Turkish president says the country will boycott U.S. electronics

Erdogan Turkey lira

"Every product that we buy in foreign currency from outside, we will produce them here and sell overseas", Erdogan said in a speech, according to The New York Times.

"The use of national currencies for mutual trade has for several years been one of the tasks that the presidents of Russian Federation and Turkey had set", Lavrov told a joint news conference with Cavusoglu in Ankara.

The United States on Wednesday ruled out removing steel tariffs that have contributed to a currency crisis in Turkey even if Ankara frees a US pastor, as Qatar pledged $15 billion in investment to Turkey, supporting a rise in the Turkish lira.

The Turkish lira eased slightly but remained below 6.0 against the dollar on Thursday after the United States ruled out removing steel tariffs on Turkey even if Ankara frees a USA pastor, and after Qatar pledged $15 billion in investment to Turkey.

A decree signed by President Recep Tayyip Erdogan raised the tariffs on cars to 120%, on alcoholic drinks to 140% and on leaf tobacco to 60%. Last week, the USA also announced plans to double tariffs on Turkish steel and aluminum.

Only one United States measure directly affects Turkey's economy: Trump's decision to increase tariffs on the import of Turkish steel and aluminum.

Kalin also told a news conference on Wednesday that Turkey will take a positive stance towards trading in national currencies to escape from U.S. dollar pressure.

The finance minister will seek to reassure global investors on Thursday in a conference call for which a ministry official said some far 3,000 people had signed up.

Turkey's lira has plummeted almost 40 percent this year due to concerns over Erdogan's growing influence on the economy.

Turkish lira rallies as Ankara increases tariffs on U.S. imports
Turkey is now in the midst of a severe financial crisis, which has witnessed the collapse of its currency in recent days. Brunson's lawyer Cem Halavurt told AFP that a higher court would also discuss his appeal for Brunson's release.

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Turkey's weakened currency, the lira, plunged by more than 20% in response to those U.S. sanctions.

Erdogan says Turkey is the target of an economic war and has made repeated calls for Turks to sell their dollars and euros to shore up the national currency. Turkey had previously said it would boycott USA electronic products.

"If we postpone our investments, if we convert our currency to foreign exchange because there's danger, then we will have given in to the enemy", he said.

The tensions and the tariff hike by the United States have caused the Turkish lira to bleed value, fanning fears the country is on the verge of an economic crisis that could spillover into Europe.

Ankara's latest move follows President TrumpDonald John TrumpDems make history, and other takeaways from Tuesday's primaries Pawlenty loses comeback bid in Minnesota Establishment-backed Vukmir wins Wisconsin GOP Senate primary MORE's announcement last week that he will double tariffs on imports of steel and aluminum from Turkey until it releases USA pastor Andrew Brunson, who was arrested in 2016.

President Trump has since intervened and called for the pastor's immediate release.

AFP reports Brunson's jail term had been converted to house detention for health reasons. On Wednesday, a court in Izmir, where Brunson is on trial, rejected his appeal to be released from house arrest.

In another unconventional step, the regulator said that until markets "normalize", it would temporarily stop applying the effect of day-to-day losses on the securities held by banks to their capital adequacy ratios. "Theirs are out of retaliation", White House press secretary Sarah Sanders said. The cost of insuring Turkey's sovereign debt against default - already higher than Pakistan and Greece - increased as the standoff between Turkey and the USA worsened. "These are appeals that require fast decision making because they are related to an individual's freedoms", Brunson's attorney Ismail Cem Halavurt told Reuters.

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