Erdogan says Turkey to 'boycott' US electronic goods

Merkel And Erdogan Mark 50 Years Of Turkish Immigration

On August 13 he accuses the United States of seeking to stab Turkey "in the back". We can react in two ways: "economically and politically", Erdogan said in Ankara Tuesday.

Turkish lira plunged on concerns over the deepening rift between Washington and Ankara, hitting a record low of 7.24 against USA dollar and weakening some 45 percent so far this year.

Traders said news that Finance Minister Berat Albayrak will hold a conference call with up to 1,000 investors to discuss the economy might also have helped support the currency.

Actress Ebru Özkan was released the next day, while the pastor was moved from prison to house arrest.

The current crisis was sparked by Ankara's refusal to release pastor Andrew Brunson, who is now under house detention on terror-related charges and espionage.

Separately, Russian Foreign Minister Sergey Lavrov, on an official visit to Ankara, said the increased U.S. tariffs and sanctions imposed by Washington are "based on the desire to dominate everywhere in everything, to control worldwide affairs and to achieve unilateral advantages on global markets. In our country, there is Venus Vestel", he said, referring to a Turkish-made smartphone.

The evangelical pastor is on trial for terrorism charges.

"There is an economic attack against Turkey".

Lavrov says that Washington's policies will undermine the dollar's position as the global reserve currency of choice.

Market analysts broadly welcomed his comments but said investors wanted to see action. "Expect more stress if the Fed continues to look past the emerging market turmoil (like it did in May) and keeps to gradual rate hike path", they said. It was not clear when the court would consider the appeal.

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U.S. President Donald Trump said Friday he will authorize higher tariffs on Turkish steel and aluminum.

Brunson, 50, is being tried on espionage and terror-related charges, which he and the US government vehemently deny. Mr Brunson, who faces up to 35 years in jail if found guilty, denies the charges.

Turkish Foreign Minister Mevlut Cavusoglu told reporters that the top US diplomat in Turkey would visit Brunson later Tuesday.

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. However, other countries - such as Mexico and South Africa - also took advantage of low United States interest rates in the years after the financial crisis to borrow heavily in dollars and saw their currencies coming under pressure.

"If they have the iPhone on the other hand there is Samsung". He suggested Turks would buy local or Korean phones instead of US -made iPhones, though it was unclear how he meant to enforce the boycott.

The currency was sent into freefall on Friday, crashing by over 20% to a fresh record low during a frantic session of trading that wreaked havoc in the foreign exchange markets.

Angered by the continued detention of an American pastor, the US has imposed new sanctions on Turkey which Foreign Minister Heiko Maas told reporters Monday has increased political tensions.

The business groups also urged the drawing up of a roadmap to reduce inflation.

USA pressure has created a currency crisis in Turkey with the lira plummeting to a record low of 7.20 against the dollar on Monday before strengthening to 6.61 on Tuesday. It was up 5 percent on Tuesday, at 6.55 per dollar, having fallen 42 percent so far this year, with most of those losses coming in recent weeks. The country's finance minister - who is also Mr Erdogan's son-in-law - will seek to reassure around 1,000 global investors in a teleconference scheduled for Thursday.

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