Turkey's president threatens boycott of iPhones, other United States electronics

Turkey news: Erdogan rages at Trump 'economic warfare' over sanctions | Daily Star

The lira led losses among global peers after the nation's first steps to bolster the financial system were seen by some analysts as insufficient to protect markets in times of distress.

So how did Turkey, a strategically positioned member of North Atlantic Treaty Organisation, a member of the Group of 20, a country of about 80 million people with a young population, get into this mess?

Turkey's central bank has promised to provide banks with liquidity.

Detractors of Mr Erdogan say he campaigned on a construction boom that created bridges, an airport and shiny waterfront hotels but which were paid for by unsafe financial policies that are now beginning to crumble.

"On the one hand you are a strategic ally and on the other you shoot [the country] in the foot".

Erdogan has remained defiant after Trump doubled tariffs on aluminum and steel imports from Turkey to 20% and 50%, respectively.

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Liberty Times that four major Taiwanese companies are likely to be on the losing end of investments and ventures in Turkey if the US sanctions are implemented and maintained for any significant amount of time.

North Atlantic Treaty Organisation allies the United States and Turkey have been at loggerheads over a wide range of topics including diverging interests in Syria, Ankara's ambition to buy Russian defence systems and Andrew Brunson, a pastor on trial in Turkey for terrorism charges.

On Monday, Erdogan turned his attentions to social media with the announcement that Turkish authorities are investigating 346 accounts that "provoke the currency rate increase", the official news agency Anadolu reported. Instead of taking drastic action to shore up confidence, such as raising interest rates or going to the International Monetary Fund (IMF), the government is couching itself in nationalistic rhetoric of sacrifice.

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

Turkey has also been publicly critical of criminal prosecutions in the US involving state-run Halkbank official Mehmet Hakan Atilla, as well as Reza Zarrab, a Turkish-Iranian gold trader.

Erdogan has said Turkey needs to find "new friends" because of the row with the its North Atlantic Treaty Organisation ally.

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Investors have pulled back money from emerging markets in recent months as the US Federal Reserve has steadily raised interest rates and is cutting back on easy money policies in response to a robust American economy. Like other emerging markets, Turkish companies borrowed heavily in dollars when USA interest rates were low, fuelling a consumer boom that is running out as the dollar strengthens.

The Central Bank also lowered the amount of cash commercial lenders must keep in reserve with regulators. But neither side has backed down, with Erdogan invoking Turkey's past of supporting the USA in times of need, including America's war in Afghanistan.

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.

Either way, Turkey's strongman seems stuck.

The business groups also urged diplomatic efforts with the United States and an improvement in relations with the European Union, which is Turkey's major trading partner. Winter is coming and Turkey relies heavily on costly energy imports.

Turkish government officials are concerned, but the country's tourists have taken advantage of the plunging currency to snap up luxury goods at stores such as Chanel and Louis Vuitton. She covered Turkey for several publications during Recep Tayyip Erdogan's rise to power.

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