Turkey will boycott United States electronic goods over sanctions, says Erdogan

Turkey’s new debt problem

A higher Turkish court was still considering the appeal and Brunson's lawyer, Ismail Cem Halavurt, told CBS News on Wednesday that he would not consider the appeal formally rejected until the higher court issues it's ruling.

The 2nd Penal Court in İzmir rejected the appeal on August 15 and sent the defendant's petition to a higher court.

Turkish President Recep Tayyip Erdogan has accused the United States of stabbing Turkey in the back and on Tuesday called for a boycott of U.S. electronics products.

He was also charged with supporting the outlawed Kurdistan Workers' Party (PKK), which was designated as a terrorist organization by Turkey and the U.S.

The crisis came days after US President Donald Trump announced a doubling of steel and aluminium tariffs on Turkey, as Washington pushes Ankara to release Evangelical Christian pastor Andrew Brunson, who is being held on terrorism charges for almost two years.

Brunson is at the moment under house arrest.

Last month, US President Donald Trump threatened to "impose large sanctions on Turkey for their long time detainment" of the evangelical Christian pastor, calling for Brunson's immediate release.

The latest moves follow President Erdogan's announcement that Turkey will boycott American electronic goods.

"On the one hand you are a strategic ally and on the other you shoot [the country] in the foot".

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

Last week, President Trump announced on Twitter that he was doubling tariffs on Turkish steel and aluminum.

"The Turk Telekom family is joining the #NoAdsinUS campaign, standing on the side of our state and our people".

Russia's foreign minister, Sergey Lavrov, voiced support for Turkey during a joint news conference with his Turkish counterpart in Ankara on Tuesday, stating both countries plan to switch from dollars to national currencies for their mutual trade.

"They don't hesitate to use the economy as a weapon", he said. "What do you want to achieve?" he added, referring to the US. However, there may be a small respite for the flailing currency, which gained slightly in value after days of dramatic falls.

Turkey is now in the middle of a severe financial crisis with the collapse of its currency in recent days.

The Turkish lira started slipping again after rebounding more than 8% overnight. "The central bank has not done this through a change in the benchmark rates, but they are squeezing liquidity, so the result is the same", Maggio said.

President Tayyip Erdogan said on Tuesday Turkey would boycott electronic products from the United States, retaliating in a row with Washington that helped drive the lira to record lows. The lira's weakness has rippled through global markets.

Treasury and Finance Minister Berat Albayrak, son-in-law of Erdogan, will speak with about 1,000 foreign investors on Thursday via a teleconference, the private NTV broadcaster said.

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