Following Electronics Boycott, Turkey Increases Tariffs On US Imports

Shoppers at an Egyptian Bazaar in Istanbul. Buying power for tourists has soared in Turkey

Erdogan has warned Turkey could seek alternative partners pointing to Ankara's strong ties with Russia, Iran and China.

US sanctions, including the latest round targeting Turkey, undermine all principles of global trade and in time this move will undermine the role of USA dollar as a settlement currency, he said.

The escalating feud between the longtime North Atlantic Treaty Organisation allies is playing out against a backdrop of economic tumult in Turkey, which has seen steep drops in the country's currency, the lira.

"We are at a turning point in the world".

Earlier in the week, President Recep Tayyip Erdogan asked Turkish citizens to boycott the use of American technology like iPhones in response to United States tariffs levied late last week.

"The era of bullying must end", the minister said and called on the U.S.to return to a dialogue, warning that threats and pressure on Turkey would cause chaos. Global investors have been put off by the country's high levels of foreign debt and Erdogan's refusal to allow the central bank to raise interest rates to support the currency, as experts say it should.

Also helping the Turkish currency were moves by Turkey to gain favour with European countries.

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Washington has imposed financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey, as US President Donald Trump tries to secure the release of Andrew Brunson, a 50-year-old American pastor being tried in Turkey on espionage and terrorism-related charges.

The U.S. Congress also passed a bill prohibiting the sale of F-35 jets to Turkey pending a review assessing the possible risk associated with Ankara's purchase of the S-400 air defense system.

Erdogan exacerbated problems with the currency Friday when he urged citizens to sell dollars and gold in exchange for lira.

Ozgur Unluhisarcikli, director of the German Marshall Fund's Ankara office, noted that Turkey buys just 0.5 per cent of all USA exports and most of that is civilian aircraft and weapons. Kalin also said that Turkey will take a positive stance towards trading in national currencies to escape from United States dollar pressure. The summit focusing on Syria and the wider region will be held in Istanbul on September 7.

China isn't the only country the United States has a rocky relationship with - Turkey is causing a few headaches for U.S. leaders as well. He also described spreading false news about the economy as treason and recent USA actions as a stab in the back against Turkey. Overall, the duties will amount to $533 million, a relatively small sum meant as retaliation for U.S. President Donald Trump's recent decision to double tariffs on Turkish steel and aluminum.

"Trump managed to unite leaders, from Merkel to Putin, for supporting Turkey, and banks and opposition parties in Turkey are in support of the government against them", he said.

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