Mustafa Varank
Necessary steps will be taken against those who aim to damage Turkish industry through financial attacks, said Turkey's industry and technology minister on Thursday.
"We will not let our industry be adversely affected by this period," said Mustafa Varank in a statement.
Varank said that Turkey will emerge victorious from the recent economic attacks.
"Turkish industry stands firm with its government," he added.
As a row between NATO allies Ankara and Washington escalates, Turkey has geared up to boycott American electronic goods after Erdoğan’s call to the Turkish public to stop buying and importing U.S. products.Turkish traders answered Erdoğan’s call and suspended purchases of iPhones at prominent trade centers in Istanbul such as the Doğubank commercial complex, Grand Bazaar, Tahtakale, Mahmutpaşa and Eminönü.In Doğubank alone, three major importers have suspended purchasing $50 million worth of iPhone products.Turkish President Recep Tayyip Erdoğan on Tuesday said that Turkey will boycott U.S.’s technology products amidst a row between the two diplomatic allies. “We will boycott American electronic products,” Erdogan said, adding that Turkey would produce a better version of every product previously bought with foreign currencies and export them.Qatar to make direct investment of $15B in TurkeErdoğan says Turkey will boycott US electronic productsTurkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul 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, causing the lira to lose value against the dollar. Turkey in its turn increased tariffs on several U.S. products, including alcohol, tobacco and cars, according to a new presidential decree published Wednesday in the official gazette. Traders halt short and long term ordersA Turkish trader in Istanbul said, “Demands have stopped abruptly. Also in other cities merchants have started to cancel their iPhone contracts or orders.”On the other hand, some importers are try to turn the sudden fall in the lira into an advantage by keeping their products in storage. Most imported goods, especially office supplies cannot be found in the markets because some of them plan to raise prices after the Muslim Feast of Sacrifice holiday in Turkey.It is estimated that a total of $7 billion worth of Apple’s iPhone products have been sold in Turkey in 10 years by reaching over 10 million people.Referring to U.S. sanctions, Erdoğan said on Tuesday, "If they have their iPhone, there is Samsung on the other side. We have Vestel, Venüs in our country.”US tariffs to remain even if pastor freed: WHEx-French diplomat slams Trump's Turkey policy
Turkish traders suspend $50mln iPhone imports after Erdoğan call
The Turkish lira rallied 3 percent on Thursday ahead of a presentation by Finance Minister Berat Albayrak to investors, shrugging off U.S. comments ruling out the removal of steel tariffs on Turkey even if it frees a U.S. pastor.The lira gained support from the announcement late on Wednesday of a Qatari pledge to invest $15 billion in Turkey and Albayrak will be looking to reassure investors in his conference call at 1300 GMT.The lira, which has weakened 34 percent against the dollar this year, firmed to 5.7500 against the dollar by 0722 GMT from a close of 5.95.US tariffs to remain even if pastor freed: WHIt has rebounded sharply from a record low of 7.24 this week, benefiting from central bank steps to underpin a currency hit amid a dispute with Washington.JP Morgan said moves by Turkish authorities showed they were committed to stabilising the currency with technical measures such as restricting forex swaps and cancelling repo auctions to push up the weighted average cost of funding.Investors said Albayrak's conference call was going to be a key test of whether Turkey can convince the market that its monetary policy is not hostage to political influence. Turkey ‘warding off economic coup bid’The White House said on Wednesday that it would not remove steel tariffs on Turkey, appearing to give Turkish authorities little incentive to work for the release of Andrew Brunson, a pastor on trial in Turkey on terrorism charges.Turkish officials say Brunson's case is a matter for the courts.President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Turkey, which says it will not bow to threats, to raise tariffs on U.S. cars, alcohol and tobacco by the same amount on Wednesday.The pastor row is one of several between the NATO allies, including diverging interests in Syria and U.S. objections to Ankara's ambition to buy Russian defence systems.Video: Erdoğan: Turkey will boycott US electronic products"ECONOMIC COUP ATTEMPT"Erdoğan has repeatedly told Turks to exchange gold and hard currency into lira, saying the country was involved in an economic war with enemies and a presidential official gave a similar message on Thursday."We are a fending off this economic coup attempt with the wisdom of the Turkish nation and the leadership of our president," Fahrettin Altun, the president's communications director wrote on Twitter.On Wednesday Erdoğan met for more than three hours with Qatar's Emir, who approved a package of economic projects, investments and deposits worth $15 billion.Qatar to make direct investment of $15B in TurkeyA decree by Erdoğan earlier in the day doubled Turkish tariffs on imports of U.S. passenger cars to 120 percent, alcoholic drinks to 140 percent and leaf tobacco to 60 percent. Tariffs were also doubled on goods such as cosmetics, rice and coal.The White House called the Turkish response a step in the wrong direction and signalled a hard line on Brunson's release."Pastor Andrew Brunson is an innocent man held in Turkey & justice demands that he be released. Turkey would do well not to test Trump’s resolve to see Americans who are wrongfully imprisoned in foreign lands returned home to the United States," Vice President Mike Pence said in a tweet.On Wednesday, a Turkish court rejected an appeal by Brunson's lawyer for his appeal to be released from house arrest. An upper court had yet to rule on the appeal, his lawyer told Reuters. Trade dispute with Turkey puts pressure on US stocksEx-French diplomat slams Trump's Turkey policyTurkey invites US to panel in WTO
Turkish lira firms against dollar ahead of Albayrak presentation