Turkey: US won't achieve aims through sanctions

Turkish President Tayyip Erdogan makes a speech in Ankara Turkey

Addressing a conference of his ruling party faithful in the capital, Recep Tayyip Erdogan added fuel to the spat with the U.S., even as local business groups called on his government to settle it.

"We are going to produce enough for ourselves".

Angered by the continued detention of an American pastor, the USA government imposed sanctions on two Cabinet ministers and threatened more. The dispute with the US has exacerbated Turkey's economic troubles.

With Turkey's currency crashing, the government's response has been to blame outsiders and double down on a bad economic policy that is only making it worse.

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

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

The escalating political dispute between the United States and Turkey, along with the sharp drop in the value of the Turkish currency, the lira, have captured front-page headlines in recent days. Although he was released to home detention, he faces a prison sentence of up to 35 years if he is convicted at the end of his ongoing trial. By size, Turkey is America's 32nd-largest trading partner, and USA banks have little invested in Turkey, making up less than one percent of all foreign lending.

Turkish president Recep Tayyip Erdogan has said his country will boycott electronic products made in the USA amid an escalating diplomatic feud with the Trump administration that has helped trigger a currency meltdown in Turkey.

The Turkish central bank said it would take "all necessary measures" to stabilize the country's economy to make sure the banks have all the money they need.

The call from businesses came as Erdogan demanded a boycott of Apple and other US -made products in an effort to hurt the United States.

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Investors are anxious that Turkish companies could struggle to repay loans in dollars and euros - a debt pile that only grows as the lira falls.

Relations between North Atlantic Treaty Organisation allies Turkey and the United States are at a low point, hurt by a series of issues from diverging interests in Syria, Ankara's plan to buy Russian defence systems and the detention of an American pastor, Andrew Brunson.

Two Turkish business lobbies and the heads of two banks increased pressure on the government and central bank to act to stem a slide that saw the lira lose more than a quarter of its value in less than two weeks.

In a joint statement issued Tuesday, the industrialists' group TUSIAD and the Union of Chambers and Commodity Exchanges also called for diplomatic efforts to resolve a spat with the United States and improve relations with the European Union, which is Turkey's major trading partner.

'We will boycott United States electronic goods, ' Erdogan said in a televised speech, raising the stakes in a spat that has seen the Turkish lira plunge to record lows. South Korean stocks sank to an annual low on Monday as investors feared financial woes in Turkey could cause a ripple effect throughout the world.

Trump's decision to double U.S. tariffs on Turkish steel and aluminium has only exacerbated the situation.

The Turkish lira hit another record low.

The currency has been steadily declining for the past year.

"I think the investor call Albayrak has scheduled has helped lira firm", said TEB Investment strategist Isik Okte.

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