Economy

Turkey's president: USA waging "economic war" against Turkey

Turkey's president: USA waging

Trump announced a doubling of steel and aluminum tariffs on Turkish imports days after a Turkish delegation returned from Washington with no progress on the detention of American pastor Andrew Brunson, who is under house arrest in Turkey on terrorism charges.

Turkey also warned there would be retaliation against the US' imposition of the tariffs.

The Turkish lira TRYTOM=D3 has always been falling on worries about Erdogan's influence over monetary policy and worsening relations with the United States.

"The lira is melting like a candle against the dollar", he tweeted. "If there are dollars under your pillow, take these out..." It is heavily reliant on importing oil, which is priced in dollars, a currency that has been rising this year while the lira weakens.

"To convey that Turkey does not respond to threats, we retaliated by sanctioning multiple American officials".

Turkey will need to implement a number of measures to stem its financial meltdown, "none of which will be easy to deliver politically" and "none will be easy to sell economically", Mr Nuseibeh said.

A Turkish delegation visited Washington for talks this week but left with no signs of a breakthrough.

He declared: "Our relations with Turkey are not good at this time!" Financial upheaval there risks further destabilising an already volatile region.

President Recep Tayyip Erdoğan on Saturday said that Turkey was preparing to 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.

In addition, foreign investors are disquieted by Erdogan's authoritarian government, which seems to be pursuing imprudent and politically charged economic policies which undercut the independence of the central bank - only worsening Turkey's economic predicament. "This is a domestic and national struggle".

He also condemned as "unacceptable, irrational and ultimately detrimental", the sanctions imposed by the United States on several Turkish cabinet members over the Brunson issue.

"This will be my people's response to those who have waged an economic war against us".

Mourinho hails ‘monster’ Pogba performance as Man Utd make winning start
He added: "The thinking is he is a very good penalty taker and likes the responsibility of it and he is first choice". The England World Cup hero only returned to training on Monday but is still in line to start.

Turkish President Recep Tayyip Erdogan has written an opinion piece in the New York Times warning that the USA must respect Turkey's sovereignty or their partnership could be in jeopardy.

Washington "must give up the misguided notion that our relationship can be asymmetrical", he said in the opinion piece.

In a separate opinion piece in the pro-government newspaper Daily Sabah, Erdogan's spokesman Ibrahim Kalin said Turkey's efforts to solve the crisis with diplomatic methods had been dismissed by the Trump administration, warning that "the US runs the risk of losing Turkey" as an ally. It is host to an X-band radar, a critical part of the Western alliance's missile defence system again Iran.

And he brushed off the issue of tariffs.

"I am once again calling on those in America: It is a pity that you choose a pastor over your strategic partner in North Atlantic Treaty Organisation", he said.

On Friday Turkey made it clear Erdogan had spoken on the phone with Russian President Vladimir Putin after the latest U.S. tariffs, with the two men "expressing pleasure" that relations were progressing "positively".

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. Gulen denies the allegation.

After nearly 20 months in a Turkish jail, Brunson was moved to house arrest in July by a court.

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. He offered no further details.

Turkey said the tariffs were against the rules of the World Trade Organisation (WTO).

"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.


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