Erdogan: Turkey can do without U.S. electronic goods

President Erdogan centre said that he would seek new trading partners

President Erdogan centre said that he would seek new trading partnersZEKERIYA SARIHAN ANADOLU AGENCY GETTY IMAGES

Behind the scenes, however, diplomats resumed contact to ease tensions.

Investors seemed to look through the fiery rhetoric, pushing the lira off record lows on confirmation that Turkish and USA government officials met on Monday. Erdogan said his country will boycott USA -made electronic goods amid a diplomatic spat that has helped trigger a Turkish currency crisis.

It was unclear how the Turkish leader planned to implement the boycott.

The lira's plunge - which had been ongoing for weeks - was turned into a rout on Friday when US President Donald Trump tweeted that Washington was doubling aluminium and steel tariffs for Turkey.

Behind the scenes, however, diplomatic dialogue appears to have resumed.

White House National Security Adviser John Bolton met with Turkey's ambassador to the US, Serdar Kilic, in Washington earlier this week to discuss the potential release of Brunson.

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The CBRT on Monday moved "to support financial stability and sustain the effective functioning of markets", introducing measures on the Turkish lira and the foreign exchange market (FX) liquidity management.

"Turkey's currency hit a record low of 7.23 per dollar late on Sunday after Erdogan, in a series of speeches over the week, showed no sign of backing down in the standoff against the United States", reported CBS News on Monday.

"We will protect our Turkish Lira", Albayrak said at a symposium in Ankara marking the anniversary of the ruling party's foundation on August 14.

On August 4 Erdogan says Ankara will freeze the assets in Turkey of the United States ministers of "justice and interior".

Albayrak said on Tuesday Turkey would press ahead with its action plan to prop up the lira against the dollar, calling for a trade that is conducted "in our own currency".

Turkey will take "a step-by-step look" at its regulations to reduce the foreign exchange risk to companies, Minister of Treasury and Finance Berat Albayrak said Tuesday. It also eased rules that govern how they manage their lira and foreign-currency liquidity, while the banking regulator limited swaps transactions to make shorting the currency more hard.

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A turbulent five days for the Turkish economy has seen the lira hit a record low against the U.S. dollar, sparking fears of a meltdown as Ankara and Washington traded blows over the detention of an American pastor in Turkey. It was not clear when the court would consider the appeal. Mr Brunson, who faces up to 35 years in jail if found guilty, denies the charges.

Brunson, important to Trump and his Vice President Mike Pence as a Christian known in the evangelical community, then went on to become the stated reason for United States sanctions on Turkey that tanked its economy.

What's happening to Turkey's currency?

Independent economists caution it would be hard to unseat the dollar as the top reserve currency as it is used widely in the global economy, for example to trade in oil and for commercial deals. I would like to say here we will continue to take steps within the rules of the free market. "Meanwhile, the Kurds remain a reality near and within Turkey's borders; a deepening economic crisis makes it increasingly vulnerable; and its erratic regional policy makes it hard to pursue any dialogue that requires trust and steadfastness".

Why are Turkey and the U.S. at odds? He renewed a call on Turkish citizens to convert their dollars into the local currency.

He said dollars, euros and gold are now "the bullets, cannonballs and missiles of the economic war being waged against our country". It rebounded on Tuesday as Turks sold dollars.

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

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