Turkey has more to ‘lose’ in Apple boycott

Daniel Fowler
August 16, 2018

A top Turkish official says Turkey, France and Germany "are on the same page" concerning their opposition to us sanctions and tariffs restricting trade.

The decree said the move brought tariffs to 50 percent on imports of U.S. rice to 140 percent on hard alcoholic drinks like spirits, 60 percent in leaf tobacco and 60 percent on cosmetics. Coal, fruit, rice, and other USA products will also be hit by higher tariffs.

The investment package was announced after Qatar's Emir Tamim bin Hamad Al-Thani met President Tayyip Erdogan in the capital, as Turkey grapples with a collapsing lira and a worsening commercial and political standoff with North Atlantic Treaty Organisation ally the United States.

Turkish officials said Erdogan spoke with French President Emmanuel Macron, during which the French president said Turkey's economic stability is important for France.

Businessmen holding USA dollars stand in front of a currency exchange office in response to the call of Turkish President Tayyip Erdogan on Turks to sell their dollar and euro savings to support the lira, in Ankara, Turkey Aug. 14, 2018.

U.S. President Donald Trump last week ramped up his attack on Turkey by increasing U.S. tariffs on Turkish aluminum and steel imports.

The drop in the Turkish lira is attracting more interest from tourists, including last minute travelers, as well as prospective real estate buyers.

The lira has lost more than 40% this year and crashed to an all-time low of 7.24 to the dollar early on Monday, hit by worries over Erdogan's calls for lower interest rates and worsening ties with the US. Mr Brunson, who faces up to 35 years in jail if found guilty, denies the charges.

Tencent's shares down as China declines new game
Users of its popular WeChat app grew incrementally to 1.06 billion. Tencent blamed its profit decline also on fewer investment gains. China may resume approvals around September, Wu said.

A Turkish court has rejected an appeal to release Brunson and lift his travel ban.

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

Additionally, Russian Foreign Minister Sergei Lavrov on Tuesday visited Ankara, where he said Moscow has been exploring for some time using national currencies to settle bilateral trade deals with Turkey and other countries. She wouldn't be drawn on whether the Trump administration would respond.

"The tariffs from Turkey are certainly regrettable and a step in the wrong direction", White House press secretary Sarah Sanders said, while stopping short of announcing fresh retaliatory measures.

In his conference call, Albayrak did not appear to specify whether the central bank would be assured its independence or hint at whether rates would be allowed to rise.

Albayrak further said the country's banks have not been affected by the financial crisis and remain in a healthy and strong state, adding, however, that Turkey is prepared to stand by its public banks, if need be.

It recovered a bit, by 4 percent to around 6.12 lira per dollar Wednesday, after the government took steps to shore up the currency by reducing the daily limit in bank foreign currency swap transactions.

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