Turkey's president: U.S. waging 'economic war' against Turkey

Posted August 13, 2018

Turkey and the USA are in jeopardy, Turkish President Recep Tayyip Erdogan said, warning the White House he would turn to "new allies" if the United States continues to show a "lack of respect" for his country.

Iranian Foreign Minister Mohammad Javad Zarif on Saturday described U.S. President Donald Trump's jubilation over economic hardship in Turkey as "shameful".

President Erdogan urged his people in a counter-tweet: "Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks".

The lira has lost more than 40 percent this year.

Referring to the recent US tariffs on iron and steel, he said that Turkey is a member of the World Trade Organization (WTO) and there was no such thing in WTO rules. "Exit of funds from the Turkish financial markets can be an opportunity for the Egyptian economy as a competitive market in the same region".

Aksoy also said Turkey wants to solve the issues through diplomacy, dialogue, good intentions and bilateral understanding.

The currency's drop - 41 percent so far this year - is a gauge of fear over a country coming to terms with years of high debt, worldwide concern over Erdogan's push to amass power, and a souring in relations with allies like the U.S.

"Those who can't compete with us on the ground have brought online fictional currency plots that have nothing to with the realities of our country, production and real economy", Erdogan told a provincial meeting of his AK Party in the Black Sea coastal town of Rize.

The Turkish lira TRYTOM=D3 has always been falling on worries about 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.

Erdogan appeared unworried by the punitive measures imposed by the United States, saying Turkey could turn to other partners and again terming the crisis an "economic war".

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He also said it was a pity that Washington chose Brunson over Turkey, its partner in North Atlantic Treaty Organisation, and in an opinion piece in the New York Times, he warned the United States that Ankara had other alternatives as allies.

Turkey's detention of Andrew Brunson on security-related charges is one of a series of disputes at the heart of deteriorating ties between the two countries.

Ankara had already taken measures to respond and would continue doing so, he added.

Trump said earlier on Twitter that he authorized the doubling of tariffs, noting that "aluminum will now be 20% and steel 50%".

Turkish President Recep Tayyip Erdogan said in a speech that the drop was part of a "campaign" led by foreign powers against the nation.

"The US has to rehabilitate its addiction to sanctions (and) bullying or entire world will unite - beyond verbal condemnations - to force it to", he warned.

The chief diplomat said Tehran will stand behind neighboring Turkey in the face of sanctions by the United States.

Erdogan reportedly was defiant, telling worshipers after Friday prayers that Turkey "will not lose the economic war".

The latest escalation between Ankara and Washington was denounced by the Turkish press, with pro-government daily Sabah saying "the currency attack" was no different from the attempted coup of July 2016. US stocks were also rattled.

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