Turkish President Rails Against ‘War’ on Turkish Economy

'Our Relations Are Not Good!' Trump Targets Turkey with New Sanctions over Brunson's Detainment

'Our Relations Are Not Good!' Trump Targets Turkey with New Sanctions over Brunson's Detainment

On Aug. 10, the lira, which had already lost more than a quarter of its value against foreign currencies in 2018, tumbled to a fresh low of more than 6.6 per dollar following U.S. President Donald Trump's decision to double tariffs on aluminum and steel imports from Turkey to 20 percent and 50 percent, respectively.

The Turkish lira fell as much as 20% versus the dollar Friday.

Although Erdogan struck a defiant tone, his foreign ministry called for diplomacy and dialogue to solve problems with Washington and Trade Minister Ruhsar Pekcan said "we implore President Trump to return to the negotiating table".

Turkey's trade ministry said the tariffs were against World Trade Organisation rules.

We look the issue straining relations between the United States and Turkey.

Iran has also suffered a major tumbling of its currency this year partly over the reimposition of United States sanctions after Trump abandoned the 2015 nuclear deal.

Turkey and the USA are now experiencing rocky relations following Washington's imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey. He denies the charges.

The latest escalation between Ankara and Washington was denounced by the Turkish press, with pro-government daily Sabah saying "the currency attack" was no different from the attempted coup of July 2016.

The president, who says a shadowy "interest rate lobby" and Western credit ratings agencies are attempting to bring down Turkey's economy, appealed to his countrymen's patriotism.

"If there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks".

"These are the bullets, cannonballs and missiles of an economic war waged against our country", he said.

A Financial Times report said the European Central Bank was anxious that Turkish citizens would start defaulting on their loans.

Turkey wants the U.S. to extradite cleric Fethullah Gulen, a Pennsylvania-based cleric who Turkish authorities say masterminded the coup attempt in which 250 people were killed.

Erdogan framed Turkey's currency crisis as a "national battle" against economic enemies, namely the United States, saying 'if they have their dollar, we have the people, we have Allah'. "Don't heed them. Don't forget, if they have their dollars, we have our people, our God", Erdogan said.

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.

'We are once again facing a political, underhand plot.

Turkey will "never accept the order, which declares war against the whole world", through the threats of sanctions, he said, referring to the U.S.

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