Qatar pledges to invest $15 billion into Turkey

Dwayne Harmon
August 15, 2018

Turkish president Recep Tayyip Erdogan has said his country will boycott electronic products made in the United States amid an escalating diplomatic feud with the Trump administration that has helped trigger a currency meltdown in Turkey. "If they have the iPhone, there is Samsung", the Turkish president said.

"We predict that measures that our institutions will continue to take will result in an even stronger normalization of the Turkish economy", Kalin said.

But in a televised speech on Tuesday, Recep Tayyip Erdogan didn't want to be reminded of that while announcing a move to shun USA electronic goods in the future.

U.S. President Donald Trump and his vice president Mike Pence have repeatedly called for the pastor's release and have sanctioned two Turkish ministers after a Turkish court moved him to house arrest after 21 months in prison.

His comments have so far failed to quell a crisis that economists say is largely self-inflicted, owing to an overheated economy and the debt exposure of Turkey's companies and banks.

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.

Hovenier has called for the cases against Brunson and others held in Turkey to be resolved "without delay" and in a "fair and transparent manner".

China isn't the only country the USA has a rocky relationship with - Turkey is causing a few headaches for U.S. leaders as well.

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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The Trump administration introduced the economic sanctions as the result of an American Christian pastor who is now standing trial on alleged terrorism charges.

The move comes after the USA imposed sanctions on two Turkish ministers over the continued detention of an American pastor on terror-related charges, and President Donald Trump compounded the country's economic crisis by doubling steel and aluminium tariffs to 50% and 20%, respectively.

Erdogan has said 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 currency.

For one more time, Erdogan called on Turks to convert US dollars into lira in order to "maintain the dignity" of the currency.

"I don't think the Russians will bankroll Turkey at this stage, as I think they have their own issues with the United States with sanctions and will want to maintain their own FX buffers", he said.

Praising the bilateral relations between the two countries, Cavusoglu said the national flag carrier Turkish Airlines would launch flights to Port Sudan.

"Russia would be Turkey's more likely security partner before China, since the two countries already have a working relationship in Syria".

Turkey's market carnage rippled across emerging markets, sending both stocks and currencies toward their lowest levels in a year.

"I am confident that the grave abuse of the role of the United States dollar as a global reserve currency will result over time in the weakening and demise of its role", Lavrov said, echoing statements made by President Vladimir Putin.

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