Turkish President Recep Tayyip Erdogan on Tuesday warned that his country would boycott electronic goods from the USA, after Washington imposed punitive sanctions on Ankara over the latter's refusal to extradite a jailed American pastor.
The 64-year-old warned the U.S. it would turn to domestically produced goods or rival firms in South East Asia in retaliation for sanctions imposed by Washington over the detention of an American pastor.
In retaliation for these sanctions and tariffs, Erdogan announced on Monday that his country would be boycotting USA electronics. He showed no signs of backing down in the stand-off and suggested that Turkey would stop procuring US-made iPhones and buy Korean Samsung or Turkish-made Vestel instead. "We will protect our economic independence by being tight-knit together".
Erdogan's call for a boycott of U.S. products comes after the Trump administration increased metals tariffs on Turkey as part of a campaign to pressure Ankara to release the USA citizen, pastor Andrew Brunson, who faces charges of terrorism.
Turkey will soon be "selling high tech and design products to the world", Erdogan insisted during his speech.
He also made his now famous speech on the night of the July 2016 failed coup calling citizens out into the street through Facetime, an iPhone app.
"We as Turkish Airlines are taking our place alongside our state and people", senior vice president for media relations Yahya Ustun wrote on Twitter with the hashtag #ABDyeReklamVerme, meaning "don't give advertisements to the USA".
The Turkish crisis hit the Chinese yuan, already under pressure from the on-going trade war between China and the US.
Given that the European banking system isn't as robust as, say, North America's (or ours) - the Europeans didn't respond as decisively to the crisis as other systems - there is some potential for the problems in Turkey to be exported through the EU system, although neither that potential nor its impact on the EU should be overstated.
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"What you want to see is tight monetary policy, a tight fiscal policy and a recognition that there might be some short-term economic pain - but without it there's just no credibility of promises to restabilise things", said Craig Botham, Emerging Markets Economist at Schroders.
Behind the scenes, however, diplomatic dialogue appears to have resumed.
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.
"We will stand against the dollar, currency rates, inflation, interest rates".
Although relations between Russian President Vladimir Putin and Turkey's Erdogan have stabilised since they spiralled into crisis when Turkey shot down a Russian fighter jet in 2015, the Kremlin can offer little to ease Turkey's current economic woes.
On Tuesday, however, the lira recovered some ground, trading at 6.4300 to the dollar at 1827 GMT, up 6.8 percent on the day, after plunging to an all-time low of 7.24 on Monday.
In a statement released Tuesday, Turkish business groups called on Erdogan to let the Turkish central bank raise interest rates to stop the currency crisis.
In terms of smartphone sales, Turkey isn't a major market for the iPhone.