Turkey lashes U.S. over sanctions with threat of 'new friends'

Berat Albayrak

Berat Albayrak

In addition to the steep drop in the Turkish Lira, which effectively reduces the impact of the tariffs, the US has so far been unsuccessful in persuading Turkish President Recep Tayyip Erdoğan to release USA pastor Andrew Brunson.

Turkish President Recep Tayyip Erdogan said in a speech that the drop was part of a "campaign" led by foreign powers against the nation.

On Friday, Turkey's currency, the Lira, fell as much as 14%, causing the global financial markets to shudder.

Canada's main stock index also fell on Friday.

Trump made his unexpected announcement on Twitter from his golf club in Bedminster, New Jersey, as the Turkish currency, the lira, fell to all-time lows against the USA dollar.

With the currency diving, Trump authorized higher tariffs on Turkish imports on aluminum and steel of 20% and 50% respectively.

In his Twitter message, the USA president noted specifically how the Turkish lira was sliding "rapidly downward against our very strong Dollar".

More news: Trump Calls Omarosa A 'Lowlife' Ahead Of Her Book Release

In 2017, 19 billion dollars worth of goods were traded between the USA and Turkey. The debt problem in Turkey is also a bad omen, and could pressure other emerging markets. Financial upheaval risks further destabilizing an already volatile region.

We are knowledgeable with justice and law", Erdogan said in his address in the Black Sea province of Ordu on Saturday.

"Aluminum will now be 20% and Steel 50%", President Trump wrote.

But the trade minister, Ruhsar Pekcan, said: "We implore President Trump to return to the negotiating table".

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. These include places "from Iran, to Russian Federation, to China and some European countries", he said.

One of the triggers of the turmoil has been a standoff with the USA over a detained American pastor that Turkey, a North Atlantic Treaty Organisation ally, has put on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago.

"We will not lose the economic war", state-run TRT Haber TV quoted Erdogan as saying, according to Agence France-Presse.

More news: Maurizio Sarri anticipates early season 'problems' before Chelsea reach full potential

"If you have dollars, euros or gold under your pillow, go to banks to exchange them for the Turkish lira".

Mr Erdogan yesterday repeated a call to Turks to help support the lira to win what he described was a "war of independence".

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.

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

Turkey, he wrote, could turn to "other friend and allies", if the U.S. continued its more hawkish policy vis a vis Ankara, without elaborating who those friends and allies would be. Mr. Trump tweeted Friday morning.

Erdogan has blamed outside forces for trying to bring down Turkey's economy. In any case, economists warn that with the row with the United States injected into the mix, it will take far more than an increase in interest rates to reverse the downward trajectory of Turkey's once robust economy.

More news: Last solar eclipse of 2018 on 11th

Recommended News

  • China announces tariffs on scrap imports from the USA

    China announces tariffs on scrap imports from the USA

    So that leads us to the latest casualty of the trade war between the Trump administration and the Chinese government: condoms. Items included on the list subject to a 25% retaliatory tariff include hog casings, sheep casings, gizzards, wheat and wine.

    Diablo: Blizzard Working on Multiple Games

    Stay tuned for more as Blizzard discloses more on the future of Diablo . Check it out and leave us YOUR thoughts in the comments. And we have multiple Diablo projects in the works.
    Nunes Explains Why Rosenstein Has Not Been Impeached In Leaked Audio

    Nunes Explains Why Rosenstein Has Not Been Impeached In Leaked Audio

    Nunes' remarks came days after House Speaker Paul Ryan (R-Wis) rejected plans by the Republican conservatives, Reps. That's why I keep-thank you for saying that, by the way-we have to keep all these, we have to keep the majority.
  • France floods: German man missing, 1600 campers evacuated

    France floods: German man missing, 1600 campers evacuated

    About 17,000 homes in southwest and northeast France were without power and several roads were closed as a result of the floods. Divers have not found a 66-year-old holidaymaker who sought refuge from the swollen river in his caravan, only to be swept away.
    In the end, Pope's homeland rejects abortion law

    In the end, Pope's homeland rejects abortion law

    These centers provide food, medical assistance, psychological counseling, and legal advice to pregnant mothers in difficulty. She says it's a "sad day. not only because of the way the vote went but the way the campaign for and against went".
    Perseid Meteor Shower 2018 Weather Forecast: Smoke May Screen Out Western US

    Perseid Meteor Shower 2018 Weather Forecast: Smoke May Screen Out Western US

    No special equipment is needed, but if you want the best view, it helps to be as far from artificial light as possible. Locally, Natural Bridge is offering an opportunity to watch the meteor shower between 8:30 p.m. and 10:00 p.m.
  • Jorginho literally can't believe how good Eden Hazard is after incredible dribble

    Jorginho literally can't believe how good Eden Hazard is after incredible dribble

    It took us a while to get going, but once we did, Huddersfield didn't stand a chance. The opening half-hour of Sarri's competitive managerial career in England had...
    Hundreds of Ryanair flights cancelled over European strikes

    Hundreds of Ryanair flights cancelled over European strikes

    It has already threatened to move part of its Dublin fleet to Poland, which could cost 300 jobs, including 100 pilot positions. But some people took to Twitter to complain at how Ryanair handled the debacle after their flights were canceled.
    Employee steals plane from Seattle airport, crashes it shortly

    Employee steals plane from Seattle airport, crashes it shortly

    Local authorities quickly ruled out terrorism as a motive for the incident, and said the F-15s "were not involved in the crash ". Pierce County Sheriff's spokesman Ed Troyer said information was sketchy and preliminary regarding the developing incident.
  • Twitter Users Offer Trump Their Own Space Force Logo Ideas

    Twitter Users Offer Trump Their Own Space Force Logo Ideas

    It would become the United States military's sixth branch, following the Army, Air Force , Navy, Coast Guard and Marine Corps. After voting for a logo, users are asked to enter their information and to donate to the Trump-Pence re-election campaign.
    England vs. India, second Test: Tourists facing defeat at Lord's

    England vs. India, second Test: Tourists facing defeat at Lord's

    After an assured start Keaton Jennings was the first to depart, LBW to Mohammed Shami (two for 27) for 11. The only sadness for England was that Bairstow did not reach three figures as well.
    Nasa prepares daring mission to 'touch the Sun'

    Nasa prepares daring mission to 'touch the Sun'

    And it is like never before; thanks to its revolutionary heat shield which is capable of withstanding 1,370 degrees Celsius. The probe will use Venus' gravity to slow itself down as it makes its close approaches with the sun.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.