Turkey to boycott U.S. electronic goods

Turkey’s new debt problem

Turkey news: Erdogan rages at Trump 'economic warfare' over sanctions | Daily Star

The currency's climb followed retaliatory tariffs by Ankara against USA goods including rice, coal and cars.

Erdoğan has accused the United States of waging economic war against his country and has vowed not to back down.

Speaking at a Symposium in Ankara, Erdogan said Turkish businesses must continue to produce and export the country's own goods.

Washington has imposed financial sanctions on two Turkish ministers and doubled steel and aluminum tariffs on Turkey, as U.S. President Donald Trump tries to secure the release of Andrew Brunson, a 50-year-old American pastor being tried in Turkey on espionage and terrorism-related charges.

'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.

White House press secretary Sarah Sanders said the United States had seen "no evidence that Pastor Brunson has done anything wrong".

For one more time, Erdogan called on Turks to convert US dollars into lira in order to "maintain the dignity" of the currency.

Erdoğan has today threatened to boycott American-made electronic goods in response to United States sanctions against Turkey that sent the value of its currency, the lira, into freefall.

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

The dispute between the US and Turkey has started an economic crisis in Turkey that has pushed its currency to historic lows. Turkey's state-run news agency and US officials say US National Security adviser John Bolton had met with the Turkish ambassador to Washington on Monday.

Tensions between the two North Atlantic Treaty Organisation allies have intensified amid a dispute over the detention of Andrew Brunson, whom Turkey accuses of aiding a failed coup. On Wednesday, a Turkish court in the Aegean province of Izmir, where Brunson is on trial, rejected the pastor's appeal to be released from house arrest.

Turkey and the USA are now experiencing rocky relations following Washington's imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing Brunson.

Leading Turkish business groups have warned that tighter monetary policy is needed to stabilise the Turkish lira and disputes should be resolved via diplomacy, Hurriyet Daily News has reported.

The Turkish central bank has pledged to take "all necessary measures" to stabilize the country's economy to make sure the banks have all the money they need. "The central bank has not done this through a change in the benchmark rates, but they are squeezing liquidity, so the result is the same", Maggio said.

Turkey's trade minister Ruhsar Pekcan said: "The United States is an important trading partner but it is not our only partner".

"We view the policy of sanctions as unlawful and illegitimate, driven mostly by a desire to dominate everywhere and in everything, dictate policies and call shots in global affairs", said Lavrov, predicting "such a policy can't be a basis for normal dialogue and can't last long".

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

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