Erdogan blames "plot against Turkey" for plunging lira

President Donald Trump

Carolyn Kaster Associated Press President Donald Trump

"Aren't we strategic partners?"

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

The United States is the biggest destination for Turkish steel exports, with 11 percent of the Turkish export volume.

His chief advisor and spokesperson Ibrahim Kalin pointed out more blatantly that the U.S. might lose Turkey for good. "The entire Turkish public is against USA policies that disregard Turkey's legitimate security demands", Kalin, also a spokesperson for Erdogan, wrote for the pro-government Daily Sabah newspaper.

In a tweet, he said he was imposing duties of 20 per cent on Turkish aluminium and 50 per cent on steel.

Erdogan said Turkey would turn towards new markets, new partners and alternative financial tools.

Turkey's currency dropped some 16 percent to new record lows against the dollar on Friday.

The currency, which traded 4.7 to the dollar a month ago, has now weakened to 6.4 to the dollar, having lost more than 30% of its value this month, 20% of which accrued in the last 24 hours.

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".

Reverberations of the lira fall spread through global financial markets, with European stock markets especially hit as investors took fright over banks' exposure to Turkey.

Ailing young orca J-50 gets novel medical treatment at sea
Giles said the spotlight on the animals, while itself terrible news, has already led to skyrocketing worry about their plight. Researchers will first perform a health assessment on J50 before deciding whether or not to administer any medication.

The aim of the recent US pressure is "to seize Turkey in every field from finance to politics", the president noted.

The lira has always been falling on worries about Mr Erdogan's influence over monetary policy and worsening relations with the United States.

Turkish President Recep Tayyip Erdogan is continuing his pushback against United States actions that now have investors concerned as the nation inches closer to a financial crisis, according to Bloomberg.

"What they couldn't do with provocations, with coup attempts, they now try to achieve by means of money". Gulen has denied the allegation.

"You dare to sacrifice 81-million Turkey for a priest who is linked to terror groups?", he stressed. He denies the charges.

The two North Atlantic Treaty Organization (NATO) allies have been at odds over a wide range of issues: diverging interests in Syria, Ankara's ambition to buy Russian defence systems and more recently the case of Andrew Brunson, an evangelical pastor on trial in Turkey.

His cause resonates with Mr Trump's Christian conservative supporters.

The sides held talks in Washington this week but failed to resolve the spat.

Although Mr Erdogan struck a defiant tone, his foreign ministry called for diplomacy and dialogue to solve problems with the US. Since then Trump and his vice president Mike Pence have repeatedly called for his release while Ankara said the decision was up to the courts.

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