Erdogan defiant over Trump pressure

The slump in the lira comes after Donald Trump's sanctions

The slump in the lira comes after Donald Trump's sanctions

Investors have become increasingly concerned with the faltering Turkish economy, its central bank's willingness to respond to the downturn and the impact it could have on global financial markets, according to multiple reports. USA stocks were also rattled. It has lost 40 percent of its value so far in 2018, and reached record lows following Trump's tweet.

President Donald Trump said in a tweet Friday that he would hit Turkey with additional tariffs, as their national currency continues to drop.

Turkey's lira sank as low as 20 percent against the USA dollar Friday before settling at a 15 percent drop. He added: "Our relations with Turkey are not good at this time!". Financial upheaval risks further destabilizing an already volatile region.

Washington slapped sanctions on Turkey's interior and justice ministers this week, angering Ankara which responded with the tit-for-tat move, with Turkey saying they will freeze the assets of the USA "justice and interior ministers" last week.

"Aluminium will now be 20 percent and Steel 50 percent".

Javad Zarif said there was no meeting planned with U.S. officials including his counterpart Mike Pompeo at the United Nations General Assembly, the semi-official news agency Tasnim reported on Saturday. On Thursday Ergodan said Turkey will withstand the economic pressure.

Mr Trump has castigated Turkey for detaining American pastor Andrew Brunson, who is on trial for terrorism charges for allegedly associating with plotters of the failed 2016 coup against Mr Erdogan.

A delegation of Turkish officials held discussions with their counterparts in Washington this week but there was no sign of a breakthrough.

The Turkish financial crisis set off a wave of selling across emerging markets, reviving the spectre of contagion that has been the sector's Achilles heel for decades.

"The US and Turkey are breaking up".

"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks".

"This is a national, domestic battle". "Tariffs on another country", said Rodriguez Valladares.

Turning to the economic effects of the diplomatic row, President Erdogan said: "If they have the dollar, we have Allah".

Calling on the US, Erdogan said: "It is a shame".

The currency's drop - 41 percent so far this year - is a gauge of fear over a country coming to terms with years of high debt, global concern over Erdogan's push to amass power, and a souring in relations with allies like the U.S.

The U.S. exported $9.75 billion worth of goods-mostly cotton, scrap iron, steel, civilian aircraft parts, coal, and petroleum gases-to Turkey, and imported $9.42 billion worth of goods from them.

And he brushed off the tariffs. It is unclear how that would justify higher tariffs on Turkey but not other countries.

Trump's decision to double tariffs on Turkey is another salvo in the growing dispute between the two North Atlantic Treaty Organisation allies.

Mr. Erdogan says the coup was orchestrated from the United States, and specifically by a Muslim cleric, Fethullah Gulen, from his self-imposed exile in Pennsylvania.

His cause resonates with Trump's Christian conservative supporters, who could be influential as Republicans seek to retain control of Congress in midterm elections in November. As of Friday morning, the lira was worth roughly 15 cents.

Axios reported that the Turkey is trying to lessen their dependence on Russian Federation, and the increased sanctions will make their goal more challenging to reach.

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