Erdogan says Turkey to boycott USA electronic goods

Stocks slumped as investors were concerned about slowing Chinese growth and contagion from Turkey's crisisMore

Stocks slumped as investors were concerned about slowing Chinese growth and contagion from Turkey's crisisMore

Overall, the duties will amount to $533 million, a relatively small sum meant as retaliation for U.S. President Donald Trump's recent decision to double tariffs on Turkish steel and aluminum.

But despite the global alarm by western markets and countries, the country is finding allies in support of its currency and in the row against Washington.

The lira was at 6.5 to the dollar, a gain of 5.0 percent on the day and 7.4 to the euro, well off the record lows of 7.24 to the dollar and 8.12 to the euro seen Monday.

After days of heavy losses, the currency stabilized Tuesday, a day after Turkey's central bank said it was taking steps to ensure financial stability and as the finance minister announced he would hold a conference call with worldwide investors later this week.

"However, within a few months Western banks that have strong ties with Turkey will feel the impact of the crisis as Turkish corporates will struggle to repay debt in foreign currency.

Most economists say Erdogan should raise interest rates to support the Turkish lira, but Erdogan wants to keep rates low to support growth.

Qatar said it would provide "a host of economic projects, investments and deposits" worth $15 billion to support Turkey's economy. Erdogan held a similar conversation with Germany's Angela Merkel on Wednesday.

US crude oil CLcv1 fell 3.18 percent to $64.91 per barrel and Brent LCOcv1 was last at $70.75, down 2.36 percent on the day after data showed a surprise weekly increase in USA crude stockpiles, compounding worries about a weaker global economic growth outlook. Brunson is now on trial and held on house arrest, with few indications that Turkish officials intend to comply with the demands - despite USA sanctions that were leveled against them two weeks ago.

"This is just a symbolic gesture", said Ozgur Unluhisarcikli, director of the German Marshall Fund's Ankara office.

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"We (also) have our Venus and Vestel", he said about homegrown Turkish electronics brands.

Apple has 22 per cent of the smartphone market in Turkey, where 11.4 million units were sold previous year, according to Ramazan Yavuz, research manager at IDC consultancy company. "If [the US] has the iPhone, there's Samsung on the other side", Erdogan was reported as saying.

The finance chief, Berat Albayrak is due to address hundreds of foreign investors on Thursday in a teleconference, the state-run Anadolu Agency said.

Mr Erdogan has reacted to the financial instability by blaming foreign powers, in particularly the United States, a longtime North Atlantic Treaty Organisation ally, which he says is waging an "economic war" as part of a plot to harm Turkey.

Brunson's lawyer said on Tuesday he had launched a fresh appeal to a Turkish court for the pastor's release.

The United States has imposed sanctions on two Turkish ministers over the trial on terrorism charges of a U.S. evangelical pastor in Turkey, and last week Washington raised tariffs on Turkish metal exports.

In another high-profile case, a Turkish court freed Taner Kilic, the local chair of Amnesty International, a researcher from the rights group said.

Brunson faces up to 35 years in prison if found guilty.

The evangelical pastor, who is originally from Black Mountain, North Carolina, has lived in Turkey for 23 years and led the Izmir Resurrection Church.

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