President Tayyip Erdogan said on Tuesday Turkey will boycott electronic products from the United States, retaliating in a dispute with Washington that has helped drive the lira to record lows.
The lira has lost more than 40 percent this year and crashed to an all-time low of 7.24 to the dollar early on Monday, hit by worries over Erdogan's calls for lower interest rates and worsening ties with the United States.
The weakness of the Turkish currency has rippled through global markets. Its drop of as much as 18 percent on Friday hit U.S. and European stocks as investors fretted about banks' exposure to Turkey.
On Tuesday the lira recovered some ground, trading at 6.53 to the dollar at 0918 GMT, up around five percent on the day.
It was supported by news of a planned conference call in which the finance minister will seek to reassure investors concerned by Erdogan's control of the economy and his resistance to interest rate hikes to tackle double-digit inflation .
https://www.businessinsider.com/r-erdogan-says-turkey-will-boycott-us-electronic-products-2018-8
