Erdogan Wants Boycott of US Electronics

Erdogan Wants Boycott of US Electronics

Erdogan Wants Boycott of US Electronics

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

The lira hit a record low of 7.23 per dollar late Sunday after Erdogan remained defiant in his economic policies and the standoff against the United States, a North Atlantic Treaty Organisation ally.

The dispute between the North Atlantic Treaty Organisation allies - brought to a new intensity by Turkey's holding of an American pastor for two years - has raised questions over the future of their partnership and fanned fears of a looming economic crisis in Turkey.

U.S. President Donald Trump has demanded the pastor's release and said he had authorized the doubling of tariffs on steel and aluminum imports from Turkey. He did not say when the boycott would start or how it would be enforced.

Brunson, a native of North Carolina who had been preaching Christianity in Turkey for decades, was arrested back in 2016 under President Recep Tayyip Erdoğan's crackdown on dissidents following a failed military coup against him.

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

Shares of USA lenders - Citigroup, JPMorgan, Wells Fargo, Bank of America, Goldman Sachs - rose between 0.20 percent and 1 percent. "This is called carrying out an operation against Turkey".

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Relations between the two North Atlantic Treaty Organisation allies have plummeted in one of their worst crises in decades after the detention of U.S. pastor Andrew Brunson on terror-related charges, sending the Turkish lira into free fall against the dollar. Brunson and his supporters have firmly denied the charges.

He said: "If they have the iPhone, there is Samsung elsewhere".

Investors seemed to look through the fiery rhetoric, pushing the lira off record lows on reports that Turkish and USA government officials held talks on Monday.

"We will stand against the dollar, currency rates, inflation, interest rates".

He sharply criticized the US for its trade policy, claiming that the ultimate goal was destabilizing Turkey. "I believe the new and important topics will be discussed in this call, otherwise there would not be such an attempt". In 2014, one US dollar would buy two Turkish liras.

But "until the crisis in Turkey is over or the market considers it to be an isolated problem, risk aversion is likely to remain elevated which will continue to benefit mainly the currency safe havens", said Antje Praefcke, a currency strategist at Commerzbank in Frankfurt. On Tuesday, one dollar was worth 7.2 lira. But independent analysts say higher rates are needed urgently to stabilize the currency and Erdogan's hard line is one of the reasons investors are worrying.

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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