Recep Tayyip Erdoğan
The Indonesian Council of Ulama on Wednesday expressed strong support for Turkey against the United States' recent economic attacks.
Head of the council's external affairs committee, Muhyiddin Junaidi, told Anadolu Agency that they support Turkey and President Recep Tayyip Erdoğan's stance against the U.S.
Stressing that the U.S. targeted Muslim countries and tried to curb Turkey's power in the region, Junaidi said that Muslim world must use their own currency in trade among themselves against the U.S. dollar.
Turkish private sector's outstanding long-term loans from abroad dropped $36 million to reach at $221.7 billion as of June, versus the last year-end, according to the country’s central bank on Wednesday.Meanwhile, the private sector's pending short-term loans from abroad climbed to $19.1 billion, up $486 million compared to the end of 2017.By definition, short-term loans have an original maturity of one year or less while long-term loans have an original maturity of more than one year.Turkey's unemployment rate slips to 9.7 pct in MayThe bank said financial institutions constituted more than half of long-term loans -- 50.1 percent."In the same period, of the total short-term loans in the amount of $19.1 billion, 79 percent consists of liabilities of the financial institutions, whereas 21 percent consists of liabilities of the non-financial institutions," the bank said.Regarding currency composition, 59.7 percent of the total long-term loans were U.S. dollar loans, 34.4 percent consisted of euro, 4.3 percent were in Turkish lira and 1.6 percent from other currencies, it said.Tariffs on Turkish imports ‘pose serious risks’ for US"And of the total short-term loans in the amount of $19.1 billion, 44.4 percent consists of dollars, 34 percent consists of euro, 21.5 percent consists of Turkish lira and 0.1 percent consists of other currencies," it said.The bank also noted that principal repayments for the next 12 months by the end of June amounted $69.6 billion.The Central Bank periodically releases data for the private sector’s long and short-term loans from abroad by gathering details from credit based forms submitted by resident financial institutions and companies.Turkey raises tariffs on US-origin products
Turkish private sector's foreign long-term loans drop
Junaidi praised Turkey's economy and its commercial value, and added that Turkey would overcome the U.S.' attacks.
Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions over the detention of American pastor Andrew Brunson, who is under house arrest in Turkey over terrorism charges.
Brunson's charges include spying for the PKK -- listed as a terrorist group by both the U.S. and Turkey -- and the Fetullah Terrorist Organization (FETÖ), the group behind the defeated coup attempt in Turkey of July 2016.
Raising tariffs on imports from Turkey “poses serious risks” for the United States, an official at the U.S. Chamber of Commerce said Tuesday.In a statement, Myron Brilliant, executive vice president and head of international affairs, said the Chamber of Commerce has warned for months that “alienating our allies in a tit-for-tat trade war would harm the U.S. economy and undermine American global leadership, and evidence of that harm to U.S. workers, farmers, and businesses is mounting”.President Donald Trump announced on Twitter last Friday that he would double the tariffs on steel and aluminum imports from Turkey.The two countries have been close allies for more than 60 years while Turkey has been a strong member of NATO.Turkey raises tariffs on US-origin products"Recent developments in the U.S.-Turkey relationship threaten both countries' economic interests and put at risk an alliance that has proven its value over decades," Brilliant said."Actions that heighten these tensions risk spreading today's financial challenges to other emerging markets, to European banks, and, ultimately, to the U.S. economy.” The U.S. Chamber of Commerce has been home since 2013 to the U.S.-Turkey Business Council, which represents more than 60 of the largest American companies doing business in Turkey, according to the statement.
Tariffs on Turkish imports ‘pose serious risks’ for US
Turkey has increased tariffs on several U.S.-origin products, including alcohol and tobacco products and cars, according to a new presidential decree published early Wednesday in the official gazette.Under the decree, Turkey will raise tariffs to 100 percent on imports of the products.The new decree amends a presidential decree on July 11."Tax rates on imports of some products have been increased on a reciprocal basis against the U.S. administration's deliberate attacks on our economy," Vice President Fuat Oktay said on Twitter.Turkey to boycott US construction materialsAmong the products are cars, rice, some alcohol and tobacco products and some cosmetic products like sun creams.On Friday, Turkey’s Foreign Ministry said Turkey would retaliate against the raising of steel and aluminum tariffs by the U.S. administration.Foreign Ministry Spokesman Hami Aksoy said on Twitter that President Donald Trump's decision, which also violates World Trade Organization rules, does not comply with "state seriousness".Trump ramped up his attack on Turkey by raising steel and aluminum tariffs to 50 percent and 20 percent respectively.Chinese firm to buy raisins from Turkey rather than USThe U.S. decision is another salvo in the growing dispute between Turkey and the U.S.Last week, a Turkish delegation returned from Washington with no movement on the detention of American pastor Andrew Brunson, who is under house arrest in Turkey over terrorism charges.Brunson's charges include spying for the PKK -- listed as a terrorist group by both the U.S. and Turkey -- and the Fetullah Terrorist Organization (FETÖ), the group behind the defeated coup attempt in Turkey of July 2016.Turkey to boycott US construction materialsTurkey 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 Brunson.The two NATO allies have been at odds since the defeated coup, which Ankara accused U.S.-based Fetullah Gülen and FETÖ of masterminding.Video: Erdoğan: Turkey will boycott US electronic products
Turkey raises tariffs on US-origin products