Published: Wed, August 15, 2018
Markets | By Noel Gibbs

Turkey's Erdogan Threatens Boycott of US Goods

Turkey's Erdogan Threatens Boycott of US Goods

Brunson is at the center of a diplomatic spat between North Atlantic Treaty Organisation allies Turkey and the United States, which has helped trigger a Turkish currency crisis.

After the USA imposed sanctions on two Turkish ministers and amid growing domestic pressure from businesses and banks to contain a currency crisis, Erdogan said he wouldn't back down in the face of the economic attack against his country.

His victory enhances his power, the vote marking the passage from a parliamentary to a presidential system where executive power is concentrated in the hands of the head of state.

"They don't hesitate to use the economy as a weapon", the president commented, referring to the US.

"We're working to set up a call between the president and the president of Turkey to reaffirm our strong bond", she says. An expert on the Balkans, Palmer was most recently director for South Central European affairs at the State Department.

The U.S. government believes that Brunson - a Turkish-American NASA scientist accused of links to U.S-based Muslim cleric whom Turkey blames for a failed coup in 2016 - and three Turkish employees of U.S. diplomatic missions accused of terror-related charges are being held unjustly.

Mr Brunson has been detained for almost two years, accused of links to the outlawed Kurdistan Workers' Party and the Gulenist movement, which Turkey blames for a failed coup in 2016.

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Interestingly, both Ankara and Washington designate the PKK as "terrorist".

Then there are Turkey's worsening relations with the US.

In the case of the American pastor, the lawyer representing Andrew Brunson again asked a Turkish court to release him from house arrest.

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Several days later Erdogan accuses Washington of showing an "evangelist, Zionist mentality".

Stocks fell further on Wall Street on Monday (US time) as Turkey's central bank was unable to stop a steep plunge in that nation's currency. The identity of the ministers concerned is not clear.

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The drop of the Turkish currency is the result of president Trump approving the doubling of tariffs on Turkish steel and aluminium.

Over a third of Turkish banks' lending is in foreign currencies, according to Reuters.

The Turkish lira plummets, losing some 16 percent of its value against the dollar in one day.

Erdogan also renewed a call for Turks to convert their dollars into the Turkish lira, to help strengthen the currency. "It is a national fight", he says.

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

"It is wrong to dare bring Turkey to its knees through threats over a pastor". We are together in North Atlantic Treaty Organisation and then you seek to stab your strategic partner in the back'.

Rather, the only real hope for Turkey to stabilize its currency without resorting to exchange controls or to default on its debt would be for the country to restore investor confidence by seeking an IMF-backed economic stabilization program.

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"Most of the products we sell come from overseas, the raw materials".

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