Erdogan calls on Turkey to 'boycott' iPhones and other United States electronic goods

Erdogan calls on Turkey to 'boycott' iPhones and other United States electronic goods

The fallout has been sparked by a number of issues - including Turkey's detention of American pastor Andrew Brunson - while Ankara has demanded the extradition of a Turkish cleric who is blamed by Mr Erdogan for masterminding the failed 2016 coup against him.

Erdogan said the nation of 80 million people would stop buying American electronics, condemning the "explicit economic attack" against his country.

The lira's plunge - which had been ongoing for weeks - was turned into a rout on Friday when US President Donald Trump tweeted that Washington was doubling aluminium and steel tariffs for Turkey.

Speaking at a Symposium in Ankara, Erdogan said Turkish businesses must continue to produce and export the country's own goods.

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

Turkey has economic problems that it should take notice of and fix such as a wide current-account deficit and high consumer inflation rate. But "thanks to God, our economy is functioning like clockwork", he maintained.

The lira has lost more than 40% this year and crashed to an all-time low of 7.24 to the dollar on Monday, hit by worries over Erdogan's calls for lower borrowing costs and by worsening ties with the United States, a major North Atlantic Treaty Organisation ally. The 8% decline in the MSCI Emerging Markets index doesn't scream panic. This difference between import and export of goods and services has been filled through external borrowing in foreign currency. There is a fear the resulting financial meltdown could spread to other markets. Here, road paint reads: "Slow down". "We are just getting a bit of reprieve from the recent down move". Erdoğan has insisted that Turkey remains committed to the principles of an open market economy but one option for the government is to try capital controls as a way of taking pressure off the lira.

Halep beats Stephens in Montreal in repeat of French Open win
Due to rain delays, she then had to return that same day to play Venus Williams, also pulling double duty, who she beat 6-2 6-2. "I couldn't believe that it's over", said Halep after claiming her third title this year and the 18th of her career.

At present, iOS has around a 16 percent market share in Turkey. He has also refused to turn to the International Monetary Fund for a financial rescue, instead blaming a foreign "operation" and economic "traitors" for precipitating the currency crisis.

The lira has dropped some 45 per cent this year.

Brunson, 50, is being tried on espionage and terror-related charges, which he and the United States government vehemently deny. Erdoğan has accused the United States of stabbing Turkey in the back, the government has announced a crackdown on those on social media spreading fake news about the crisis and the central bank has eased financing requirements for Turkish banks.

Interestingly, both Ankara and Washington designate the PKK as "terrorist".

While the lira ended a dramatic slide that had seen fresh record lows recorded on a daily basis, several industry associations made a rare show of dissent. Erdogan's authoritarian hand has distanced the country from traditional Western allies and hit confidence.

And the finance ministry says it has an action plan in place. The European Central Bank has expressed concern about potential contagion through the eurozone banking system, with Spain, followed by Italy, the most heavily exposed countries.

"All that talk sort of undermines investors confidence in the Turkish economy", she said. "But there will be a price [which] those who're waging an economic warfare against Turkey will also pay".

Related Articles