Erdogan says Turkey will boycott US electronics, lira steadies

Erdogan says Turkey will boycott US electronics, lira steadies

Turkey doubled tariffs on some USA imports including cars, alcohol and tobacco on Wednesday in retaliation for US moves, but the lira rallied a further six per cent after a fresh move by banking authorities to underpin the currency. Tariffs have also been increased on goods such as cosmetics, rice and coal.

Explaining the new tariffs, Turkish Vice-President Fuat Oktay said the rises were ordered "within the framework of reciprocity in retaliation for the conscious attacks on our economy by the United States administration".

The Turkish lira rose for a second day on central bank liquidity measures, while other emerging market currencies stumbled again, with the South African rand hitting a 13-month trough and the Indian rupee lingering near an all-time low.

On Wednesday, the lira traded at 6.4125 to the US dollar, weakening from a close of 6.3577 a day earlier.

Investors are anxious not only about Turkey's souring relations with the USA, a longtime North Atlantic Treaty Organisation ally, but also Turkish President Recep Tayyip Erdogan's economic policies and the country's high debt accumulated in foreign currencies.

During an impassioned speech yesterday in Ankara, Turkey's capitol, Erdogan accused the United States of being "economic hitmen" who use the economy "as a weapon".

Erdogan also namechecked Vestel Venus phones as a home-built alternative for his countrymen to buy - a move that helped the shares of the company to rise nearly 5 percent.

Mr Brunson has denied charges of espionage, but faces up to 35 years in jail if found guilty.

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We have to find a way to get a result". "But he wasn't here and we look at the performance without him and I can't think any more than that".

"We will boycott USA electronic products", Erdogan said.

The lira had already rebounded about 8 percent on Tuesday on news of a planned conference call on Thursday in which the finance minister will seek to reassure global investors.

He also reiterated that the Turkish economy has strong fundamentals and the recent volatility in the exchange rate does not reflect the economic structure of the country, but emanates from an economic war waged on Turkey with illegitimate and irrational moves targeting the country's economy. A higher court was however, was scheduled to review the appeal, the agency said. The US has since imposed financial sanctions on two Turkish ministers, leading Turkey to clap back with its own sanctions.

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.

A Turkish court on Wednesday rejected an appeal from American pastor Andrew Brunson to be released from house arrest, but a higher court has yet to rule on the matter.

Kalin said Erdogan would hold telephone conversations with German Chancellor Angela Merkel later Wednesday and with Emmanuel Macron of France on Thursday.

Speaking at a press conference with his Turkish counterpart Mevlut Cavusoglu, Lavrov said: "I'm certain that with such abuse, the role of the American dollar as the world reserve currency will weaken and more countries, even not affected by the American sanctions, will get away from dollars".

The State Department warned Turkey in June that its plan to purchase these planes could be hurt if it continued with its plan to also buy Russian S-400 missiles.

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