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

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

Saturday, Turkish President Tayyip Erdogan said it was wrong of the United States to try to bring Turkey into line with threats, a day after President Donald Trump 2X'd tariffs on Turkish metal imports as the row esclated.

The Turkish lira plunged on Friday, raising questions about the country's financial stability, as investors anxious about the president's unorthodox economic policies and a dispute with the United States that has led to sanctions.

Meanwhile, concerns of the US-Turkey spat went beyond Turkey's borders as Financial Times reported that the European Central Bank (ECB) has become concerned about the exposure of some of the currency area's biggest lenders to Turkey in light of Turkish lira's dramatic fall.

Turkey's woes also shook world markets, pushing down stock indexes.

The lira has lost more than 40 percent this year. -Turkish relationship, a deterioration made worse by Turkey's worsening human rights record and increased cooperation with Russian Federation and Iran in Syria. Financial upheaval there risks further destabilising an already volatile region.

Mr Erdogan also wrote in the New York Times that unless the United States changed course, Turkey would look for new friends and allies.

Mr Erdogan has spoken out after US President Trump doubled punishing tariffs on the nation adding that those responsible "think they can destroy Turkey".

"Aluminum will now be 20% and Steel 50%".

The Ministry issued a statement asserting that Turkey, as it determines and implements its own trade policy in compliance with the WTO, expects other member countries to comply with worldwide rules.

Trump has choice words for ex-aide Omarosa
She acknowledges she had never been able to obtain or hear the tapes but said three unnamed sources had described their contents. Along with her "race war" comments Omarosa said, laughing, that "oh yeah, there's some people gettin' it on in the white house".

"Shame on you, shame on you", he said, directing his remarks at Washington. "Don't heed them. Don't forget, if they have their dollars, we have our people, our God", Erdogan said. "They are bullets, cannonballs and missiles of an economic war waged against our country", he said.

In 2017, 19 billion dollars worth of goods were traded between the US and Turkey.

Last week, the United States government imposed economic sanctions against two Turkish ministers involved in Brunson's arrest. "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.

One of the hard issues affecting U.S.

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.

USA support for Kurdish rebel groups fighting Islamic State fighters in northern Syria.is another major difficulty, given Turkey's battle against a Kurdish insurgency in its own country. "We are knowledgeable with justice and law", Erdogan said in his address in the Black Sea province of Ordu.

The prospect of a deal for Brunson's release appeared high as Turkish officials traveled to Washington this week, but the deal apparently fell apart over last-minute Turkish demands.

Paul Greer at Fidelity International said dramatic interventions were now needed as Turkey faced a "downward spiral" of investor confidence.

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