"We will boycott electronic goods from the United States", the president said, raising the stakes in a spat with Washington following the detention of U.S. pastor Andrew Brunson on terror-related charges.
Turkish President Recep Tayyip Erdogan has announced a boycott of electronic goods from the United States, including Apple products.
Erdogan also namechecked Vestel Venus phones as a home-built alternative for his countrymen to buy - a move that helped the shares of the company to rise nearly 5 percent.
"When the dollar turned in the second quarter we had a really weak EM market", Said Haidar, founder and chief investment officer, at NY hedge fund Haidar Capital Management, said.
Turkey is in the throes of a full-blown currency crisis, with the Turkish lira losing almost 45 percent of its value since the start of the year.
The lira has fallen more than 40 per cent against the United States dollar this year, while Ankara's relationship with Washington has soured. Last week it dropped 16 percent in one day.
White House National Security Adviser John Bolton met with Turkey's ambassador to the US, Serdar Kilic, in Washington earlier this week to discuss the potential release of Brunson.
Global investors are anxious about Turkey's high amount of debt held in foreign currencies, especially the dollar.
Erdogan termed Washington's measures as an "economic attack from abroad". Investors are also anxious about the effects of the dispute between two North Atlantic Treaty Organisation allies.
"Significantly more than just official promises of action are needed to exit the current crisis", said Andy Birch, principal economist at IHS Markit, calling for "a sharp central bank rate rise". He speaks of "economic war" and a "campaign" waged by external powers created to weaken Turkey.
Trade and tighter central bank policy were stock market headwinds, according to Aviva's Krishnan, who reckons the issues need to be "better discounted in terms of market pricing". While Turkey's central bank has raised lending rates by 500 basis points this year to 17.75 per cent, it hasn't acted since the latest turmoil began with USA sanctions on the interior and justice ministers on August 1.
Actress Ebru Özkan was released the next day, while the pastor was moved from prison to house arrest. The 50-year-old pastor is charged with terrorism links and spying.
Brunson, 50, is being tried on espionage and terror-related charges, which he and the United States government vehemently deny.
Brunson faces up to 35 years in prison if found guilty. Susan Shand adapted it for Learning English.
While Erdogan didn't address their concerns in his speeches on Tuesday, he suggested Turks have already begun responding to his call to convert foreign exchange into lira because it would be tantamount to "surrendering" if they did otherwise.
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