Turkey's Erdogan pledges boycott on USA electronics

Traders work on the floor of the NYSE in New York

Traders work on the floor of the NYSE in New York

The dispute between the two North Atlantic Treaty Organisation allies - which reached new intensity over the detention of an American pastor in Turkey - has hammered the lira and also raised questions over the future partnership between Washington and Ankara.

The BBC Turkey correspondent Mark Lowen says Mr Erdogan's boycott could stoke tensions with the USA further - and Turks are waiting nervously for Mr Trump's response.

Erdogan has been repeatedly photographed with Apple products including the iPhone and iPad.

He also accused the United States of stabbing Turkey "in the back".

In a bid to get the pastor back on U.S. soil, Washington initially attempted to cut a deal with Turkey, with the Trump administration "dissuading Congress from immediate sanctions, and the Justice Department deciding not to press charges against 11 of the 15 of Mr Erdogan's bodyguards, who were filmed beating up protesters in Washington DC last year", according to The Daily Telegraph.

"We as Turkish Airlines are taking our place alongside our state and people", senior vice president for media relations Yahya Ustun tweeted. "Necessary instructions on the issue have been issued to our agencies", Yahya Ustun, spokesman for the country's flag-carrier, wrote on Twitter.

"And we also have our Venus and Vestel", he said, with regards to Turkey's own domestic brands. It said it would take legal measures against them but did not say what these would be.

"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 restabilize things", said Craig Botham, Emerging Markets Economist at Schroders.

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Showing no signs of backing down in a standoff with the U.S., Erdogan suggested that Turkey would stop procuring U.S. -made iPhones and buy Korean Samsung or Turkish-made Vestel instead.

The lira posted gains on forex markets for the first time after days of losses, giving the currency much-needed respite.

On Tuesday the lira recovered some ground, trading at 6.53 to the dollar at 0918 GMT, up around five percent on the day. So far this month it has lost 2.4 percent.

On Monday, the lira pulled back from its record low of 7.24 to the dollar following an announcement by the Central Bank that it would provide liquidity.

She said that "no one. has an interest in an economic destabilization of Turkey, but of course everything must be done so that, for example, an independent central bank can work and so on".

Treasury and Finance Minister Berat Albayrak, Erdogan's son-in-law, will speak with about 1,000 foreign investors on Thursday via a teleconference, the private NTV broadcaster said.

Turkish President Recep Tayyip Erdogan said today that the collapse in the value of the Turkish lira was a political plot against the country.

The Turkish lira rebounded 6% in Tuesday trading, haven fallen 25% in the past month, weighed down by the spat with the U.S. and wider concerns about the country's stalling economy. Ties between the two North Atlantic Treaty Organisation allies have also nosedived over U.S. support for Syrian Kurdish forces, Ankara's plans to buy a Russian missile system and Turkey's demand that Washington extradite US-based Islamic cleric Fethullah Gulen, whom Erdogan blames for the failed July 2016 coup bid.

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