Turkey: Misunderstanding between Trump and Erdogan tanked economy

Turkey Lira meltdown over Turkey US relations

Some 750 to 1,000 investors from the U.S., Europe and the Middle East are expected to participate in the meeting.

A Turkish court has rejected an appeal for United States Christian pastor Andrew Brunson to be released from house arrest during his trial on terrorism charges.

The top US diplomat in Turkey, Charge d'Affaires Jeffrey Hovenier, visited Brunson and his wife, Norine, Tuesday, calling on Turkey to resolve his case "without delay and in a fair and transparent manner".

National Security Adviser John Bolton met at the White House on Monday with Turkish ambassador Serdar Kilic, but the discussion reportedly did not result in any substantive progress.

Erdogan's call for a boycott of USA products comes after the Trump administration increased metals tariffs on Turkey as part of a campaign to pressure Ankara to release the U.S. citizen, pastor Andrew Brunson, who faces charges of terrorism.

The latest moves follow President Erdogan's announcement that Turkey will boycott American electronic goods.

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'If (the United States) have the iPhone, there's Samsung on the other side, ' he said, referring to U.S. giant Apple's iconic phone and the top South Korean brand.

Erdogan said Turkey was facing an "economic attack" and a "bigger, deeper operation".

Asked how the Trump administration would react to any such Turkish boycott, Sanders replied during Tuesday afternoon's briefing, "I certainly don't have a policy announcement on that at this point".

He speaks of "economic war" and a "campaign" waged by external powers created to weaken Turkey.

Erdogan has called this fight an "economic war" and has urged citizens to dig out their dollars, euros and gold to cash them in for Turkish lira.

Turkish President Recep Tayyip Erdogan has accused the United States of stabbing Turkey in the back and on Tuesday called for a boycott of USA electronics products.

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Turkey is increasing tariffs on imports of United States products, escalating a feud that has also triggered a currency crisis.

The drop of the Turkish lira is not all bad, Riza from Turkish exporting company Hatipoglu grinningly told FreshPlaza: “We sell our produce for euros and U.S. dollars, so this drop doesnt really affect us in a negative way. This has raised concerns over the central bank's independence given the president's repeated statements against raising interest rates.

The dire state of Turkey's economy may be a effect of a diplomatic misunderstanding between the country's president and Donald Trump.

In other words, Turkey relies on Apple more than Apple relies on Turkey.

In addition, Turkey's national airline and its main telecoms firm announced they will halt advertising in the USA media.

"In the end, it doesn't make economic sense for him, it doesn't make political sense for him, to deny his people the best products that they're used to", Rao said. The currency was supported by news of a planned conference call in which the finance minister would seek to reassure investors concerned by Erdogan's control of the economy.

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