Turks film themselves smashing iPhones amid US-Turkey trade war

17 August, 2018, 22:40 | Author: Corey Lynch
  • Turkey imposed heavy tariffs on US products'under the principle of reciprocity

A Turkish appeals court upheld US pastor Andrew Brunson's house arrest Thursday despite threats of retaliation from the Trump administration, according to Bloomberg. Turkey has been rocked in recent days by a sharp decline in the value of its lira after US President Donald Trump tweeted last Friday that Washington was doubling aluminum and steel tariffs for Ankara. "We have more that we are planning to do if they don't release him quickly".

Andrew Brunson has been held in Turkey for almost two years over alleged links to outlawed political groups. Turkey retaliated with some $533 million of tariffs on some US imports - including cars, tobacco and alcoholic drinks - and said it would boycott USA electronic goods, singling out Iphones. They came out. They want to hold our wonderful pastor.

"It nearly seems as if Trump's words were an invitation for there to be even more of an entrenchment of this dispute", said Al Jazeera's Sonia Gallego, reporting from Turkey's largest city of Istanbul. Those sanctions caused great turmoil in financial markets, and contributed to the huge slump seen by the Turkish lira in the last two weeks.

Donald Trump is once again turning the heat on Turkey with the detention of an American pastor.

The currency lost almost 40 percent against the dollar this year, driven by worries over President Erdogan's growing influence on the economy and his repeated calls for lower interest rates despite high inflation.

In this file photograph taken on 25 July 2018, USA pastor Andrew Craig Brunson is escorted by Turkish plain clothes police officers to his house in Izmir.




The United States was the fourth-largest source of imports to Turkey previous year, accounting for $12 billion of imports, according to International Monetary Fund statistics.

The issue has led to a dramatic souring of U.S. -Turkey relations.

Turkey is also seemingly on the brink of a major debt crisis, as a weakening lira makes it harder for Ankara to pay its worldwide dues.

The embattled currency, which has fallen by 40% this year amid a lack of interest rate hikes to control inflation, fell to around 5.86 to the dollar - continuing its recovery from a record low of 7.23 on Sunday.

Turkey's finance minister sparked a recovery in the lira yesterday after he addressed thousands of global investors on a conference call.

Turkey has the highest foreign exchange-denominated debt among emerging markets, Societe Generale said in its note on Friday, estimating its short-term external debt at $180 billion and total external debt at $460 billion.

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