Morocco campaign to boycott US products in solidarity with Turkey

Turkey news: Erdogan rages at Trump 'economic warfare' over sanctions | Daily Star

Turkey news: Erdogan rages at Trump 'economic warfare' over sanctions | Daily Star

Some analysts predicted Beijing, while embroiled in a trade war with the USA, may offer some financial assistance to Turkey, such as buying yuan-denominated bonds.

Turkey's President Recep Tayyip Erdogan gestures prior to delivering a speech in Ankara, Turkey, Tuesday, Aug. 14, 2018.

Erdogan also has called on people to exchange their USA dollars for Turkish lira to help strengthen the exchange value of the country's currency.

On Wednesday, the lira traded at 6.4125 to the U.S. dollar, weakening from a close of 6.3577 a day earlier.

Like other emerging markets, Turkish companies borrowed heavily in dollars when USA interest rates were low, fuelling a consumer boom that is running out as the dollar strengthens.

The currency, the lira, tumbled against the dollar last week when President Trump said he was doubling tariffs on imported Turkish metals to punish Erdogan for refusing to free an American pastor now on trial in Turkey.

"Tensions are reaching a boiling point between the USA and one of its North Atlantic Treaty Organisation allies tonight", said Holt, reported NewsBusters.

Washington warned more economic pressures may be in store for Turkey if it refuses to release Brunson, a White House official said on Tuesday. They also called on Turkey to work with the United States to improve relations.

The currency has now stabilized at around 6.50 lira against the dollar.

Chanting "Damn America", they unfurled a banner saying "we will win the economic war", the Demiroren agency said.

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"While the lira is stabilising, investors are still concerned that the crisis will spread to other emerging economies and currencies", said Hikaru Sato, senior technical analyst at Daiwa Securities".

Speaking at a Symposium in Ankara, Erdogan said Turkish businesses must continue to produce and export the country's own goods.

Stocks were weaker in most major Asian markets today, with Turkey's financial crisis showing little sign of abating as Ankara hiked tariffs on several United States goods in a tit for tat move.

His call met a mixed response on Istanbul streets. "And now we will support him with our goods".

Instead of taking drastic action to shore up confidence, such as raising interest rates or going to the International Monetary Fund (IMF), the government is couching itself in nationalistic rhetoric of sacrifice.

Global investors are anxious about Turkey's high amount of debt held in foreign currencies, especially the dollar.

Turkey's central bank on Monday announced it was ready to take "all necessary measures" to ensure financial stability after the collapse of the lira, promising to provide banks with liquidity. This has caused the dollar to increase, the lira to fall, and Turkish bond yields to rise.

US-Turkish relations have been hurt by a series of issues from diverging interests in Syria, Ankara's plan to buy Russian defence systems and the detention of pastor Brunson.

However, severe changes in the value of the currency calmed Tuesday after news that US national security adviser John Bolton had met with the Turkish ambassador to Washington Monday.

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