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Turkey warns it will ‘seek new allies’ after Trump doubles tariffs

Turkey warns it will ‘seek new allies’ after Trump doubles tariffs

According to figures from the Turkish Government, for the period of 2002 to October 2017, Turkish direct investments in the United States reached $3.7 billion while US investments in Turkey amounted to $11.1 billion, second only to the Netherlands' 21.6 billion.

The U.S. sanctions come after Turkey arrested an American pastor and put him on trial for espionage and terror-related charges. The entire Turkish public is against US policies that disregard Turkey's legitimate security demands.

Mr Trump intensified his spat with Turkey by imposing the higher tariffs, putting unprecedented economic pressure on a North Atlantic Treaty Organisation ally and deepening turmoil in Turkish financial markets.

He declared: "Our relations with Turkey are not good at this time!".

The tariff for steel imported from Turkey will now be 50 percent. "Without Turkish cooperation, US goals in Syria, Iran, Russia, and even Europe become more hard".

Trump's announcement saw the Turkish lira drop even further, crashing to a 19 percent daily loss against the greenback. Since then, Trump and his vice-president Mike Pence have repeatedly called for his release while Ankara said the decision was up to the courts.

Turkey vowed retaliation "without delay" and warned the move would further harm relations between the two allies.

Not everyone shares the President's optimism as main opposition Republican People's Party (CHP) leader, Kemal Kilicdaroglu, said ill-considered government policies meant Turkey had to borrow to pay off the interest on existing debt.

Meanwhile, markets are deeply concerned over the direction of economic policy under Erdogan, with inflation at almost 16 percent but the central bank reluctant to raise rates in response. He claims higher rates lead to higher inflation - the opposite of what standard economic theory says.

Authorities Probe How 'Suicidal' Employee Could Steal Plane
The plane was pursued by military aircraft before it crashed on tiny Ketron Island , southwest of Tacoma, Washington. Investigators on Saturday will try to retrieve the plane's flight data recorder and its cockpit voice recorder.

But that does not appear to be on the table as Erdogan pursues low rates to keep growth humming.

President Tayyip Erdogan blamed the United States for the plunge in a speech last night, but why is the lira falling?

"However, I say it once again from here, if there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks. This is a domestic and national struggle".

Erdogan's speech came after the New York Times published an op-ed by the Turkish president, in which he said the USA has "repeatedly and consistently failed to understand and respect the Turkish people's concerns", adding that "in recent years, our partnership has been tested by disagreements".

Turkish President Recep Tayyip Erdogan, embroiled in a bitter dispute with the US, a North Atlantic Treaty Organisation ally, contended Sunday the plunging value of his country's lira currency amounted to a "political plot" against Turkey.

On Saturday, Erdoğan urged Turks to help support the lira to win what he described as a "war of independence".

Earlier Saturday, Erdoğan said that Turkey was preparing to increase trade with its top trade partners like China, Russia, Iran and Ukraine in local currencies instead of the us dollar, adding that it was also ready to do the same with European countries. "Look at what we were 16 years ago and look at us now", Erdogan told supporters.

"The price of the food that I buy increases day by day, the fuel that I put in my auto to distribute lunches is more expensive, but I can not raise my prices from one day to the next", she said. The two are also at odds over Turkey's purchase of Russian S-400s, with the United States holding back on its delivery of F-35 jets to Turkey over the issue. On Wall Street, the S&P 500 slid 20.30 points, or 0.7 percent, to 2,833.28, its worst loss in a month.

Turkey has already retaliated by making its commitment to its North Atlantic Treaty Organisation membership ambiguous.

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