Detained US pastor in Turkey appeals for release 46min

Turkish President Tayyip Erdogan makes a speech in Ankara Turkey

Turkish President Tayyip Erdogan makes a speech in Ankara Turkey

Although Turkey's currency rose Tuesday, the war of words with the US that helped trigger the crisis continues.

Turkey's president appeared to escalate a dispute with the United States that has helped foment a Turkish currency crisis, claiming Tuesday that his country will boycott US-made electronic goods.

Trump met Turkish President Tayyip Erdoğan at a July NATO summit, and reportedly cut a deal on prisoner releases.

Erdoğan has blamed the crisis on "economic terrorists" in the USA, a North Atlantic Treaty Organisation ally, which he said is waging economic "war" against the country. This might provide a breathing space but probably only a temporary one, given that Turkey is an open economy and has large foreign currency needs.

A boycott would serve as retaliation against the United States sanctions on two Turkish ministers over the detention of American pastor Andrew Brunson, as well as President Donald Trump's doubling of tariffs on Turkish steel and aluminum imports last week, which resulted in a massive drop in the lira's value, according to Reuters. Brunson faces a possible prison sentence of 35 years.

It follows the lira's record plunge of up to 18 percent on Friday, Aug. 10, which forced Turkey's finance minister to announce an economic action plan in a bid to ease nerves.

That means of the 41.09 million projected smartphone users in Turkey previous year, 7.15 million of them used Apple, which is only 1.02 percent of the conservative estimate of more than 700 million iPhone users in the world. US gold futures fell 1.59 percent to $1,199.60 an ounce. Turkish economy's body is solid.

The drop in the lira was sparked by U.S. sanctions against Turkey, economic conditions in the country, and a strong dollar that is pulling foreign investment out of Turkey and back to the United States. Investors seeking safe havens for their money have pushed up the value of the Japanese yen and the Swiss franc, putting downward pressure on these export-dependent economies.

Canada's main stock index climbed on Tuesday as higher oil prices lifted energy stocks and concerns around Turkey's currency crisis receded. Those loans are suddenly getting more expensive to repay, raising the possibility of corporate bankruptcies or bank failures.

The crisis in Turkey poses a threat to some of Europe's biggest banks. In particular, the report flags that Spain's BBVA, Italy's UniCredit and France's BNP Paribas, all of which have significant operations in Turkey, are especially exposed. "But there will be a price [which] those who're waging an economic warfare against Turkey will also pay".

More broadly, the turmoil has an effect on other emerging markets.

At present, iOS has around a 16 percent market share in Turkey. Other countries have much less exposure.

Global markets skidded on Friday as investors anxious that financial distress in Turkey could affect the worldwide banking system and the broader economy. But American companies' direct contact with the Turkish economy is quite limited.

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

Putting that into context, that means there are more than 8.5 times more iPhone users worldwide than there are people in Turkey. "Even if all these claims were to be written off-they won't be-the impact on the US banking system would be minimal".

Deutsche Bank has highlighted five lenders most at risk due to their "meaningful presence" in the country. Because some other emerging markets share Turkey's economic situation, some investors worry that those countries will see a similar trajectory, running into inflation and trouble paying their debt. And there are already signs that it's dragging down markets in Asia.

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