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Turkey has more to ‘lose’ in Apple boycott

17 August, 2018, 22:41 | Author: Lawrence Cooper
  • Turkey's Move to Double Tariffs on US Goods a 'Step in the Wrong Direction,' White House Says

Treasury Secretary Steve Mnuchin said during a cabinet meeting Thursday that the U.S.is prepared to levy more economic sanctions against Turkey if Brunson is not released. We've put sanctions on several of the cabinet members.

Tensions between Turkey and the USA have been on the rise as Trump has pressed for the release of the pastor.

Trump prefaced Mnuchin's remarks by saying that Turkey had not been a very good friend.

"They are now holding our wonderful Christian pastor, who I must now ask to represent our Country as a great patriot hostage".

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

Analysts also said the political cost of the investment remained to be seen, given that Qatar is also a USA ally and dependent on Washington for both military and political protection.

Trump, who doubled steel and aluminum tariffs on Turkey, said the steel tariffs have kicked in the aluminum tariffs will take effect soon.

Qatar to invest $15b in Turkey's financial markets and banks
Following the Qatar news, the lira firmed briefly to 5.8699 from 6.04 to the dollar, before easing back to 6.0500 by 1658 GMT. Brunson's lawyer told CBS News that a higher court was still considering the appeal and could overrule that decision.

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Yet, the crisis that we face in American-Turkish relations goes well beyond the plight of the pastor. "He's a very innocent man", Trump said.

USA stocks climbed higher in afternoon trading after a Mexican economic official told reporters that trade talks between the United States and Mexico were "advancing well".

Turkey is also seemingly on the brink of a major debt crisis, as a weakening lira makes it harder for Ankara to pay its global dues. The currency has rebounded strongly after hitting a record low of 7.24 at the start of the week, bolstered by central bank measures to support it and Qatar's pledge to invest $15 billion in Turkey. However, if Washington were to place further sanctions on Turkey, it is highly likely that the lira would see another slump, which would in turn exacerbate the problems with Turkey's fragile economy.

Three big companies operating in Dogubank, a trade center specialized in the sales of electronic products in central Istanbul, suspended 50 million USA dollars' worth of iPhone orders, the Turkish daily said.

A day earlier, he said the United States was seeking to stab Turkey "in the back" by sending the lira into a tailspin.

"Even if tensions between the United States and Turkey are resolved, investors still need to see serious fiscal and monetary measures to restore confidence".

In an article for the New York Times, published last Friday, the Turkish leader said Turkey "had rushed to America's help whenever necessary" in various times, from the Cold War to the more recent conflicts in Afghanistan, Iraq and Syria.


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