China said that a delegation led by its vice commerce minister would travel to the United States for talks on August 21 and 22, raising hopes that Beijing and Washington may resolve the escalating tariff war that has roiled financial markets since early March.

"Because of the currency crisis in Turkey, investors are shifting funds from emerging markets to developed markets", said Shuji Shirota, head of macro economic strategy at HSBC Securities in Tokyo.

Robust U.S. economic data this year, even as Europe and other major economies have lost some steam, has helped keep the U.S. Federal Reserve on track to raise interest rates twice more this year, which should boost the appeal of the dollar further.

Trump added: "We will pay nothing for the release of an innocent man, but we are cutting back on Turkey!"

They shared a list of 30 Turkish brands, including Turkish Airlines, urging people to support them as much as they can.


The action comes after the Turkish lira slumped to record lows against the USA dollar amid an escalating feud with the United States.

Mr Erdogan has reacted to the financial instability by blaming foreign powers, in particularly the United States, a longtime North Atlantic Treaty Organisation ally, which he says is waging an "economic war" as part of a plot to harm Turkey.

Brunson, a 50-year-old Christian pastor, was detained two years ago in Turkey on spying charges, and faces up to 35 years in prison if found guilty.

White House press secretary Sarah Huckabee Sanders earlier criticised Turkey's move to impose tariffs on some United States goods as "regrettable and a step in the wrong direction".

On August 10, Trump intensified the spat with Turkey over the detention in Turkey of USA evangelical pastor Andrew Brunson on terrorism charges by imposing higher tariffs on metal imports.

Qatar said it would provide "a host of economic projects, investments and deposits" worth $15 billion to support Turkey's economy.


Some Turks have been responding to their president's call to boycott USA electronic goods by posting videos in which they smash iPhones with bats, hammers, and other blunt instruments. No interest rate increase from the central bank, and a firm no to capital controls, either.

Erdogan has called for a boycott of U.S. electronic goods and Turkish media have given extensive coverage to anti-US protests, including videos on social media showing Turks apparently burning dollar bills and destroying iPhones.

The high-level conversation comes as Turkey shows signs of a rapprochement with European countries amid an on-going trade and diplomatic spat with the United States that help trigger a Turkish currency crisis.

In early trading on Monday it recovered slightly to 6.92 to the dollar after continuing to fall from an overnight record low of 7.24.

Mr Erdogan held a similar conversation with Germany's Angela Merkel on Wednesday.

Turkish officials say President Recep Tayyip Erdogan has spoken with French President Emmanuel Macron, during which Macron said that Turkey's economic stability is important for France.


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