Turkey will boycott US electronic goods

A sell-off in Turkish assets accelerated after President Donald Trump said Friday that he would increase tariffs on steel and aluminum originating from Turkey. The tariffs are a direct attack on Turkey's refusal to free jailed American pastor Andrew Brunson.

Turkey's economy is seen as particularly fragile due to its high level of debt that is priced in dollars. The more the lira weakens, the more expensive that debt becomes. The latest estimates from the International Monetary Fund (IMF) show that the total amount of Turkish debt payable in other currencies is more than 50 percent of the country's gross domestic product (GDP).

Turkish President Recep Erdogan has said Turkey will boycott U.S. electronic goods, including Apple's flagship iPhone device. Erdogan maintained an assertive stance in a speech Tuesday and claimed he had been taking necessary measures to arrest the recent slide in Turkish assets. He added that U.S. electronics would have sanctions placed on them.

"If they have iPhone, there is Samsung on the other side. And we have our own telephone brands," he said. Erdogan also namechecked Vestel Venus phones as a home-built alternative for Turks to buy, prompting shares in that company to rise almost 5 percent.

https://www.cnbc.com/2018/08/14/erdogan-says-turkey-will-boycott-us-electronic-goods-including-apple.html