How Turkey and Trump shot down the Australian dollar

Markets Insider

Markets Insider

"We will boycott United States electronic goods", Erdogan said in a televised speech, raising the stakes in a spat that has seen the Turkish lira plunge to record lows.

President Recep Tayyip Erdogan said Tuesday that Turkey would boycott US -made electronic products, escalating a feud with the Trump administration that has contributed to the rapid decline of the Turkish currency. On Tuesday, Turkey's President called for a boycott of USA electronics and named the iPhone as one product local residents should shun. "If they have iPhone, the other side has Samsung".

President Recep Tayyip Erdogan suggested that Turkey will stick to Samsung and Vestel if USA products are banned.

To force Turkey into releasing the pastor, the Trump administration began doubling tariffs on imported Turkish steel and aluminum last week.

Turkey's ambassador to Washington Serdar Kilic on Monday held talks with US National Security Advisor John Bolton in a meeting what Foreign Minister Mevlut Cavusoglu said was arranged by the White House. 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.

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It's unclear what the USA trying to achieve by targeting an ally with whom it worked together in places including Somalia, Afghanistan and Kosovo.

Trump's announcement came shortly after Erdogan called on Turks to help defend the country against the US-launched economic war on his nation.

Turkey will continue to take steps to protect the Turkish lira's value in worldwide trade, Treasury and Finance Minister Berat Albayrak said on Tuesday.

"The plunge in the lira, which began in May, now looks certain to push the Turkish economy into recession, and it may well trigger a banking crisis", Andrew Kenningham, chief global economist at Capital Economics, told Reuters.

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

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Asian stocks sagged on Wednesday, failing to track Wall Street's gains and with the dollar near a 13-month high as concerns about Turkey's financial crisis weighed on investor appetite, despite the lira's move away from an all-time low.

"We, as the Turkish Airlines, stand by our state and our people". While Turkey's central bank has raised lending rates by 500 basis points this year to 17.75 per cent, it hasn't acted since the latest turmoil began with US sanctions on the interior and justice ministers on August 1.

The first vulnerability to which the International Monetary Fund draws attention is the large amount of Turkey's debt that is US dollar-denominated and that is subject to valuation risk.

Erdogan has encouraged his citizens to sell any American dollars they have to buy local currency, but the lira continues to slide. It was up 5 percent on Tuesday, at 6.55 per dollar, having fallen 42 percent so far this year, with most of those losses coming in recent weeks.

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