Turkish turmoil to send economic storm clouds over U.S. soon

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"There is a cost for those who are plotting the operation" against Turkey, Erdogan said in the first of two speeches in Ankara, without specifying when the boycott would start or how it would be enforced.

Turkish President Tayyip Erdogan attends a news conference in Ankara, Turkey, August 2018.

"If we divert our money to foreign currency.then we will be in the position of having surrendered to the devil", Erdogan said.

"If they have the iPhone, there is Samsung elsewhere". He suggested Turks would buy local or Korean-made Samsung phones instead, although it was unclear how he meant to enforce the boycott.

Turkey sought to face down the U.S. and currency traders as its president, Recep Tayyip Erdoğan, reportedly received support from the German chancellor, Angela Merkel.

Turkey on Wednesday doubled tariffs on some US imports, including alcohol, cars and tobacco in retaliation for USA moves.

The lira jumped 5.9 per cent to 6.5028 per dollar by 6:03 p.m.in Istanbul.

On Wednesday, the lira traded at 6.4125 to the U.S. dollar, weakening from a close of 6.3577 a day earlier.

Opening the segment, Holt laid out the situation: "Turkey is accusing the USA of trying to tank its economy after President Trump ordered new sanctions".

Brunson's lawyer said on Tuesday he had launched a fresh appeal to a Turkish court for the pastor's release.

After the US imposed sanctions on two Turkish ministers and amid growing domestic pressure from businesses and banks to contain a currency crisis, Erdogan said he wouldn't back down in the face of the economic attack against his country.

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Andrew Brunson is being held on terrorism charges which he denies.

Erdogan also has called on people to exchange their US dollars for Turkish lira to help strengthen the exchange value of the country's currency.

Salim bin Mubarak Al Shafi, Qatar's ambassador to Turkey, said his country would continue to support Turkey, adding that the emir's visit demonstrated the "depth" of the two countries' relations.

"We as Turkish Airlines are taking our place alongside our state and people", senior vice president for media relations Yahya Ustun tweeted.

A White House official said the United States was warning more economic pressures may be in store for Turkey if it refuses to release Brunson.

The move comes amid increased tension between the two North Atlantic Treaty Organisation allies over Ankara's imprisonment of a pastor and other diplomatic issues.

But the Gulf country also shares a strategic partnership with the United States, hosting a military base that serves as one of Washington's most important overseas military bases with operations throughout the Middle East.

Experts say any impact of the anticipated call with the finance minister is temporary, and markets need more than technical remedies like the central bank's promise to provide emergency liquidity to banks, or the government's promise not to seize dollar-denominated bank deposits.

"They don't hesitate to use the economy as a weapon", the president commented, referring to the US.

Ankara has repeatedly said the case is up to the courts and a Turkish judge moved Brunson from jail to house arrest in July.

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