Erdogan says US 'wrong' to threaten Turkey after Trump doubles tariffs

Turkey to reveal 'new economic model' on Friday

President Donald Trump abruptly announced Friday that he would double the rate of import tariffs on Turkish metals - forcing Turkey to ask citizens to buy its own crashing currency.

Last week, the United States imposed sanctions on Turkey's justice minister and interior minister for not releasing USA pastor Andrew Brunson.

The announcement accelerated the sell-off of Turkey's lira currency, already battered by worries about President Tayyip Erdogan's influence over the central bank.

"Aluminum will now be 20 percent and Steel 50 per cent.

Turkey wanted issues to be solved through diplomacy, dialogue and good intentions, Aksoy said.

"Section 232 tariffs are imposed on imports from particular countries whose exports threaten to impair national security as defined in Section 232, independent of negotiations on trade or any other matter", White House deputy press secretary Lindsay Walters said in a statement.

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According to the Wall Street Journal, the fall in the TRY in the face of increased USA tariffs on aluminum and steel raises uncertainty for investors in emerging markets.

On Friday, the Turkish currency plunged to another record low amid concerns over Erdogan's unorthodox economic policies and a diplomatic row with the United States that has led to sanctions. The currency has fallen 66 percent since the start of the year.

Reverberations spread through global markets, with European stock markets especially hit as investors took fright over banks' exposure to Turkey.

Turkish officials held talks in Washington this week, but there was no breakthrough.

President Erdogan has cast the recent slide in the lira as a war and without naming countries said supporters of a failed military coup 2 years ago, which Ankara says was organized by a US-based Muslim cleric, were attacking Turkey in new ways since his re-election 2 months ago.

"We implore President Trump to return to the negotiating table - this can and should be resolved through dialogue and cooperation", he said in a statement.

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"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks. This is a national, domestic battle", he told a crowd in the northeastern city of Bayburt.

He appeared to blame foreigners for trying to hurt Turkey, saying: "This will be my people's response against those waging an economic war against us".

The United States has turned its back on its North Atlantic Treaty Organisation ally Turkey over a Christian American pastor and such treatment has annoyed and upset Ankara, Turkish President Tayyip Erdogan said on Saturday.

Albayrak gave a presentation to business leaders in Istanbul promising structural reform, economic re-balancing, and "sustainable and healthy growth".

Turkey's President Tayyip Erdogan meets with Russian President Vladimir Putin on the sidelines of the BRICS summit in Johannesburg, South Africa July 26, 2018.

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