Erdogan says Turkey to 'boycott' U.S. electronic goods

Erdogan says Turkey to 'boycott' U.S. electronic goods

Investors seemed to look through the fiery rhetoric, pushing the lira off record lows on reports that Turkish and US government officials held talks on Monday.

On Monday, the central bank announced a series of measures to "provide all the liquidity the banks need" - but offered no hint of a rate increase.

The detention of American pastor Andrew Brunson, accused of playing a part in the failed coup attempt in Turkey in 2016, angered the Trump administration and contributed to the imposition of sanctions from the US President on the country's justice and interior ministers earlier this month.

In a New York Times article at the weekend Erdogan threatened that NATO-member Turkey could "start looking for new friends and allies" if the U.S. did not reverse its trend of "unilateralism and disrespect".

The lira recovered after Turkey's central bank moved to ease pressure on the currency, triggering a surge of as much as 7 percent to 6.4 per USA dollar.

"We will give our answer, by shifting to new markets, new partnerships and new alliances, to the one who waged an economic war against the entire world and also included our country", Erdogan said.

Albayrak said in an interview published late on Sunday that Turkey will start implementing an economic plan to ease investor concerns.

The lira weakened briefly after President Recep Tayyip Erdogan said in Ankara that Turkey will maintain a strong political stance amid an "explicit economic attack".

The euro traded up 0.1 percent on Tuesday at $1.1420, having fallen to a 13-month low of $1.1365 on Monday.

"Contagion risks centre on Spanish, Italian and French banks exposed to Turkish foreign currency debt, as well as Argentina and South Africa", warned analysts at ANZ. "And have no doubt that today, we stand before the dollar, the exchange rate, the inflation and interest rates".

"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.

Shares of US lenders - Citigroup, JPMorgan, Wells Fargo, Bank of America, Goldman Sachs - rose between 0.20 percent and 1 percent. It rebounded on Tuesday as Turks sold dollars.

Brunson's lawyer filed a new appeal Tuesday asking for the court to release the pastor from his house arrest and lift his travel ban. "I believe in my nation", Erdogan vowed, the New York Times reported. "This is called carrying out an operation against Turkey", he said.

Turkey's foreign minister says the United States won't achieve aims by exerting pressure and imposing sanctions on Turkey.

Trump doubled tariffs on Turkish steel and aluminum imports last week, contributing to a meltdown in the lira that threatens Turkey's banking sector and has rattled global markets.

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