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?

More news: Meghan Markle’s Royal Life Will Change Once Prince William Becomes King

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.

Related News:

  • Secretly taping Trump conversations: Out of control

    Secretly taping Trump conversations: Out of control

    And NBC's "Meet the Press" is airing part of the conversation. Trump on Saturday labelled Manigault Newman a " lowlife ". Conway said "that is not what was offered" to Newman.
    West Nile virus found in mosquito

    West Nile virus found in mosquito

    Kwit said healthy people might have come in contact with the West Nile Virus and might not even know it. Dallas County in Texas is the latest community in the US to report West Nile virus cases during 2018.
    Courtois wants Hazard to join him at Real

    Courtois wants Hazard to join him at Real

    In addition, he won the Spanish La Liga title in 2017. "I had a great time there, but now this is my club and my home". He's only 23-years-old, thus could fill the void between the posts at Stamford Bridge for the coming decade.
  • Amid Deteriorating Economy, Iran's Khamenei Rejects Talks with U.S.

    Amid Deteriorating Economy, Iran's Khamenei Rejects Talks with U.S.

    It also prompted a registration flurry of new companies which had access to government dollars at concessionary prices. Rial's devaluation has presented the government of President Hassan Rouhani with possibly the most serious quandary.
    Trump signs defense bill named for John McCain

    Trump signs defense bill named for John McCain

    The bill marks a major increase in military spending, though it did not give President Trump the new Space Force that he sought . What just happened? The long-running battle between ZTE and the United States government may have reached a conclusion.
    Here's the first Red Dead Redemption 2 gameplay footage

    Here's the first Red Dead Redemption 2 gameplay footage

    Stay tuned for our breakdown of everything you might've missed in the trailer, along with snippets of gameplay analysis. Red Dead Redemption 2's release date has been confirmed as October 26, and it is coming to PlayStation 4 and Xbox One.
  • Firefighter killed battling California's Ranch Fire

    Firefighter killed battling California's Ranch Fire

    But despite the unrelenting heat and the fire gaining about 20,000 acres, the fire is now 61 percent contained . CAL FIRE reports that 147 residences have been destroyed in the two fires and another 1,025 remain threatened.
    Omarosa unveils new audio of Trump's call to her after firing

    Omarosa unveils new audio of Trump's call to her after firing

    But speaking on the NBC show Meet The Press yesterday, Ms Newman said that she had heard a tape of Mr Trump using the "n-word". Sure, it's going to look retaliatory, but at this point it couldn't look worse than it is at the moment for the White House .
    Suspect in Fredericton shooting identified as Matthew Vincent Raymond

    Suspect in Fredericton shooting identified as Matthew Vincent Raymond

    Canadian Public Safety Minister Ralph Goodale told reporters the RCMP were assisting Fredericton authorities in the investigation. Everett Chalmers Regional hospital is now treating multiple victims of today's shooting. "I'm very torn up", he said.
  • Saudi Fund Express Support For Taking Tesla Private: Elon Musk

    Saudi Fund Express Support For Taking Tesla Private: Elon Musk

    Tesla CEO Elon Musk at a press conference at the Kennedy Space Center in Cape Canaveral, Florida, U.S., February 6, 2018. The Saudi government is trying to diversify the country's economy which is dependent on oil.
    Melania Trump's parents become citizens through 'chain migration'

    Melania Trump's parents become citizens through 'chain migration'

    The First Lady wears an nearly "naked" dress while accompanying her husband to the North Atlantic Treaty Organisation summit. Now that the couple are US citizens, it's important to note the president's hypocrisy when it comes to immigration policies.
    Star witness ends testimony in fraud trial of ex-Trump campaign chief

    Star witness ends testimony in fraud trial of ex-Trump campaign chief

    Gates said he falsely labeled hundreds of thousands of dollars in income as loans to reduce Manafort's tax liability. Gates pleaded guilty to reduced charges in February and agreed to cooperate with the government.

Most liked

Ben Stokes rejoins England squad after acquittal
Mbargo doorman Andrew Cunningham, 37, alleged he was offered £300 by Stokes to let him and Mr Hales back into the nightclub. Last week, the jury acquitted Mr Hale of the charge after the judge ruled there was insufficient evidence against him.

Tesla and Elon Musk hit by fresh lawsuits over stock rigging claims
Irons has a small position in out-of-the money put options on Tesla that make money if the stock declines. Musk, 18-cv-04865, US District Court, Northern District of California ( San Francisco ).

Aretha Franklin’s nephew gives health update on Queen of Soul
Franklin's music is at the center of an annual tribute to soul music called "Dancin' in the Street, Motown and More". One person influenced by Franklin is Desiree Washington, a local singer who performs as the legend in the musical.

White House paranoia deepens after Omarosa tapes
In her new book, Unhinged , she writes: "Taken as a whole, all of her style rebellions have served the same goal ". Now, aides are wondering who else might be using a recording device to capture audio from private conversations.

Pro Golfers Impressed by St. Louis Crowds at PGA Championship
The Florida native closed out with a final round of 66 to finish at -16 and claim his third Major title in just two years. However, he regained his mojo with three consecutive birdies to close the front nine to take the solo lead to the back.

Pep praises Sterling's stellar efforts but can't guarantee a deal
They could have led by three or four in the first half, but only Raheem Sterling found a route past Petr Cech before the break. This might be a new Premier League season but it could quite easily follow the very same pattern as the one prior.

Trump doubles tariffs on Turkey
The Turkish strongman also lashed out at interest rates, denounced them as a "tool of exploitation" which should be kept as low as possible.

Former Brazilian striker Ronaldo Nazario is in intensive care
Ronaldo finished his career with an impressive 414 goals, 62 of which came in just 98 appearances for the Brazilian national side. He represented his country in three World Cups, including the 2002 edition, when Brazil won its fifth tournament title.

Manchester United Unveil Stunning New Dressing Room Before Premier League Opener
Manchester City's Vincent Kompany lifts the Premier League trophy during the parade in Manchester May 14, 2018. We knew it was going to be hard because some of us, including myself, didn't have any pre-season games.

Alaska Airlines plane crashes after unauthorised take-off from Seattle airport
A plane has crashed near Sea-Tac airport in Seattle after being stolen by an airline worker and perused by F-15 fighter jets. The Seattle FBI are now understood to be on the scene and have taken over the investigation.

Should Boris Johnson say sorry for burka comments?
The source said that a number of complaints had been received, and would be considered by an independent panel. She also confirmed that police have not received any criminal complaint against the former foreign secretary.

Indonesia quake toll touches 131, hundreds injured, 1.5 Lac homeless
Rescue teams on Tuesday also continued searching under debris from collapsing buildings for more survivors, reports Efe news. It said clean drinking water was scarce because of a recent spell of extremely dry weather in Lombok.

White House adviser Bolton urges North Korea to act on denuclearization
The Korean Peninsula is still technically in a state of war because the fighting ended with a cease-fire, not a peace treaty. The warnings come just days after North Korea's foreign minister called USA actions "alarming".

Smash Bros. Ultimate: 5 New Characters Revealed!
Additionally, Chrom from the Fire Emblem franchise and Dark Samus from the Metroid series were announced as echo fighters . The big question for the rest of the year, for Smash fans, is now going to be what that mode could possibly be.

Twitter CEO defends decision not to ban Alex Jones
He did this only after learning of Apple's decision, Byers said , explaining why Facebook announced its decision at 3 a.m. Jones' Facebook account has also been suspended for 30 days but he still has a "verified" Twitter account.