Turkey's Erdogan pledges boycott on U.S. electronics

President Erdogan centre said that he would seek new trading partners

A man shops in a market in Istanbul, Monday, Aug. 13, 2018.

In other words, Turkey relies on Apple more than Apple relies on Turkey.

The CBRT on Monday moved "to support financial stability and sustain the effective functioning of markets", introducing measures on the Turkish lira and the foreign exchange market (FX) liquidity management.

The top USA diplomat in Turkey has called for the cases against an American pastor and others held in Turkey to be resolved "without delay" and in a "fair and transparent manner".

These import taxes came on top of 10% additional tariffs on aluminum and 25% on steel from all countries, in a bid by Trump to protect the USA steel industry and please voters in America's industrial heartland.

Brunson's lawyer, Ismail Cem Halavurt, said the court had up to seven days to decide.

The war of words between Turkey and the United States has escalated significantly in the past week as the U.S. calls for the release of an American evangelical pastor.

US crude fell 2.29 percent to $66.08 per barrel and Brent was last at $71.53, down 1.76 percent on the day.

Sergey Lavrov, speaking after talks Tuesday with his Turkish counterpart, Mevlut Cavusoglu, said the wide use of sanctions reflect Washington's desire to win domination and secure unilateral advantages for its businesses.

The drop is down to a ideal storm of fresh USA sanctions against the country, economic conditions in Turkey, and a strong dollar that is pulling foreign investment out of Turkey and back to the United States. Erdogan claims that his stance against USA imports is necessary due to the recent collapse in Turkish assets.

Lavrov says that Washington's policies will undermine the dollar's position as the global reserve currency of choice.

He said Russian Federation and Turkey have set a goal to switch from dollars to national currencies in mutual trade.

"Turkey stands for security and reliability in Europe, we are working together well with Ankara in terms of migration", the German minister added.

Turkish currency tumbled low over deteriorating relations with the United States as President Donald Trump unexpectedly doubled metal tariffs against the Muslim state on Friday. If the evangelical pastor is found guilty, he will face up to 35 years in jail.

Turkish Treasury and Finance Minister Berat Albayrak speaks during a presentation to announce his economic policy in Istanbul, Turkey on August 10, 2018.

Turkish President Recep Tayyip Erdogan vowed that his country would boycott US -made electronic goods, including iPhones.

"If they have the iPhone on the other hand there is Samsung".

It is not clear if this comes after Mr Erdogan's pressure.

The lira rallied against the dollar on Tuesday morning from Monday's lows.

Erdogan made the comments in retaliation against United States sanctions, which have helped worsen an economic crisis in the country.

The business groups also urged the drawing up of a roadmap to reduce inflation.

But the United States insists Andrew Brunson, a long-time Turkish resident who ran the tiny Izmir Resurrection Church, is "a victim of unfair and unjust detention".

As the currency loses value, those who want to travel overseas will find it more hard to do so unless they have a bigger financial cushion.

Turkey's President Recep Tayyip Erdogan is not backing down.

Turkey's economic crisis boils down to heavy reliance on foreign investments made in dollars, while Turkish assets are valued in lira, and the lira has been declining at an alarming rate (although it appeared to stabilize somewhat on Tuesday). It remains not far from the record low of 7.23 per dollar hit Sunday.

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