Erdogan says Turkey to 'boycott' U.S. electronic goods

Wall Street stocks gained early today. — Reuters pic

And as Nicholas Colas, co-founder of DataTrek Research, wrote in a note Tuesday morning, the drop in the price of gold in the face of an emerging markets currency crisis reflects confidence that Turkey's problems will not spill over to the US economy or derail the Federal Reserve from raising rates.

Erdogan has been repeatedly photographed with Apple products including the iPhone and iPad.

Flag carrier Turkish Airlines and Turk Telekom made their announcements after a campaign on Twitter calling for an end to advertising in USA media outlets.

"They don't hesitate to use the economy as a weapon", the president commented, referring to the US. "What do you want to do?"

The crisis in the lira, which has lost 45 percent of its value against the dollar so far this year, increases the cost of corporate debt, which stands at more than $220bn, much of it in the construction industry.

It's unclear what the US trying to achieve by targeting an ally with whom it worked together in places including Somalia, Afghanistan and Kosovo. It rebounded on Tuesday as Turks sold dollars.

Turkish citizens could be in for a rough ride, as a combative Erdoğan clings to power, takes swings at the United States, and the Turkish currency continues to get battered. But thanks to the globalisation of financial markets, decisions in Ankara can affect jobs in the rest of the world.

Turkey's central bank has promised to provide banks with liquidity.

While diplomatic tensions rage, the currency rallied for the first time in a week as Turks cashed in dollar savings to take advantage of the huge slump in the local currency.

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U.S. Charge d'Affaires Jeffrey Hovenier talks to members of the media after visiting USA pastor Andrew Brunson, who is being held under house arrest in Izmir, Turkey, Aug. 14, 2018.

"The plunge in the lira, which began in May, now looks certain to push the Turkish economy into recession, and it may well trigger a banking crisis", Andrew Kenningham, chief global economist at Capital Economics, told Reuters.

Brunson's lawyer Cem Halavurt confirmed to AFP that he appealed for the release of his client once again on Tuesday, saying that: "The court should deliver its ruling in the next three days".

Brunson, 50, is being tried on espionage and terror-related charges, which he and the USA government vehemently deny.

"Erdoğan himself is proving that he's hostile to America, he's hostile to the West, he's hostile to our values", Hull said.

National Security Adviser John Bolton met at the White House on Monday with Turkish ambassador Serdar Kilic, but the discussion reportedly did not result in any substantive progress.

As Turkey faces a serious financial meltdown, there are several Taiwanese businesses with a significant presence in the Turkish market, that are taking measures to mitigate expected losses in response to the new sanctions and tense political environment developing in Turkey.

The Turkish leader expressed that they were going to produce enough for themselves.

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