Erdogan: Turkey can do without U.S. electronic goods

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The currency's climb followed retaliatory tariffs by Ankara against United States goods including rice, coal and cars.

"Tax rates on imports of some products have been increased on a reciprocal basis against the USA administration's deliberate attacks on our economy", Vice President Fuat Oktay said later on his official Twitter account.

Turkey has suffered the most from the feud, which has helped push its currency, the lira, to record lows against the dollar.

Because of the currency storm and the possibility that access to materials, and to export markets will be disrupted at the Turkish plants, financial data for the performance of the companies in Turkey is now unbalanced and for the time being unreliable, reports LTN.

Turkish President Recep Tayyip Erdogan announced a boycott of American electronics Tuesday after US President Donald Trump's decision to hike tariffs on Turkish steel imports.

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Investors are anxious not only about Turkey's souring relations with the United States, a longtime North Atlantic Treaty Organisation ally, but also Erdogan's economic policies and the country's high debt accumulated in foreign currencies. It was unclear how he planned to enforce such a boycott.

Brunson, a Christian pastor from North Carolina who has lived in Turkey for more than two decades, was indicted on charges of helping the Gülenist Terror Group (FETÖ), which is responsible for the failed 2016 coup, as well as for supporting the PKK. "We have other partners and alternative markets".

In a televised speech on Friday, he called on Turkish citizens to exchange foreign currency and gold for lira, calling it an "economic war".

Erdogan suggested Turks would stop procuring US-made iPhones and instead buy Korean Samsung or Turkish-made Vestel. Erdogan accused the United States of conspiring against Turkey and said that the slide in its currency doesn't make any sense logically.

Against the backdrop of these developments, British Financial Times reported that it is likely that Erdogan would turn to Qatar and request financial assistance from Doha to save the Turkish lira, nevertheless the newspaper reported that the Turkish president would eventually give in to the pressure exerted by Trump and release the priest who has been held under false pretenses.

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"If we postpone our investments, if we convert our currency to foreign exchange because there's danger, then we will have given in to the enemy", he said.

The lira recovered on Tuesday from near-record lows, helped by liquidity measures from the Turkish central bank.

Erdogan said his government would offer further incentives to companies planning to invest in Turkey and said firms should not be put off by economic uncertainty.

Lawmakers who authored the bill cited the detention of a United States citizen - the same issue highlighted in recent weeks by the Trump administration - as one reason for blocking the transfer of the stealth aircraft.

Brunson filed a new petition for release on Tuesday, asking a Turkish court to "prevent unlawful political interventions by lifting judicial control provisions on the defendant". A previous appeal by Brunson was rejected at the end of July.

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