Turkey to boycott U.S. products including iPhone, says Erdogan

Markets Insider

Erdogan said on Tuesday Turkey would boycott U.S. electronic products as the row escalated.

Turkey refused to release an American pastor who has been in detention in Turkey for almost two years now.

The dollar has hit another 13-month high against a basket of major currencies today, as safe-haven demand over fears of fallout from the Turkish lira's recent drop boosts the USA currency.

'If (the United States) have the iPhone, there's Samsung on the other side, ' he said, referring to U.S. giant Apple's iconic phone and the top South Korean brand.

Hovenier also noted that the U.S.is demanding the resolution of several other US citizens' cases, including NASA astronaut Serkan Golge, convicted of being a member of a terrorist organization in February "without credible evidence", according to the State Department, and of three Turkish citizens who work for the USA mission and have been detained for months.

Tensions between the two North Atlantic Treaty Organisation allies have intensified amid a dispute over the detention of Andrew Brunson, whom Turkey accuses of aiding a failed coup.

Brunson was arrested in October 2016 during a nation-wide purge of suspected dissidents following the aftermath of a failed coup in July 2016. While the decline accelerated last Friday after the Trump administration announced new tariffs on Turkey, the US denied responsibility for Turkey's economic state. "Necessary instructions on the issue have been issued to our agencies", Yahya Ustun, spokesman for the country's flag-carrier, wrote on Twitter.

"Whatever we buy from overseas we are going to produce here in better quality and export it".

"They don't hesitate to use the economy as a weapon", the president commented, referring to the US. 'What do you want to do?

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Unfazed by Turkey's escalating economic turmoil, Erdoğan suggested he would snub US-made iPhones in favour of other mobile brands produced domestically or in other countries.

National Security Adviser John Bolton met at the White House on Monday with Turkish ambassador Serdar Kilic, but the discussion reportedly did not result in any substantive progress.

On Monday, the Turkish currency hit a record low of 7.24 against the USA dollar in Asia Pacific trading.

However, severe changes in the value of the currency calmed Tuesday after news that USA national security adviser John Bolton had met with the Turkish ambassador to Washington Monday.

USA sanctions against Turkey recently sent the country's currency, the lira, into free fall.

TUSIAD, the Turkish Industry and Business Association, and TOBB, the Union of Chambers and Commodity Exchanges of Turkey, urged "diplomatic efforts to urgently resolve the problems in the US-Turkey relationship", according to a report in The Financial Times.

A weak lira makes life more expensive for people in Turkey by making imports more expensive.

Treasury and Finance Minister Berat Albayrak, son-in-law of Erdogan, will speak with about 1,000 foreign investors on Thursday via a teleconference, the private NTV broadcaster said.

Concerns have lingered about European banks' loans to Turkey, stoking selling of regional stocks and the single currency, analysts said.

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