IPhones, US Electronics Face Boycott in Turkey Amid Trade War

Turkey Lira meltdown over Turkey US relations

Erdogan stressed that any product made by the U.S. could be made even better in Turkey, and that for the time being the country would pivot to using South Korea's Samsung electronics.

Turkish President Recep Tayyip Erdogan announced a boycott of American electronics Tuesday after US President Donald Trump's decision to hike tariffs on Turkish steel imports.

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

"You act on one side as a strategic partner but on the other you fire bullets into the foot of your strategic partner", Erdogan further said, addressing Trump. Erdogan accused the United States of conspiring against Turkey and said that the slide in its currency doesn't make any sense logically.

"When the dollar turns into a tool of political punishment, we will continue to take steps to protect the Turkish lira even more strongly in global trade", Albayrak said.

Turkey's ambassador to Washington Serdar Kilic on Monday held talks with US National Security Advisor John Bolton in a meeting what Foreign Minister Mevlut Cavusoglu said was arranged by the White House.

In a televised speech on Friday, he called on Turkish citizens to exchange foreign currency and gold for lira, calling it an "economic war".

Although Turkey's currency rose Tuesday, the war of words with the USA that helped trigger the crisis continues.

The Turkish president, who is voluble even in his country's calmest moments, has spoken in public repeatedly as the currency has tumbled, repeating his assertions that the depreciation is due to the sabotage by outside powers and insisting that the fundamentals of the Turkish economy are strong. Turkey has an estimated 47 million smartphone users, though iOS penetration in the country is estimated to hover around just 16 per cent. A decade of easy money and low interest rates in the United States and European Union following the 2008 financial crisis led to investors searching for higher yields to emerging markets like Turkey. The growing rift has also sent the Turkish lira into a tailspin.

"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 global affairs", Lavrov said.

"For NATO, but also European allies, who have limited themselves to words of caution, this means another stress test that could further undermine their trust in both the United States and Turkey to seek consensus for the sake of the alliance".

As Turkey's currency started dropping, President Donald Trump announced that the US would be doubling its tariffs on imports of Turkish steel and aluminum.

The lira has lost more than 40 percent this year and crashed to an all-time low of 7.24 to the dollar early on Monday, hit by worries over Erdogan's calls for lower interest rates and worsening ties with the United States. In other words, Turkey relies on Apple more than Apple relies on Turkey.

For now, most emerging market investors think Turkey's problems are largely its own.

It's unclear what the USA trying to achieve by targeting an ally with whom it worked together in places including Somalia, Afghanistan and Kosovo. Mr Brunson, who faces up to 35 years in jail if found guilty, denies the charges.

The tension between the two states stemmed out of a recent skirmish over a U.S. pastor Andrew Craig Brunson who was sentenced to nearly two years in prison on terror charges.

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