Turkey to boycott US-made electronic products: Erdogan

Turkey to boycott US-made electronic products: Erdogan

It also pledged to provide "all the liquidity banks need".

The top US diplomat in Turkey has called for the cases against an American pastor and others held in Turkey to be resolved "without delay" and in a "fair and transparent manner".

The U.S. slapped sanctions on Turkey after the nation refused to release pastor Andrew Brunson. "And we have our own telephone brands", he added.

"The good news is we are not in panic mode", said Win Thin, global head of emerging markets at Brown Brothers Harriman.

The United States has imposed sanctions on two Turkish ministers over the trial on terrorism charges of a USA evangelical pastor in Turkey, and last week Washington raised tariffs on Turkish metal exports. That's because investors have lost confidence in management of the economy under Erdogan, who believes in unorthodox economic policy, demands low interest rates and constantly assails "the interest rate lobby".

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

Investors are anxious about a confluence of factors including Turkey's reliance on foreign loans, which become more hard to repay when the country's currency is plunging.

Mr. Erdogan said Turkey was facing an "economic attack" and a "bigger, deeper operation". It was not clear when the court would consider the appeal.

Turkey's President Tayyip Erdogan addresses Turkish Ambassadors during a meeting in Ankara, Turkey, Aug. 13, 2018.

The United States imposed sanctions on two Turkish ministers and doubled customs tariffs on Turkish aluminum and steel imports after Brunson was placed in house arrest.

Brunson, 50, is being tried on espionage and terror-related charges, which he and the USA government vehemently deny.

The financial regulatory body said violators could face two to five years in prison.

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Turkish actions against US economic interests will be largely symbolic.

Turkish President Recep Tayyip Erdogan has announced a boycott of electronic goods from the United States, including Apple products.

"If they have iPhone, there is Samsung on the other side".

It was unclear how the Turkish leader planned to implement the boycott.

After three weeks of heavy pounding, the lira got some respite as signs Turkish authorities were trying to address the unresolved damage triggered an nearly 5-per-cent relief rally to about 6.5 per dollar.

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.

Despite Erdogan's rhetoric, diplomatic efforts are still under way.

On Monday, Turkey's central bank announced measures to help that country's banks, but the Turkish lira and Turkey's stock market continued to slide. A decade of easy money and low interest rates in the United States and European Union following the 2008 financial crisis led to investors searching for higher yields to emerging markets like Turkey.

Trump's decision to double USA tariffs on Turkish steel and aluminium has only exacerbated the situation.

The lira was around 6.55 to the dollar on Tuesday, up 6% on the previous day after the central bank freed up cash for banks, and a slight recovery from a record low of 7.23 on Sunday.

The euro also stumbled to more than one-year lows, as did the Australian dollar.

The currency has been steadily declining for the past year.

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