Trump authorizes doubling of steel, aluminum tariffs on Turkey

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. This is called carrying out an operation against Turkey", he said.

The ailing Turkish lira, which had already lost one-third of its value this year largely over worries about Mr Erdogan's wider control of the economy, crashed further last Friday to a fresh record low, at one point losing 18 per cent, its biggest fall since 2001. "With God's permission we will overcome this", he added.

"Its aim is to force Turkey to surrender in every field from finance to politics, to make Turkey and the Turkish nation kneel down", Erdoğan said in a speech at the ruling Justice and Development Party's (AKP) meeting in the Black Sea province of Trabzon on August 12.

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

"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.

"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks". "You should know that to keep this nation standing is. also the manufacturers" duty". Since then the Trump administration has repeatedly called for his release, while Ankara said the decision was up to the courts.

"Our response to those who wage a trade war against the whole world, and include our country in that, would be heading towards new markets and new alliances", Erdogan said.

"Some close the doors and some others open new ones", added Erdogan, who has built closer ties over the last years with countries from Latin America, Africa to Asia.

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"We will say bye bye to those, who sacrifice their strategic partnership and alliance with a country of 81 million people on the altar of their relations with terror organizations", he said.

Turkey was reportedly the sixth largest steel importer to the United States. "You dare to sacrifice 81-million Turkey for a priest who is linked to terror groups?"

We look the issue straining relations between the United States and Turkey.

Trump has described the pastor's detention as a "total disgrace" and urged Erdogan to free him "immediately".

Earlier Saturday, Erdoğan said that Turkey was preparing to increase trade with its top trade partners such as 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.

Contagion threats from Turkey's banking sector are pushing traders back into the US Dollar with the Turkish lira collapsing 42% in 2018 and showing no signs of slowing down, while the recent realization that European banks are further exposed to a possible Turkish implosion has seen the Euro take a header, falling over 2.8% in August alone.

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 Brunson.

  • Darren Santiago