Turks film themselves smashing iPhones amid US-Turkey trade war


Turkey's finance minister has reassured thousands of foreign investors that Ankara will manage to contain the currency crisis triggered by a dispute with the United States, vowing that his country will only emerge "stronger" from the current market volatility.

"You now have another huge selloff in EM, which has been exacerbated by Trump's willingness to jam on more and more sanctions when countries are having trouble in the market - like adding to the sanctions on Turkey", Haidar said.

But many analysts say the only way for the authorities to show they are really serious about tackling Turkey´s economic problems - which include inflation approaching some 16 percent - would be a sharp rate hike.

"Turkey will emerge stronger from these [currency] fluctuations", Albayrak said in a conference call with thousands of foreign investors.

"Recent developments in the U.S. -Turkey relationship threaten both countries' economic interests and put at risk an alliance that has proven its value over decades", said Myron Brilliant, U.S. Chamber of Commerce executive vice president and head of worldwide affairs, in a message to the U.S. Chamber's U.S. -Turkey Business Council.

President Trump has ramped up the pressure on the NATO ally as he tries to win the release of Andrew Brunson, a pastor from North Carolina who's on trial for espionage and terrorism-related charges.

Administration officials said the US doesn't now have any meetings scheduled with Turkish officials to discuss Brunson's case.

The White House has said that Turkey's tariff hikes on United States products in retaliation for sanctions against Ankara were "regrettable" and again called for the immediate release of American pastor Andrew Brunson.

The economic spat sent Turkey's national currency into free fall.

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Ankara's central bank took actions to reinforce the currency on August 15 and squeezed the Turkish lira's liquidity from the market.

On Wednesday, Turkey doubled tariffs on some imports from the U.S. - such as passenger cars, alcohol and tobacco - in what it said was retaliation for "deliberate attacks" on its economy.

Meanwhile, Turkish people in social media tend to expand boycott in other us products ranging from textile to fast food.

The finance minister further said Ankara has now a good understanding of all its domestic challenges, and that it is addressing the market anomaly.

Mr Albayrak, President Recep Tayyip Erdogan's son-in-law, said the country's banks were healthy and strong and the nation would not be turning to the International Monetary Fund.

He revealed Turkey was not planning to seek help from the International Monetary Fund or impose measures to prevent money from flowing overseas.

Earlier on Thursday, Erdogan and Macron emphasized during a phone conversation "the importance of fostering economic and trade relations as well as mutual investments."
Turkey also maintains a small military base in Qatar.

Emir Sheikh Tamim bin Hamad Al-Thani of gas-rich Qatar, one of Turkey's very closest allies, on Wednesday held talks with Erdogan which also included Albayrak.

Additionally, Russian Foreign Minister Sergei Lavrov on Tuesday visited Ankara, where he said Moscow has been exploring for some time using national currencies to settle bilateral trade deals with Turkey and other countries.