Published: Wed, August 15, 2018
Money | By Armando Alvarado

Turkey is boycotting iPhones, but it hurts Turkey more than Apple

Turkey is boycotting iPhones, but it hurts Turkey more than Apple

"We will boycott U.S. electronic goods", Erdogan said in a speech in Ankara, again showing no sign of compromise in the dispute.

Turkish President Recep Tayyip Erdogan has announced a boycott of electronic goods from the United States, including Apple products.

"If (the United States) have the iPhone, there's Samsung on the other side", he said, referring to U.S. giant Apple's iconic phone and the top South Korean brand.

Erdogan said the nation of 80 million people would stop buying American electronics, condemning the "explicit economic attack" against his country.

Apple, iPhone, and iPad are trademarks of Apple Inc., registered in the USA and other countries. He did not say when the boycott would start or how it would be enforced.

President Recep Tayyip Erdogan suggested that Turkey will stick to Samsung and Vestel if United States products are banned. Speaking after U.S. President Donald Trump doubled tariffs on Turkish steel and aluminum imports, Erdogan has said an economic war was being waged against Turkey.

The overall mood from observers is trepidation mixed with a mild confidence the Turkish economic crisis can be contained, but that depends largely on Erdogan and his stubborn refusal to release hostage American pastor Andrew Brunson.

Turkey detained Brunson after a failed 2016 coup that it blamed on Fethullah Gülen, a former ally of Erdoğan who now lives in Pennsylvania.

Oil prices jumped after Saudi Arabia said it cut production, adding to concerns about global supply as US sanctions against Iran bite its exports.

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The bill is aimed at rebuilding the USA military by authorizing a total of $717 billion for military funding over the next year. President Donald Trump signed a $716 billion military authorization funding bill Monday while making no mention of Sen.

These import taxes came on top of 10% additional tariffs on aluminum and 25% on steel from all countries, in a bid by Trump to protect the U.S. steel industry and please voters in America's industrial heartland.

A White House official said the United States was warning more economic pressures may be in store for Turkey if it refuses to release Brunson.

The Union of Chambers and Commodities Exchanges of Turkey and the Turkish Industry and Business Association called on the government to cut spending, improve ties with the European Union and bring to an end the spat with the U.S.

The dispute between the USA and Turkey has started an economic crisis in Turkey that has pushed its currency to historic lows.

Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency.

In response, Bank Indonesia Deputy Governor Dody Budi Waluyo announcedthat the central bank was preparing intervention measures to stabilize the rupiah.

"We (also) have our Venus and Vestel", he said about homegrown Turkish electronics brands.

After travelling to Turkey, Mr Lavrov said: "I am confident that the grave abuse of the role of the USA dollar as a global reserve currency will result over time in the weakening and demise of its role".

Hovenier also noted that the U.S.is demanding the resolution of several other USA citizens' cases, including NASA astronaut Serkan Golge, convicted of being a member of a terrorist organization in February "without credible evidence", according to the State Department, and of three Turkish citizens who work for the US mission and have been detained for months. On Tuesday, one dollar was worth 7.2 lira.

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