Turkey to say 'bye bye' to ally opting for terrorists
- Author: Darren Santiago Aug 14, 2018,
Aug 14, 2018, 4:55
Trump has made clear that he is hoping to use the economic pain caused by these tariffs to force other countries to accept concessions, particularly Canada, the European Union and China.
In a bid to ease investor concerns about Turkey's economic policy, the country's finance minister says the government will safeguard the independence of the central bank.
Trump and Secretary of State Mike Pompeo have repeatedly called for his release, while Erdogan has said the USA should respect Turkey's judicial process.
Erdogan has cast the recent slide in the lira as a war and without naming countries said supporters of a failed military coup two years ago, which Ankara says was organized by a USA -based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago.
"The ATC implores the Trump Administration to reconsider this escalation of a trade war that is without winners and to resolve this dispute at the negotiating table", it said.
"This is a national, domestic battle".
The moves followed a series of actions the administration has taken in recent weeks to step up economic pressure on President Recep Tayyip Erdogan of Turkey to release USA evangelical pastor Andrew Brunson, who has been detained in Turkey on espionage charges since October 2016.
The sharp decline of the lira, and worries over the wider consequences of Turkey's economic turmoil, helped drive the main stock indexes in Tokyo, Frankfurt and Paris more than 1 percent lower.
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The violence culminated with a man driving a vehicle into a crowd of counter-protesters, killing a woman and injuring 19 people. The city is planning to establish a "defined security area" downtown where weapons will be banned.
Istanbul Chamber of Industry on Friday called for urgent measures to cushion the potential damage of a free-falling lira on real sector, saying the fluctuation has turned into a source of financial instability. The currency has fallen 66 percent since the start of the year.
USA officials have alleged that the charges against Brunson are bogus, and Trump tried to secure a deal for his release.
Without naming countries, Mr Erdogan said supporters of a failed military coup two years ago, which Ankara said was organised by a US-based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago.
On Thursday, Erdogan said "If they have their dollar, we have the people, we have Allah".
"We will give our response to the person - who declares war against the whole world including our country - by turning towards new markets, new partners and new alliances", Erdogan added. As the currency drops, Turkish companies and households with debt in foreign currencies see the cost of repaying those loans expand. "On some days, I end the day with a loss".
"We are exercising economic leverage against Turkey but we're also damaging our own alliance structure in North Atlantic Treaty Organisation".
Last week, Washington and Ankara exchanged sanctions against the interior and justice ministers.