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Turkish President Rails Against ‘War’ on Turkish Economy

13 August, 2018, 04:37 | Author: Lucille Rivera
  • Euro vs US Dollar Chart- 5min

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

To understand how all of these pieces fit together, we'll start with some basic facts about trade between the United States and Turkey.

Turkey's sovereign dollar-denominated bonds tumbled with many issues trading at record lows.

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". The U.S. believes Turkey went a long way in opposing American policy - even crossing the point of no return, according to sources.

While the numbers tell one story, trade relations and politics tell another.

Here's the latest wrap of what the Arabic-language media is saying about the United States.

Photo American Christian pastor Andrew Brunson is on trial in Turkey on terrorism charges.

Turkish media covered the latest tensions between Ankara and Washington, with pro-government daily Sabah saying on its front page: "the currency attack" was no different from the July 2016 coup attempt.

Turkey remains at loggerheads with the USA in one of the worst spats between two North Atlantic Treaty Organisation allies in years over the detention of American pastor Andrew Brunson and a host of other issues. He is suffering greatly.

Trump has described Brunson's detention as a "total disgrace" and urged Erdogan to free him "immediately". "Our relations with Turkey are not good at this time!"

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

The US has demanded the release of Andrew Brunson and on Friday doubled tariffs on steel and aluminium imports.

Trump said he had authorised higher tariffs on imports from Turkey, imposing a 20 per cent duty on aluminium and 50 per cent one on steel.

In a statement the White House clarified that Trump had authorized the preparation of documents to raise steel and aluminum tariffs.

The diplomatic dispute with the USA was one of the triggers for the turmoil this week.

President Trump's sanctions saw the Turkish lira plummet to a risky low, causing a financial crisis that has also threatened to destroy Europe after it triggered concerns with banks in Spain, Italy and France. Much to the opposition of members of Congress on both sides of the aisle and other member nations of NATO, Turkey announced plans to acquire a Russian missile defense system.

Relations between Washington and Turkish President Recep Tayyip Erdogan also have worsened because of the detention of three locally employed United States consular workers, trade matters and differences over Syria.

But Erdogan said Turks should not be alarmed by exchange rate movements.

Mr Trump intensified his spat with Turkey by imposing the higher tariffs, putting unprecedented economic pressure on a North Atlantic Treaty Organisation ally and deepening turmoil in Turkish financial markets.

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