Erdogan says Turkey will boycott U.S. electronic goods

Erdogan says Turkey will boycott U.S. electronic goods

Erdogan says Turkey will boycott U.S. electronic goods

"We will boycott electronic goods from the United States", the president said, raising the stakes in a spat with Washington following the detention of USA pastor Andrew Brunson on terror-related charges.

"A combination of fears of contagion from Turkey and a possibility of a China slowdown has upset markets worldwide".

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

"If they have iPhones, there is Samsung on the other side, and we have our own Vestel here", he said, referring to the Turkish electronics company.

Fears Turkey's currency crisis would affect other emerging markets, amid trade tensions with the U.S. has spooked financial markets.

On the other hand, Asian stocks retreated to a one-year low as bearish Chinese markets worsened investor sentiment already hurt by Turkey's financial crisis.

Some joked bitterly on social media that the plunge of the lira would make Apple products unaffordable for Turks in any case.

Turkey is hiking tariffs on imports of certain United States products in response to American sanctions on Ankara that caused the value of the lira to plunge, a decree published Wednesday said. "Necessary instructions on the issue have been issued to our agencies", Yahya Ustun, spokesman for the country's flag-carrier, wrote on Twitter.

Erdogan said Turkey was facing an "economic attack" and a "bigger, deeper operation".

Managing director Anth Mooney said: 'With the lira in high demand across our stores, we're advising customers to put money on a pre-paid card which locks in the unprecedented rates now to spend on holiday later'. "What do you want to do?"

The move sent the Turkish lira to a record low against the dollar and spurred declines in other emerging market currencies.

Turkish lira plunged on concerns over the deepening rift between Washington and Ankara, hitting a record low of 7.24 against USA dollar and weakening some 45 percent so far this year.

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Elsewhere, Post Office Travel Money revealed sales of the Turkish lira was three times higher than a year ago after losing 43 per cent of its value against the pound.

MSCI's broadest index of Asia-Pacific shares outside Japan.MIAPJ0000PUS slid more than 1 percent to its lowest since August 2017, after bouncing 0.4 percent the previous day when the Turkish lira showed signs of stabilizing.

How much has Turkey's currency dropped?

In a statement released Tuesday, Turkish business groups called on Erdogan to let the Turkish central bank raise interest rates to stop the currency crisis.

Erdogan has not inspired confidence in responding to the lira meltdown.

"Prior to this (the Turkish lira crisis), we have the trade conflict between the U.S. and China that continues to escalate", she told The Edge Financial Daily.

British holidaymakers are flocking to Turkey as the collapse of the Turkish lira has seen prices in resorts plummet.

Turkey has meanwhile resisted pressure to release Brunson - who has been held for two years and is now under house arrest - with officials warning it could face further sanctions.

A court in the western Turkish city of Izmir rejected a new appeal to free Brunson on Wednesday, the state television TRT reported. Brunson, who faces up to 35 years in jail if found guilty, denies the charges.

Hovenier said Washington expected the release of detained American citizens including Brunson "without delay" and "in a fair and transparent manner".

US National Security Adviser John Bolton met with the Turkish ambassador to Washington on Monday, suggesting that diplomatic efforts are continuing, according to the AP.

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