NBC Blames Trump For Straining Relationship With Turkey Over American Pastor

Tourists stand in a queue outside a luxury brand Louis Vuitton store as Turkey's lira drops

Businessmen holding US dollars stand in front of a currency exchange office in response to the call of Turkish President Tayyip Erdogan on Turks to sell their dollar and euro savings to support the lira, in Ankara, Aug. 14, 2018.

Erdoğan has today threatened to boycott American-made electronic goods in response to United States sanctions against Turkey that sent the value of its currency, the lira, into freefall. "If they have iPhone, the other side has Samsung".

The pressure on Turkey is reflective of broader trends in emerging markets, although the lira is by far the worst performer.

During his speech, Erdogan singled out the iPhone as a notable American import. Brunson was arrested in 2016 on charges of participating in a failed military coup against Erdogan's government.

Some joked bitterly on social media that the plunge of the lira would make Apple products unaffordable for Turks in any case.

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'We, as the Turkish Airlines, stand by our state and our people. "Necessary instructions on the issue have been issued to our agencies", Yahya Ustun, spokesman for the country's flag-carrier, wrote on Twitter. "And we have our own telephone brands", he said in clear-worded remarks.

"I don't believe it's all over", said Minh Trang, senior currency trader at Silicon Valley Bank in Santa Clara, California. "What do you want to achieve", he added, referring to the US.

Leading Turkish business groups have warned that tighter monetary policy is needed to stabilise the Turkish lira and disputes should be resolved via diplomacy, Hurriyet Daily News has reported.

Turkey is in the throes of a full-blown currency crisis, with the Turkish lira losing almost 45 percent of its value since the start of the year.

The lira has lost about a fifth of its value against the greenback since Friday. Retail investors in Turkey are understood to have sold $50m (£39m) to $60m in foreign currency with the jump in the lira exaggerated by thin trading volumes, according to Bloomberg.

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A bigger danger is that Turkey's crisis will spill over into other emerging market economies and there were signs on Monday that other countries seen as vulnerable were coming under speculative attack.

Concerns have lingered about European banks' loans to Turkey, stoking selling of regional stocks and the single currency, analysts said.

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).

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.

In addition, the US has placed sanctions on two Turkish ministers over the arrest of an American pastor who is charged with having links to terrorism.

Turkey ready for trade with partners, including Russian Federation , in national currencies - Erdogan
On March 1 , Trump had announced global tariffs of 10 percent on all aluminum to the USA and 25 percent on all steel imports. Erdogan has been putting pressure on the central bank to not raise interest rates in order to keep fueling economic growth.

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