; 329 members take oath
Aug 13, 2018 - 13:12
Imran Khan will take the oath as Pakistan's Prime Minister on August 18, a senior Pakistan Tehreek-e-Insaf leader said on Friday. The two parties have chose to field joint candidates for posts of speaker, deputy speaker and prime minister.

isis-killer-beheading-video-story-top Manchester United boss Jose Mourinho 'fuming' with Mino Raiola over Paul Pogba
Aug 11, 2018 - 19:14
The Serie A window closes at 8pm on 17 August, the Bundesliga at 6pm on 31 August, and Ligue 1 at the same time as La Liga's .

isis-killer-beheading-video-story-top Download Fortnite for Android on non-Samsung phones
Aug 11, 2018 - 18:40
We can only assume that when the game leaves beta, it will be available to any Android device that can handle it. Fortnite has generated over $180 million in just a few months when it was made available in late March.

isis-killer-beheading-video-story-top Alan Shearer And Ian Wright Make Their Premier League Predictions
Aug 11, 2018 - 18:11
"But at the same time they've got something to prove and previous year we gave most teams a run". He's settled really quick, as if he's been here longer than two weeks.

isis-killer-beheading-video-story-top 'Suicidal' mechanic steals plane from Seattle airport
Aug 11, 2018 - 17:14
During another part of the exchange, the man said he said he did not want to land at a nearby military base. Airport officials said the airline employee had "conducted an unauthorised takeoff without passengers".

isis-killer-beheading-video-story-top Dallas reports 1st human West Nile virus death
Aug 11, 2018 - 11:41
The best defense against WNV is bite prevention. 8, North Dakota reported 18 human cases, up 14 cases since July 30. Mosquitoes acquire the virus by biting infected birds and transmit the virus to people through a subsequent bite.

isis-killer-beheading-video-story-top Danny Ings: I wish LFC all the success
Aug 10, 2018 - 13:00
Divock Origi and Sheyi Ojo are both expected to move on, while Ings' future is very much up in the air. Born in nearby Winchester, Ings was a boyhood Saints fan and still has family on the South Coast.