Turkey's Erdogan Threatens Boycott of US Goods

Turkish President Recep Tayyip Erdogan, Russian President Vladimir Putin and President of Iran Hassan Rouhani pose for

The decree said the move brought tariffs to 50 percent on imports of USA rice, 140 percent on hard alcoholic drinks like spirits, 60 percent in leaf tobacco and 60 percent on cosmetics. The Turkish currency has lost about 40 percent of its value this year against the USA dollar.

Because of the currency storm and the possibility that access to materials, and to export markets will be disrupted at the Turkish plants, financial data for the performance of the companies in Turkey is now unbalanced and for the time being unreliable, reports LTN.

Investors are anxious not only about Turkey's souring relations with the US, a longtime North Atlantic Treaty Organisation ally, but also Turkish President Recep Tayyip Erdogan's economic policies and the country's high debt accumulated in foreign currencies.

Erdogan said Turkey was facing an economic attack and a "bigger, deeper operation" to hurt the domestic economy as he showed no sign of making concessions to the United States.

The crisis came days after US President Donald Trump announced via Twitter 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.

The announcement on Wednesday came after the emir held talks with Turkish President Recep Tayyip Erdogan in Ankara, Turkey's capital.

Erdoğan and Trump are locked in a dispute about the U.S. pastor Andrew Brunson, who was arrested nearly two years ago and accused of plotting against the Turkish government. Its drop of as much as 18% on Friday hit European and U.S. stocks as investors fretted about banks' exposure to Turkey.

According to the Turkish news service Ahval, Erdogan met with ambassadors on Monday, Aug. 13, and said that Turkey is ready for war.

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President Erdogan said Turkey was taking measures to stabilise the economy, and should not "give in to the enemy" by investing in foreign currencies.

On Tuesday, the lira recovered some ground, trading at 6.3300 to the dollar at 1947 GMT, up some 9% from the previous day's close and having earlier touched 6.2995. "If they have iPhones, there is Samsung on the other side, and we have our own Vestel here", he said, referring to the Turkish electronics company, whose shares rose 5 percent.

The Trump regime imposed financial sanctions over the weekend against two Turkish government officials, and doubled steel tariffs to 50 per cent and aluminium tariffs to 20 per cent in retaliation for the pastor's detention.

"We will produce every product we are importing from overseas with foreign currency here and we will be the ones exporting these products", he said. Erdogan has been fighting the Turkish Central Bank for years, at great risk, against high interest rates, while his desire to create an Islamic class of entrepreneurs has distorted public tenders.

Relations between Washington and Ankara have rapidly soured in recent weeks over Turkey's detention of an American pastor.

Trump has repeatedly asked for Brunson's release, while Ankara said the decision was up to the court.

In another high-profile case, a Turkish court ruled on Wednesday to release from jail Taner Kilic, the local chair of Amnesty International, a researcher from the rights group said.

Turkey and Qatar have traditionally maintained good ties.

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