A local municipality in the Turkish capital Ankara has decided to halt issuing new licenses for U.S. franchises after a majority of its council voted in favor of the motion.
Ankara’s Keçiören municipality has taken the unprecedented decision following the U.S.’s latest tariffs and sanctions targeting Turkey, deemed by many as an “economic war” against its NATO ally.
Under the new decision, which is effective immediately, popular U.S. franchises such as fast food giants McDonald’s and Burger Kıng, in addition to café mogul Starbucks, would be unable to open new branches in the district.
The municipality also put up billboards calling on citizens to come out in support of the national currency, which has suffered losses following recent U.S. decisions.
“We call on everyone to take concrete steps toward a national stance on the side of our government against all threats and practices aimed at creating an atmosphere of chaos and interfering in our country’s judicial process,” a statement by the municipality read.
Turkey 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.
Turkish traders suspend $50mln iPhone imports after Erdoğan call
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
Turkey, China are neighbors and partners, says envoy
Turkey’s ambassador to Beijing described China as Ankara’s most important alternative partner in an exclusive interview with Yeni Şafak daily. Turkey and China cemented security ties during a trip in early August by Foreign Minister Mevlüt Çavuşoğlu in which he met with his counterpart Wang Yi.“They claim that China is far away. No, it isn’t. Have you ever heard of the phrase “Far West?” Have you ever heard of the phrase “Far U.S.?” As if we are neighbors with the U.S. Such phrases toy with our perception. China has been labelled as the “Far East.” China is 8.5 hours from Turkey, while the U.S. is 10.5 hours. We are not obliged to trade with spoilt allies. It is our right to seek partners that abide by international trade rules, seek bilateral trade and do not intervene for their own sake. China is our most significant alternative in this sense. It would be our greatest earning to turn toward the Chinese market and open up our economy to the world’s second biggest market,” Emin Önen said.Turkish lira firms against dollar ahead of Albayrak presentationChinese media says US stabbed Turkey in the back“Articles in Chinese media said things like ‘The U.S. stabbed its ally Turkey in the back,’ ‘Can such an ally be trusted?’ and ‘Turkey’s economy plays a very important role in the global economy.’ The U.S. which does such things to Turkey, Iran and Russia could do the same things to other countries. The World Trade Organization (WTO) must take action. This situation is unacceptable for two friendly nations, let alone two allies. They must understand that the U.S. is not our only option for an ally. We prefer a strategic ally over an arrogant one. The period of Turkey being directed by the U.S. is long gone. Turkey is no longer the so-called sick man of Europe, but the man Europe needs,” Önen added.Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on two government ministers for not releasing American pastor Andrew Brunson, who faces terrorism-related charges in Turkey.Last Friday President Donald Trump ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports.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.Turkey ‘warding off economic coup bid’Dollar is no longer reliable“The U.S. must first take a step back and look at where it went wrong. Turkey holds an important place not only in the region but also in the world. We have kinship relations with Europe, Balkans, Caucasus, Mediterranean, and Black Sea countries. When we look at all this, it is clear that there is no need to be under U.S. hegemony. A very valuable ally of ours has put us in a tough situation, and is thereby losing. This stance of the U.S. also triggers the distrust of all the countries of the world. It shakes all trade balances. While the U.S. is trying to punish Turkey with this move, it has caused a loss of confidence in the U.S. dollar across world markets. The dollar is no longer a safe currency for trading,” Önen said.Qatar to make direct investment of $15B in TurkeyHas Europe’s axis shifted?“When Turkey bolsters its relations with Russia, Iran, Malaysia, China and Indonesia in addition to Europe, the EU claims that the Turkey axis is shifting. Turkey is a country with strategic and trade importance. If they do not want to lose Turkey, they must open the door to equal partnership. French President Emmanuel Macron arrived in China and signed a $33 billion deal. German Chancellor Angela Merkel has visited China 11 times since she was elected. Britain has declared its relations with China as being in its 'golden age'. Do we not have to say Europe’s axis is shifting to these countries? They need to abandon efforts to hide this double standard and perception plots. China offers great opportunities for world trade, and Turkey does not need the input of other nations to evaluate this prospect,” Önen added.Trade dispute with Turkey puts pressure on US stocksTurkey, China ties date back to the Silk Road“I see China as sharing a border with Turkey. China has investments in Africa and the Balkans, and we need cooperation with China around here. We are saying that we will work together with China, not against them. Turkey and China are partners that actualized a win-win policy on the Silk Road Project. Forty-five days of travel via sea will be reduced to 15 by railways, and this is an incredible gain in terms of trade. Turkey has fulfilled its role regarding the railway project and the rest is up to China. We will sign the project soon. Negotiations regarding a third nuclear central are also underway, which is a deal of $50 billion. Our President Recep Tayyip Erdoğan and Chinese President Xi Jinping have been re-elected for five years in their countries. Starting from the next five years, it is possible to make action plans spanning 20 to 30 years,” Önen said.US tariffs to remain even if pastor freed: WHEx-French diplomat slams Trump's Turkey policyTurkey invites US to panel in WTO
Turkish lira firms against dollar ahead of Albayrak presentation
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