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Turkey Says Trump Tariff Move Will Harm Ties

Turkey Says Trump Tariff Move Will Harm Ties

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.

The Turkish lira dropped as much as 18 per cent at one point after Mr Trump's announcement - the biggest one-day fall since a 2001 financial crisis in the country.

Turkey's currency crisis has lurched on to the global stage, denting European and USA stocks as fears of contagion rise.

Turkey also warned there would be retaliation against the US' imposition of the tariffs.

U.S. President Donald Trump's decision to double tariffs on Turkish steel and aluminum imports fails to make economic sense, an expert told Anadolu Agency on Saturday.

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

Erdogan promised supporters that Turkey was taking the necessary precautions to protect its economy but added "the most important thing is breaking the hands firing these weapons". Financial upheaval there risks further destabilizing an already volatile region.

Turkey later said Erdogan had held a phone call with Russian President Vladimir Putin to discuss economic ties. The US responded by imposing sanctions on Turkey and threatening more.

Turkey's woes shook world markets, pushing down stock indexes and lifting the dollar, which traders around the world typically buy in times of concern.




Turkish officials insist the outcome of Brunson's case exclusively relies on the judiciary, a claim the USA has refused to buy in the light of Erdogan's earlier suggestions to swap him with Turkish opposition exiles residing in the US.

Turkey is also ready to establish a similar system - to not use dollar in trade - with European countries, Erdogan noted.

Trump added that the Turkish currency Lira "slides rapidly downward against our very strong Dollar!" "This is a national, domestic battle", he said. "Tariffs on another country", said Rodriguez Valladares.

"This will be my people's response to those who have waged an economic war against us". At the beginning of August, the U.S. Treasury Department sanctioned Turkey's ministers of Justice and Interior because of Brunson's detainment. "Don't heed them", Erdogan said Thursday.

"The US and Turkey are breaking up". Turkey is the sixth-largest steel exporter to the United States. I am addressing the U.S. once again: it is a pity that you chose a pastor over your strategic partner in North Atlantic Treaty Organisation.

Although Erdogan struck a defiant tone, his foreign ministry called for diplomacy and dialogue to solve problems with Washington and Trade Minister Ruhsar Pekcan said "we implore President Trump to return to the negotiating table". Gulen denies the allegation.

Brunson was first detained in Turkey in 2016 on the charge of involvement in a failed coup attempt against Erdogan's government.

Recent diplomatic engagements - first between Turkish Foreign Minister Mevlut Cavusoglu and his US 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.


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