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Indonesian entrepreneurs expressed their regret over the U.S.’ decision of imposing extra tariffs on various products, including aluminum and steel from Turkey.
Muhammad Bawazeer, vice chairman of the Indonesian Chamber of Commerce and Industry (Kadin) and Permanent Committee on the Middle East and OIC countries, said that sooner or later all countries will be affected by the policy.
“The business community here regretted the tax barrier from the U.S. That is totally wrong,” said Bawazeer in a news conference at the annual session of the Islamic Chamber of Commerce, Industry and Agriculture (ICCIA) in Jakarta on Tuesday.
According to him, the decision would trigger a retaliation by the affected countries.
So far, the weakening of the lira has had no direct impact on Turkey’s export-import activities because of its strong economic fundamentals.
Bawazeer considered Turkey as a powerful country in various fields, including technology, science, military equipment and energy.
“As for economy, I am sure they will be affected, but Turkey will remain strong as it has powerful military and energy sectors,” he said.
Turkey has consistently built its economic fundamentals for the sake of European Union accession process.
As the talks on Turkey’s accession are currently in a deadlock, Turkey is continuing its business cooperation with Middle Eastern countries.
"Turkey's economic fundamentals will remain the strongest in the Middle East," he said.
While Turkey remains strong, Bawazeer noted that weakening of the lira will have a global impact, even the U.S. will be affected.
Rosan Roeslani, chairman of Kadin, said that as the Turkish lira weakened, there was pressure on the foreign exchange market.
The weakening of the Indonesian rupiah is mainly due to the current account deficit.
“Bank Indonesia has taken good steps, but the Fed is expected to raise interest rates twice more this year, so our cost of fund will also increase,” Roeslani explained.
He also said that the best way to handle the current situation is that Indonesia must cut its trade deficit by increasing exports.
According to Roeslani, Kadin will gather entrepreneurs to discuss global economic conditions.
A group of European deputies following issues in Turkey has criticized the U.S. decision to impose additional tariffs on Turkish steel and aluminium."An economic destabilization of Turkey is in no one's interest," said a statement Tuesday by the European Parliament Turkey Forum, a cross-party MEP group founded to closely monitor Turkey's European Union accession negotiations.The forum added that it sees the U.S. sanctions as "illegitimate" and against World Trade Organization (WTO) rules.Iraqi Turkmens support Turkey amid US rowIt also highlighted the importance of solving problems through constructive diplomatic engagement between two NATO allies.Last Friday President Donald Trump ramped up an attack on Turkey by doubling U.S. tariffs on Turkish aluminium and steel imports.World leaders slam Trump’s sanctions, express support for TurkeyGerman MediaMarkt says in Turkey for the long runChinese firm to buy raisins from Turkey rather than USUS sanctions hurting its own reputation: Turkish FM
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Turkey is facing a speculative attack rather than an economic crisis, the CEO of a major private lender said on Tuesday.Speaking at Anadolu Agency's Finance Desk in Istanbul, Denizbank CEO Hakan Ateş stressed: "We can talk about a speculative attack, not a crisis."The Banking Regulation and Supervision Agency (BDDK), Central Bank, Treasury, and Capital Markets Board (SPK) are all making timely decisions, he stressed.He added that the Turkish banking system is solid and that the Central Bank's decisions served to block speculation."Turkish people are able to overcome much bigger problems than speculative attacks," Ateş said.US sanctions hurting its own reputation: Turkish FMSyrians of Al-Bab rally in support of Turkey's liraRussia's Lavrov, in Turkey, calls US sanctions policy illegitimateTurkish Airlines pulls ads from US media as Ankara-Washington row escalatesEgyptian imam offers wife's jewelry to support TurkeyErdoğan says Turkey will boycott US electronic products
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A large number of Turkey’s most well-known brands have joined forces to protest Washington’s hostile policies against their country by pulling their ads from prominent U.S.-based social media platforms amidst an escalating row between the two NATO allies A campaign launched on Twitter with the hashtag, “ABDyeReklamVerme,” meaning “Don’t advertise with the U.S.,” went viral on Twitter in Turkey as more companies pledged to suspend their advertising activities on Facebook, Twitter and YouTube. In a tweet posted on Tuesday, media consultant of Turkish Airlines Yahya Üstün announced that Turkey’s national carrier will take part in the campaign and pull its ads from U.S. social media websites in protest.Egyptian imam offers wife's jewelry to support Turkey“We, as Turkish Airlines, are on the side of our government and people. Instructions with regards to this issue were given to our agencies,” the tweet read.As the list of Turkish businesses taking part in the boycott grows, Turkish communications giant Türk Telekom and supermarket chain Çağrı also announced that they’re taking part in the campaign.Hamdi Ateş, Turk Telekom's corporate communication head, said the company has told ad agencies not to include its ads in U.S. outlets.Erdoğan says Turkey will boycott US electronic products"The Turk Telekom family is joining the #NoAdsinUS campaign, standing on the side of our state and our people. We have told our agencies," he said on Twitter, using the Turkish hashtag #ABDyeReklamVerme. Robert Murdoch-owned FOX television channel also came under fire for its support of anti-Turkey policies and Islamophobic propaganda as Turkish social media users called on their fellow countrymen to boycott the media mogul’s channels and newspapers.Video: Turkish businessmen convert $3mln into Turkish lira after Erdoğan callTurkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on Interior Minister Süleyman Soylu and Justice Minister Abdülhamit Gül for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.U.S. President Donald Trump on Friday ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.
Turkish Airlines pulls ads from US media as Ankara-Washington row escalates