Turkey's President Recep Tayyip Erdogan said Turkey would boycott us -made electronics such as Apple Inc.'s iPhone in response to USA sanctions, striking a defiant tone in a standoff that has pushed his country toward a financial crisis.
The United States is warning more economic pressures may be in store for Turkey if it refuses to release a jailed American pastor, a White House official said on Tuesday, in a dispute that has further strained relations between the North Atlantic Treaty Organisation allies.
On Tuesday, the Turkish president said his country would boycott U.S. electronic goods, including Apple's iPhone.
"If they have iPhone, there is Samsung on the other side".
It's not clear how Erdogan would enforce the boycott, the AP noted.
Tisdall thinks Erdogan's arrogant style and dictatorial ambitions have backed him into a corner because he can not blame anyone else for Turkey's sputtering economy and souring worldwide relations.
The lira firmed as far as 5.75 against the dollar on Wednesday and stood at 5.9350 at 0745 GMT in a move initially triggered by a Turkish court decision to release two Greek soldiers facing espionage charges.
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Hamdi Ates, corporate communications director at Turk Telekom, posted a similar message on Twitter.
The pretext for the punishing attack on Washington's erstwhile North Atlantic Treaty Organisation ally-Turkey has the most troops of any member of the military alliance outside of the U.S. itself-is the continued detention of the evangelical American preacher Andrew Brunson, who was arrested in 2016 on charges of complicity with the organizers of an abortive military coup in July of that year that sought the overthrow of President Recep Tayyip Erdogan.
"Once we got into August there was quite a bit of selling (of the euro), and it accelerated with the Turkey situation", said Wakabayashi. Turkey regards the Kurdish fighters as terrorists.
The row with Washington has helped drive the lira to record lows, with the Turkish currency losing more than 40% of its value against the dollar this year.
Turkey's weakened currency, the lira, plunged by more than 20% in response to those United States sanctions.
Even though a meeting between National Security Adviser John Bolton and Turkey's USA ambassador on Monday yielded no public progress, the White House is now leading the talks with Turkey over Brunson's release and a host of other issues that have dragged down the alliance.
"U.S. banks' total claims on Turkey amounted to just $38 [billion] at the end of March this year, not much more than claims on Finland", Pantheon's chief economist, Ian Shepherdson, wrote in a note.
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The Turkish lira fell at least 13 percent Friday, as President Erdogan called for people to exchange their other forms of money to the lira .
"It is wrong to dare bring Turkey to its knees through threats over a pastor", Erdogan said.
President Erdogan said Turkey was taking measures to stabilise the economy, and should not "give in to the enemy" by investing in foreign currencies. Bolton warned him that the United States would not give any ground, a senior US official said.
The Turkish central bank has promised that Turkish banks will have all the money they need.
Turkey, one of NATO's most significant military powers, has provided Washington with logistical support for its military actions in the Middle East for years.
The state-run Anadolu Agency said the finance chief would address hundreds of foreign investors on Thursday in a teleconference.
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