Erdogan to boycott iPhones as Turkey's feud with United States escalates

Erdogan to boycott iPhones as Turkey's feud with United States escalates

The Turkish lira hit a record low of 7.23 per dollar on Sunday, after President Recep Tayyip Erdogan remained defiant in a standoff against its North Atlantic Treaty Organisation ally the United States.

While still nominally allies, the USA and Turkey's relationship is continuing to fall apart amid new economic penalties in the continued fight over an American pastor detained in Turkey. On Tuesday, he said Turkey would boycott us electronic products.

"If they have the iPhone, there is Samsung elsewhere". Details of how a boycott of American electronics might be enforced were not presented during Erdogan's speech.

Hamdi Ates, corporate communications director at Turk Telekom, posted a similar message on Twitter.

Trump, who has called Brunson's detention a "total disgrace", last Friday doubled tariffs on Turkish steel and aluminum exports in order to increase pressure on Turkish President Recep Tayyip Erdogan. But the latest row with the U.S. also contributed to the lira's plunge. Turkey regards the Kurdish fighters as terrorists.

Since January, the Turkish lira has lost more than 34 percent of its value against the dollar, pushing up the price of everyday items.

On Tuesday, Russia Foreign Minister Sergey Lavrov said that Russia supported doing trade with Turkey using local currency instead of dollars.

While a defiant Mr Erdogan showed no signs of backing down in the stand-off with America, behind-the-scenes officials were attempting to resolve the dispute. Trump's top national security aide warned Turkey's ambassador on Monday that the US has nothing further to negotiate until Brunson is freed, according to two people familiar with the matter.

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On Monday, Erdogan said that spreading false news about the economy was treason and recent US actions were a stab in the back against Ankara.

Investors are anxious not only about Turkey's souring relations with the U.S., a longtime North Atlantic Treaty Organisation ally, but also Erdogan's economic policies and the country's high debt accumulated in foreign currencies.

But she told Lynch, what could turn things around as far as investors are concerned is German Chancellor Angela Merkel's urging of Turkey to ensure the independence of its central bank at a Monday news conference. Referring to recent developments in the financial markets which led to a run on the Turkish lira against the US dollar, Minister Albayrak once again emphasized that the attacks orchestrated by the USA -led financial markets pose great risks for all countries and everyone clearly sees that the greenback is no longer reliable.

The ruckus between Turkey and the USA has impacted on other countries' currencies, including the Indian rupee, as investors fear the lira's wobbles could spread to developing nations.

The United States and Turkey also have diverging interests over Syria, which is enmeshed in a protracted civil war.

How much has Turkey's currency dropped?

Albayrak will hold the teleconference with foreign investors and convey the messages related to recent economic developments in the country.

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