Turkey is a 'target of economic war', Erdogan says

Berat Albayrak will issue a new economic plan today

Berat Albayrak will issue a new economic plan today

On Friday the currency dropped as much as 18 percent at onepoint, the biggest one-day fall since a 2001 financial crisis inTurkey. "The entire Turkish public is against U.S. policies that disregard Turkey's legitimate security demands", Kalin, also a spokesperson for Erdogan, wrote for the pro-government Daily Sabah newspaper.

The lira, which has lost a third of its value this year, fell on his comments and was trading at around 6.05 to the dollar after he spoke, almost 9 percent weaker on the day.

Trump said Friday on Twitter that he authorized a new 20 percent tariff on aluminum and 50 percent tariff on steel from Turkey.

"Our relations with Turkey are not good at this time!" he wrote. The debt problem in Turkey is also a bad omen, and could pressure other emerging markets. Financial upheaval risks further destabilising an already volatile region.

In an opinion piece in the New York Times, he warned the USA that Ankara had other alternatives as allies.

Tariffs on Turkish aluminum are to be increased to 20 percent and steel tariffs are to be moved up to 50 percent, according to Trump.

Turkey and the US are now experiencing rocky relations following Washington's imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.

"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks".

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Erdogan, who was re-elected two months ago, told Turks not to panic - but paradoxically urged them to buy lira to fight an "economic war".

Recent diplomatic engagements - first between Turkish Foreign Minister Mevlut Cavusoglu and his USA counterpart Mike Pompeo in Singapore last Friday, followed by a visit by Turkish Deputy Foreign Minister Sedat Onal and his entourage to Washington on Wednesday - seemed to have failed to resolve the deadlock.

A meeting between senior diplomats from the two countries on Wednesday in Washington did not produce significant progress to ease tensions over the trial of USA pastor Andrew Brunson in Turkey on charges of supporting terrorism and espionage. I hope we can soon get Pastor Brunson and other Americans released in a win-win fashion for both the United States and Turkey."Trump's move to double tariffs on Turkey was even praised by one of the president's most frequent Democratic critics".

Erdogan said his decision to sanction the U.S.in retaliation for American sanctions was to convey that Turkey "does not respond to threats". Turkey was reportedly the sixth largest steel importer to the US.

North Atlantic Treaty Organisation aligned with Turkey after the Soviet Union, under the leadership of Joseph Stalin, demanded from the latter several provinces in the northeast of the country free use of the Bosphorus and Dardanelles straits. "Because this is the language they understand", he said.

Erdogan on Friday held telephone talks with Russian President Vladimir Putin, discussing economic and trade issues as well as the Syria crisis. It is host to an X-band radar, a critical part of the Western alliance's missile defence system again Iran.

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

He is clearly angry that the U.S. has not taken more action against the Gulenist movement and what he said was a failure "to unequivocally condemn" the 2016 coup attempt.

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