to your business news update here in berlin turkish president trichet type has warned his country will boycott u.s. products in response to what he calls make terrorism done by the united states that's a reference to the trump administration doubling tariffs on turkish steel and aluminum the turkish lira a piece to be pulling back a little bit from record loss after the central bank took emergency measures but rising prices are still hurting the people here is more president claims the united states has the lira as retribution for ankara's detention of an american pastor on espionage and terrorism charges washington had already imposed sanctions on turkey and last week announced plans to double import tariffs on turkish elaman human steel since then the turkish lira has lost a quarter of its value there too and says it's part of a plot by the united states to devalue currencies globally meanwhile russian foreign minister sergey lavrov already predicts consequences for the dollar. i'm sure that this grave abuse of the u.s. dollar as a global reserve currency will result in the eventual

while inflation and the unemployment rate are increasing critics say that the country's president trichet type ad one once the face of the prospering turkish economy is now keeping the country from overcoming the current crisis. whether it's a bridge over the bosphorus and istanbul subway system or an imposing mosque he's president richard no one is known for his big ambitions. the country's construction sector has traditionally been an engine of economic growth. but recent events have put the brakes on turkey's economy turkish banks and companies have accumulated four hundred seventy billion dollars of foreign debt and as the lira plummets it's getting ever harder to repay the loans analysts say interest rates need to be raised to offset the liras rep of decline they want the central bank to act independently of the government and believe the country should accept help from the international monetary fund something to one has ruled out it could only assume. there is no difference between the direct attacks on our call to prayer and our flag and the attack on our economy the goal is the s

to have a look at some of the other stories making news around the world turkish president trichet dave air dawn has escalated his ball with the united states over ankara's detention of an american man and one has told supporters as he won't be brought into line by threats the turkish lira has hit record lows of to washington announced it would hike steel and aluminum tires on turkish imports police in the united states say a suicidal and line employee stole an empty passenger plane on friday and then crashed it into an island near seattle two army jets pursued the plane but one able to prevent it from coming down and sparking off a fire officials say the pilot was likely killed in the crash. there's no end in science to california's wildfires emergency with a rapidly moving blaze breaking out north of san francisco and destroying dozens of hectares of land two major fires elsewhere in the state's north have been mostly contained but a massive blaze in the states has nearly doubled in size. wildlife officials in mexico have been jolted by the end explain deaths of dozens of manatees in

with bulgaria being at risk to --key, the ecb has a trichet tremendous amount of incentive to provide some liquidity. >> let's talk about what this means. i keep getting told every time we break up and emerging-market will just spillover remain contained. is today different? have things changed? >> today, your seeing more of a tone. that makes sense because what is happening is for those funds exposure, they're going to want to make sure that they have enough liquidity. so you go to the most liquid country to raise that liquidity. we are seeing some selloff in the local markets. i do not expect that to last for long. this is not the currency crisis. we now have floating exchange rates. most countries have reduced their external debt. your seeing weaker players, argentina, south africa selloff. that is where they will continue to be some worries with the dollar rallying. idiosyncratic, not just a class that is going to be at risk to further contagion. >> i will take the other side of that trait, every time i hear something idiosyncratic -- it may not be of the same magnitude but it is

. >> making comparisons with the european central bank in 2008, jean-claude trichet, one of the lasts he did was raise rates. came in a few months later and the global financial crisis was raging and had to cut them. some people in the market say this could be that kind of mistake because you have that brexit storm brewing. that is probably overstated. they have only made a very modest move. it is the highest since 2009, but only three quarters of a percentage point. if the situation changes, it does not take that much for them to reverse course. shery: thank you so much. you can read stephanie's interview with mark carney in bloomberg markets magazine. take a look at what tesla is doing right now. it continues to rise. over two days, up 15%. the electric car maker has done pretty well. their earnings were pretty well received, especially on the cash and print, better guidance, a potentially apologetic mosque -- apologetic musk. know, with all of the ongoing issues in the company, tesla has become one of those favorite targets for shorts, including big names, such as jim chanos and d

is that the latest on turkey's continuing currency crisis and thank you so much turkish president trichet type adeline and german chancellor angela merkel have been discussing bilateral ties and the turkish leaders state visit to berlin next month in a phone call they say treasury and finance minister will meet with his german counterpart had of this visit turkey's currently caught up in a huge diplomatic and straight dispute the united states and tariffs on a variety of u.s. products including alcohol tobacco and president wants his people to boycott the i phone he himself is now switching to another brand it's. all right let's bring in our financial correspondent and. see so what's been the reaction in the u.s. to add sanctions. well maybe some investors are starting to get tired of the daily changing headlines and have started taking the profits and vested money off the table funny and now could tar is dumping in the country has pledged to invest fifteen billion dollars in turkey according to officials and like basically everything else and this conflict this is a strategic move now wh

desk a state with the latest on turkey's economic troubles thank you so much filth turkish president trichet types are due on a german chancellor angela merkel have been discussing bilateral ties and a turkish leaders state visit to berlin next month in a phone call they say to turkey's treasury and finance minister will meet with his german counterpart ahead of the visit to turkey is currently caught up in a huge diplomatic and trade dispute with the united states and has no raise tariffs on a variety of u.s. products including cars and tobacco and the turkish president wants his people to buy caught the i phone he himself is now switching to another brand and the question is will these people do the same are reporting a stumble went downtown to find out. if the bulls electronics stores are still stocking apple's i phones they're popular in turkey the second most sold smartphones in the country but president. is calling on his people to boycott american brands and switch to others instead. although no one. on the streets many seem to think that a boycott of u.s. brands is easier said than d