Turkey's Erdogan pledges boycott on United States electronics

Turkey's Erdogan pledges boycott on United States electronics

The Trump administration introduced the economic sanctions as the result of an American Christian pastor who is now standing trial on alleged terrorism charges.

Trump and Erdoğan hammered out a deal for the U.S. to get Israel to release a Turkish woman imprisoned for alleged links to Hamas, and for Turkey to release detained USA pastor Andrew Brunson - or so Trump thought, sources tell The Guardian.

He said the court had up to seven days to decide.

Mr Brunson has been detained for almost two years, accused him of links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup in 2016.

Although Turkey's currency rose Tuesday, the war of words with the USA that helped trigger the crisis continues.

"There is a price we're paying for the period we're in", he said in a combative speech in Ankara.

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

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

Turkey's currency fell to a new record low today.

"We encourage Turkey to take steps to strengthen democracy", White House spokeswoman Sarah Sanders says the next day.

Turkey has declined to release Brunson from custody, instead placing the pastor on house arrest for the duration of his trial.

Erdogan also told a conference in the capital Ankara on Monday that Turkish that the United States was seeking to stab Turkey "in the back".

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This follows tariffs emplaced on Turkish metal exports last week by President Donald Trump which has caused a freefall of the Turkish Lira. Erdogan claims that his stance against US imports is necessary due to the recent collapse in Turkish assets.

Turkey's Central Bank has announced a series of measures to help banks manage their liquidity, after the country's finance chief said the government had readied an "action plan" to ease market concerns that led to a slump in the value of Turkish currency.

"They don't hesitate to use the economy as a weapon", he said.

"There is a cost for those who are plotting the operation" against Turkey, he said in televised remarks from Ankara, without specifying when the boycott would start or how it would be enforced.

FILE PHOTO: A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul, Turkey August 2, 2018.

Two Turkish business lobbies and the heads of two banks increased pressure on the government and central bank to act to stem a slide that saw the lira lose more than a quarter of its value in less than two weeks.

The lira has lost 40 percent against the dollar this year, largely over worries about Turkish President Recep Tayyip Erdogan's influence over the economy, his repeated calls for lower interest rates, and worsening ties with the United States.

Investors globally fear the damage spreading and have been prompted to sell riskier assets, including other emerging market currencies.

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

After free-falling on Monday, Turkey's already troubled lira began showing signs of stabilizing on Tuesday, climbing 5 percent. They get revenues in lira, which are worth less and less, but must repay loans in dollars or euros.

The currency has been steadily declining for the past year.

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