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Turkish President Recep Tayyip Erdogan lashed out against the United States on Monday, criticizing that the North Atlantic Treaty Organisation ally seeks to "stab Turkey in the back" by the use of sanctions.

Experts have blamed the drop in the Turkish lira on fears that the country is descending into an economic crisis. "We have Vestel." It was unclear how Erdogan meant to enforce the boycott.

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

He also emphasized that there was a plan in place for small to medium businesses, which he called the "real" economy.

Investors also backed away from Argentina's stock market.

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

Turkey and the United States have disagreed on a number of issues in recent years, including the war in Syria and a USA refusal to extradite Fethullah Gulen, a cleric Erdogan claims is behind the botched attempt to unseat him.

Last Friday, President Donald Trump doubled tariffs on aluminum and steel imports from Turkey.

"We, as the Turkish Airlines, stand by our state and our people".

Erdogan also said the country is under an economic "siege" that has nothing to do with its economic indicators, insisting that Turkey will overcome the "attack" on its economy.

"I fear that because the markets are being driven by "animal spirits" stemming from external headwinds, there is very little these central banks can do and it would risk concerning investors even further if they start pushing the "panic" button", he said. "What do you want to do? In our country we have Venus and Vestel", he said, referring to a Turkish-made phone made by electronics manufacturer Vestel.


With inflation expected to run above 20%, a current account deficit that continues to widen, bond yields trading at record highs and growing political tensions with the US, the Turkish administration have limited choices to stop the Lira from bleeding.

The lira led losses among global peers after the nation's first steps to bolster the financial system were seen by some analysts as insufficient to protect markets in times of distress.

The lira tumbled to a record low of 6.97 to the dollar in early Istanbul trading on August 13, meaning it has lost 46 percent of its value this year.

The two North Atlantic Treaty Organisation allies have been at odds over several issues including, diverging interests in Syria, Ankara's plans to buy Russian defence systems and, most recently, Brunson's case.

Spreading false news about Turkey's economy is "treason", said Erdogan.

But to the dismay of markets, the statement gave no clear promise of rate hikes, which is what most economists say is needed.

The state-run Anadolu Agency said the finance chief would address hundreds of foreign investors on Thursday.

Relations between Ankara and Washington have been rocky since the Trump administration imposed sanctions on Turkey's interior and justice ministers last week after Ankara refused to release American Pastor Andrew Brunson, who faces terrorism-related charges in Turkey.

Brunson's lawyer Cem Halavurt confirmed to AFP that he appealed for the release of his client once again on Tuesday, saying that: "The court should deliver its ruling in the next three days".

These import taxes came on top of 10% additional tariffs on aluminum and 25% on steel from all countries, in a bid by Trump to protect the United States steel industry and please voters in America's industrial heartland.

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


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