President Erdogan says Turkey to boycott United States electronic goods

President Erdogan says Turkey to boycott United States electronic goods

Turkey President Tayyip Erdogan announced today that the country would boycott all electronics from the United States after President Donald Trump slapped new tariffs on the region that caused the Turkish currency (the lira) to hit an all-time low.

In retaliation for these sanctions and tariffs, Erdogan announced on Monday that his country would be boycotting USA electronics. "We are going to boycott U.S. electronics", Erdogan said at celebrations of the 17th anniversary of his Justice and Development Party.

Erdogan also said his people should buy Turkish smartphones, naming the Turkish electronics and consumer appliance company Vestel and its line of Venus smartphones.

That has resulted in an interest rate differential that will continue to widen (and be exaggerated by the blow-out in the United States government's deficits and borrowing requirement as a result of the Trump tax cuts and spending increases).

In imposing punitive tariffs on Turkish aluminum and steel exports, the Trump administration has broken with decades of USA emerging market crisis management.

It slipped to 70.1 to the dollar, after a 1.6 per cent fall on Monday, taking its decline to more than 8 per cent this year.

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.

That was a rare Trump understatement, as the two countries face sharp differences on the case of Brunson and other detained Americans, Erdogan's consolidation of power, USA support for Kurds in Syria, growing Turkish relations with Russia, Turkey's evasion of US sanctions and more. The evangelical pastor is on trial for terrorism charges.

A Turkish airlines airplane at a docking station at the TAV airport in Skopje, Macedonia May 16, 2018.

Turkish economy is solid, strong: President Erdogan
More than a third of Turkish banks' lending is in foreign currencies, according to Reuters . The fear is of a full-blown emerging market crisis.

Rather, the only real hope for Turkey to stabilize its currency without resorting to exchange controls or to default on its debt would be for the country to restore investor confidence by seeking an IMF-backed economic stabilization program.

The lira has plunged against the dollar as the row intensified, losing more than 40 percent of its value this year. "What do you want to achieve", he added, referring to the US.

Instead of trying to help defuse Turkey's dramatic currency crisis, as was done for instance in the 1998 Asian currency crisis, the Trump administration seems to have gone out of its way to exacerbate that country's crisis.

The move comes after the U.S. imposed sanctions on two Turkish ministers over the continued detention of an American pastor on terror-related charges, and President Donald Trump compounded the country's economic crisis by doubling steel and aluminium tariffs to 50% and 20%, respectively.

The euro recovered on Tuesday from earlier losses linked to the collapse of the Turkish lira, but investors said the exposure of European banks to Turkey would continue to trouble the single currency.

"What is happening in Turkey goes far beyond the United States and the United States' recent policies and impositions of various policies and mechanisms", Nauert said.

Markets were also somewhat soothed by Turkey's central bank loosening cash buffer requirements for the country's banks and its finance minister setting up a call with investors.

Brunson has appealed again to a Turkish court to release him from house arrest and lift his travel ban, his lawyer told Reuters on Tuesday.

U.S. embassy charge d'affaires Jeffrey Hovenier on Tuesday visited Brunson in the western city of Izmir.

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