Turkey crisis: Erdogan vows to boycott United States electronics

Traders work on the floor of the NYSE in New York

Opening the conference of ambassadors Turkey's foreign minister called on the United States to be a "faithful friend and North Atlantic Treaty Organisation ally".

Turkish president Recep Tayyip Erdogan's popularity is closely tied to the country's economic prosperity.

After winning a June election, Erdogan spooked markets when he tightened his control over the central bank.

His victory enhances his power, the vote marking the passage from a parliamentary to a presidential system where executive power is concentrated in the hands of the head of state. "We will be taking the necessary steps with our banks and banking watchdog in a speedy manner", he said.

Turkey's worsening currency crisis sent world equities lower and cut into the value of emerging market stocks and currencies Monday, while boosting the prices of German bonds and other stable assets.

Soner Cagaptay, director of Turkish research programme at the Washington Institute, said the confrontation has now become between the leaders of the two countries, particularly over detained American pastor Andrew Brunson. Trump has called the preacher's detention a "total disgrace".

Brunson was charged with committing crimes, including spying for the PKK - listed as a terrorist group by both the U.S. and Turkey - and the Fetullah Terrorist Organization (FETO), the group behind the defeated coup attempt of July 2016.

Turkish prosecutors are seeking 15 years in prison for Brunson for committing crimes on behalf of terrorist groups without being a member, with up to 20 years for political or military espionage. He denies all the accusations.

The Middle East's largest economy has been targeted by the USA just like other nations around the world, including Canada, Erdogan said. On July 25 he is moved to house arrest.

"We welcome long overdue news.but it is not enough", US Secretary of State Mike Pompeo says on Twitter.

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Brunson is at the center of a diplomatic spat between North Atlantic Treaty Organisation allies Turkey and the United States, which has helped trigger a Turkish currency crisis.

Several days later Erdogan accuses Washington of showing an "evangelist, Zionist mentality".

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. The identity of the ministers concerned is not clear.

Turkish currency tumbled low over deteriorating relations with the United States as President Donald Trump unexpectedly doubled metal tariffs against the Muslim state on Friday.

Policy makers need to adopt a series of measures "so that the situation doesn't make permanent damage to the real economy", the Union of Chambers and Commodities Exchanges of Turkey and the Turkish Industry and business Association said in a joint statement.

Mr. Erdogan last week renewed a call for Turks to convert their dollars into the Turkish lira, to help underwite the currency's value. Its drop of as much as 18 percent on Friday hit European and USA stocks as investors fretted about banks' exposure to Turkey. "It is a national fight", he says.

The Turkish lira has been hit by concerns over President Recep Tayyip Erdogan's economic policies and a trade and diplomatic dispute with the United States, a North Atlantic Treaty Organisation ally.

"Shame on you, shame on you". We are together in North Atlantic Treaty Organisation and then you seek to stab your strategic partner in the back'.

Saying that the USA is going through a "strategic confusion" due to its domestic politics, Cavusoglu called its North Atlantic Treaty Organisation ally to realise "each of us matters".

On Sunday, speaking to supporters in Trabzon on the Black Sea coast, Erdogan dismissed suggestions that Turkey was in a financial crisis like those seen in Asia two decades ago.

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