Turkey's floundering economy exacerbated by Trump tariffs

12 Août, 2018, 10:55 | Auteur: Anatole Charbonneau
  • Turkish Treasury and Finance Minister Berat Albayrak

It fell to a record low this morning, and has now dropped 18 per cent today to 6.5 lira to the dollar, compared with 5.5 lira last night, as a deepening monetary crisis and diplomatic relations with the USA deteriorated.

"I am once again calling on those in America: it is a pity that you choose a pastor over your strategic partner in North Atlantic Treaty Organisation", he said.

"Shame on you, shame on you", he said, directing his remarks at Washington. Trump, who had secured the release of a Turkish woman activist being held by Israel and just days earlier he had been exchanging fist bumps with Erdogan at a North Atlantic Treaty Organisation summit in Brussels, took it as a personal affront.

He was speaking at a rally in the Black Sea town of Unye.

"We have not made concessions on justice so far, and we will never make any".

Turkey is now under a 25 percent tariff on imported steel and 10 percent on aluminum, which went into effect in March.

Neil Wilson, chief markets analyst at trading platform markets.com, said that the financial markets faced their most serious threat since the debt crisis that engulfed Eurozone states following the financial meltdown.

Erdogan had raised eyebrows Thursday when he appeared to invoke divine intervention, saying: "If they have dollars, we have our people, we have our right and we have Allah!"

The embattled lira tumbled 16 percent against the dollar on Friday, falling further when US President Donald Trump said he had doubled steel and aluminium tariffs on Turkey.

Donald Trump took to Twitter yesterday to boast about the value of the dollar against the lira. If there are euros, take these out. Erdogan's speech caused the value of the lira to drop even further. "This will be the response to those who have declared an economic war".

"We've stood with neighbours before, and will again now".

"Unfortunately, our efforts to reverse this unsafe trend proved futile".

European bank 'remains committed' to Turkey

"Unless the United States starts respecting Turkey's sovereignty and proves that it understands the dangers our nation faces, our partnership could be in jeopardy", he wrote.

The Brunson dispute triggered the collapse in the Turkish currency as investors feared US financial sanctions.

The entire Turkish public is against US policies that disregard Turkey's legitimate security demands.

Ties between the countries have been strained as Washington has urged Ankara to release Andrew Brunson, an American pastor being held under house arrest on terrorism charges.

Meanwhile, Ankara is wanting the extradition of Fethullah Gulen, a Pennsylvania-based cleric who is blamed by Mr Erdogan for masterminding the 2016 coup. "Turkey has been trending towards authoritarianism & becoming more anti-American".

The 64-year-old also highlighted the major difficulty in battling the Kurdish insurgency which has full USA support for fighting Islamic State fighters in northern Syria.

"Mr Erdogan is pragmatic", commented Ms Neuteboom.

Erdogan said Turkey is not afraid of outside "threats".

"Our relations with Turkey are not good at this time!" hewrote.

Our relations with Turkey are not good at this time!".

In a separate opinion piece in the pro-government newspaper Daily Sabah, Erdogan's spokesman Ibrahim Kalin said Turkey's efforts to solve the crisis with diplomatic methods have been dismissed by the Trump administration, warning that Washington might completely lose Ankara as an ally.

"Turkey expects other member countries to abide by global rules", the country's trade ministry said in a statement.

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