Turkish lira edges up from record low

The Borsa Istanbul stock exchange

There is concern that it may turn its back on the USA and North Atlantic Treaty Organisation and become an ally of Russian Federation or China. That follows President Donald Trump's threat last week to jack up tariffs on Turkish steel and aluminum imports.

Administration sources says further sanctions against Turkey are under active consideration.

Turkey accuses Brunson of espionage and is holding him under house arrest pending his trial. Ties between the two North Atlantic Treaty Organisation allies have also nosedived over United States support for Syrian Kurdish forces, Ankara's plans to buy a Russian missile system and Turkey's demand that Washington extradite US-based Islamic cleric Fethullah Gulen, whom Erdogan blames for the failed July 2016 coup bid.

IPhones have become a political pawn in a brewing trade war between the United States and Turkey.

National Security Adviser John Bolton met at the White House on Monday with Turkish ambassador Serdar Kilic, but the discussion reportedly did not result in any substantive progress.

However, she backed President Recep Tayyip Erdogan's call for the country to convert gold and dollar savings into lira.

The crisis accelerated last Friday after President Trump promised to double tariffs on Turkish exports because of Turkey's continued detention of American Pastor Andrew Brunson.

Turkey's President Recep Tayyip Erdogan announced that the country of 81 million people will boycott American consumer electronics, including Apple's iPhone.

Apple, iPhone, and iPad are trademarks of Apple Inc., registered in the US and other countries.

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"And we also have our Venus and Vestel", he said, with regards to Turkey's own domestic brands. Today he announced a boycott of United States electronics.

While still nominally allies, the US and Turkey's relationship is continuing to fall apart amid new economic penalties in the continued fight over an American pastor detained in Turkey.

Relations between the two North Atlantic Treaty Organisation allies have plummeted in one of their worst crises in decades after the detention of U.S. pastor Andrew Brunson on terror-related charges, sending the Turkish lira into free fall against the dollar. Erdogan warned that the U.S.is putting decades-old alliances at risk and pushing Turkey to seek allies elsewhere.

The lira posted gains on forex markets for the first time after days of losses, giving the currency much-needed respite.

On Monday, Erdogan criticized his American counterpart, saying Washington was seeking to stab Turkey "in the back".

A Turkish presidential spokesman has insisted the country's economy is strong and said nobody should pay attention to "speculation". The Turkish leader had already said the USA risks pushing a key North Atlantic Treaty Organisation member to seek allies elsewhere.

The Turkish minister will address foreign investors on August 16. Retail investors in Turkey are understood to have sold $50m (£39m) to $60m in foreign currency with the jump in the lira exaggerated by thin trading volumes, according to Bloomberg. And the delivery of two of them was made to us there [at Lockheed Martin's headquarters in Fort Worth, Texas].

It also creates a problem for Turkish businesses and banks that have borrowed in dollars or euros.

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