Economy

Turkish firms cancel iPhone orders amid nationwide boycott on United States products

Turkish firms cancel iPhone orders amid nationwide boycott on United States products

The US has threatened to levy more sanctions on Turkey if Ankara does not release an American Christian evangelical pastor held on terrorism charges.

Erdogan has moved to shore up alliances in Europe and the Middle East, easing pressure on the battered lira, as the standoff with the US has deepened.

The lira has lost almost 40 per cent against the dollar this year, driven by worries over Mr Erdogan's growing control over the economy and his repeated calls for lower interest rates despite high inflation. "Qatar has pledged Dollars 15 billion of direct investments in Turkey", presidential spokesman Ibrahim Kalin wrote on Twitter yesterday.

We've got more newsletters we think you'll find interesting. But she added: "Turkey's economic problems - those are a part of a long-term trend, something of its own making and not the result of any actions the United States has taken".

Qatar has promised to make a Dollars 15 billion direct investment in Turkey, badly hit by a currency crisis amid a widening diplomatic standoff with the United States, officials said.

He asked Mnuchin for an update on sanctions punishing Turkey for pastor Andrew Brunson's detention.

The move came after U.S. President Donald Trump last week ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.

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The currency picked up 6 percent and strengthened briefly at just under 6 to the dollar.

The move by Turkey's Gulf ally offered further support to a lira rally after the Turkish central bank tightened liquidity and curbed selling of the currency.

And the day earlier, two Greek soldiers held by Turkey since March for illegally crossing the border were also freed.

Meanwhile, Turkish people in social media tend to expand boycott in other US products ranging from textile to fast food. "We have more that we're planning to do if they don't release him quickly".

"The tariffs that are in place on steel will not be removed with the release of pastor 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.

Turkey says the case is a matter for the courts.


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