Economy

Turkey's Erdogan vows United States boycott, but diplomats resume talks

Turkey's Erdogan vows United States boycott, but diplomats resume talks

"In our own country we have Vestel", said Erdogan.

Magdalena Kirchner, a senior analyst and Turkey expert at Conias Risk Intelligence, told Newsweek: "While Russia, just as Iran, is certainly not in the economic position to help Turkey out, political signals of support are important for Erdogan's strategy to demonstrate to the Turkish public that Ankara is not isolated in standing up to Washington".

Trump administration sources say further sanctions against Turkey are under active consideration. On July 25, Brunson was placed under house arrest after nearly two years in a Turkish jail.

Under the decree, Turkey will raise up to 100 percent or more on imports of USA -origin products.

USA national security adviser John Bolton on Monday met Turkey's ambassador to the United States to discuss Brunson's detention.

The ongoing disputes between the two countries began with the detainment of Andrew Brunson, an American pastor who has been accused of espionage and terrorism.

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. While Turkey's central bank has raised lending rates by 500 basis points this year to 17.75 per cent, it hasn't acted since the latest turmoil began with USA sanctions on the interior and justice ministers on August 1.

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The rebound in the Turkish currency to stronger than 6.0 against the USA dollar was driven by a banking watchdog's step to limit swap transactions and by hopes of improved relations with the European Union.

Erdogan has reacted to the financial instability by blaming foreign powers, in particularly the USA, a long-time North Atlantic Treaty Organisation ally, which he says is waging an "economic war" as part of a plot to harm Turkey.

In a joint statement Tuesday, Turkish business groups called on the government to institute tighter monetary policy in order to combat the currency crisis. In 2017, the United States exported $9.7 billion dollars in goods to Turkey, according to the U.S. Census Bureau.

He also reiterated that the Turkish economy has strong fundamentals and the recent volatility in the exchange rate does not reflect the economic structure of the country, but emanates from an economic war waged on Turkey with illegitimate and irrational moves targeting the country's economy. But world stock traders were dismayed the bank did not raise interest rates, which is what many economists believe is necessary to ease the crisis.

It was supported by news of a planned conference call on Thursday in which the finance minister will seek to reassure investors concerned by Erdogan's influence over the economy and his resistance to interest rate hikes to tackle double-digit inflation.

"We view the policy of sanctions as unlawful and illegitimate, driven mostly by a desire to dominate everywhere and in everything, dictate policies and call shots in worldwide affairs", Lavrov said.

Amid a Turkish-U.S. row, top Turkish firms are joining in a campaign to stop placing ads on U.S. -based online platforms.

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