US waging "economic war" against Turkey

Screen Shot 2018 08 10

Recep Tayyip Erdogan was responding to a drop in the value of the Turkish currency, the lira, against the US dollar following the imposition of sanctions and tariffs by the United States in the past two weeks.

The U.S.' additional tariffs on steel imports from Turkey will take effect on August 13, the White House and Department of Commerce announced Friday.

He also repeated his call to Turks to sell their dollar and euro savings to shore up the lira.

The lira has lost more than 40 percent this year.

Turkey is facing a deepening economic crisis, as the Lira fell sharply by about 22% in Friday's early morning trading and the yields on government debt rose further, said a press statement by the Central Bank of Egypt (CBE) on Friday, adding that doubling the tariffs applied to Turkish aluminium and ssteel coincide with the Turkish delegation's failure to reach a compromise with the United States authorities.

Turkey's spat with the United States has further weighed on the lira. "Exit of funds from the Turkish financial markets can be an opportunity for the Egyptian economy as a competitive market in the same region".

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Turkey's President Recep Tayyip Erdogan in Rize spoke of Turkey's plans to trade in local currencies with some countries.

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.

The lira has always been falling on worries about Mr Erdogan's influence over monetary policy and worsening relations with the United States. "What happened? Immediately, we have imposed the same sanctions on their ministers", Mr. Erdogan said.

"We will give our answer, by shifting to new markets, new partnerships and new alliances, to the one who waged an economic war against the entire world and also included our country", Erdogan said.

Turkish President Recep Tayyip Erdogan has said the lira's drop is a "political plot" against Ankara, and his country will begin to seek for new partners.

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.

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In an op-ed published in New York Times, Erdogan warned Washington not to risk its relations with Ankara, saying otherwise it would look for "new friends and allies".

A delegation led by Turkish Deputy Foreign Minister Sedat Onal failed to secure a deal last Wednesday in talks in Washington on a number of issues including Mr Brunson.

In retaliation, Turkey imposed additional tariffs worth 266.5 million USA dollars on US goods in June.

The aim of the recent USA pressure is "to seize Turkey in every field from finance to politics", the president noted. Gulen has denied the allegation. Trump said in a post on Twitter.

Brunson has been detained for the past 20 months on accusations that he supported groups the Turkish government deems terrorists.

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