Erdogan Vows to Boycott U.S. Electronic Goods Amid Pastor Spat

Erdogan Vows to Boycott U.S. Electronic Goods Amid Pastor Spat

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

Investors are anxious about a confluence of factors including Turkey's reliance on foreign loans, which become more hard to repay when the country's currency is plunging.

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". That follows President Donald Trump's threat last week to jack up tariffs on Turkish steel and aluminum imports.

Andrew Brunson is an American pastor who has been detained in Turkey for nearly two years since October 7, 2016.

USA crude rose 80 cents to $68.00 a barrel and Brent gained 81 cents to $73.42. "His rhetoric reflects a desire to support Turkish electronics businesses like Vestel".

The drop is down to a flawless storm of fresh U.S. 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.

Opening the segment, Holt laid out the situation: "Turkey is accusing the US of trying to tank its economy after President Trump ordered new sanctions".

The Turks have exhausted the possibility of interest rate hikes and are backed into a corner by their inadequate level of currency reserves, Paul McNamara, emerging markets investment director at GAM Investment Management in London, said in a note. This might provide a breathing space but probably only a temporary one, given that Turkey is an open economy and has large foreign currency needs.

"The Turkish economy had been giving signs of structural chronic weaknesses and imbalances for quite some time", said Önder.

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"The dollar reached seven liras and people are spending less now", said the hairdresser, who declined to give his name. It was not clear when the court would consider the appeal.

The escalating political dispute between the United States and Turkey, along with the sharp drop in the value of the Turkish currency, the lira, have captured front-page headlines in recent days. Arrested in 2016, Brunson faces terror and espionage charges.

In essence, investors have lost faith in the current economic policies of the Turkish government, anxious that a continued weakening of the economy will cause Turkish borrowers to struggle to repay their foreign debts. "In our country we have Venus and Vestel", he said, referring to a Turkish-made phone made by electronics manufacturer Vestel. This has caused the dollar to increase, the lira to fall, and Turkish bond yields to rise.

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.

With Turkey's currency crashing, the government's response has been to blame outsiders and double down on a bad economic policy that is only making it worse.

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

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.

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. It remains not far from the record low of 7.23 per dollar hit Sunday. The country's finance minister - who is also Mr Erdogan's son-in-law - will seek to reassure around 1,000 global investors in a teleconference scheduled for Thursday.

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