Erdogan warns Trump: Turkey does not respond to threats

Gladys Abbott
August 12, 2018

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

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

The ailing lira had already lost one third of its value this year amid soaring inflation and unemployment as well as worries over Erdogan's wider control of the economy.

"Before it is too late, Washington must give up the misguided notion that our relationship can be asymmetrical and come to terms with the fact that Turkey has alternatives", he said.

The foreign ministry also released a statement on Friday and warned the US that sanctions and pressure would only serve to harm ties between the two North Atlantic Treaty Organisation allies, adding Ankara would continue to retaliate as necessary against USA tariffs.

Trump tweeted on Friday that he would be doubling existing tariffs on steel and aluminum imports from Turkey.

Turkey's iron, steel and aluminum exports to the U.S. were $1.1 billion in 2017, while Turkey's imports from the United States were worth $1.3 billion in 2017, the ministry added. Shame on you, shame on you.

"We know very well that the issue is not dollar, euro or gold". On Friday, he said the country had to take steps in answer "to those who have waged an economic war against us".

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On the economic front, the U.S. Consumer Price Index for All Urban Consumers increased 0.2 percent in July on a seasonally adjusted basis, on par with market estimates, the Labor Department said on Friday.

This came in the wake of sanctions imposed by Mr Trump for Turkey's refusal to free pastor Andrew Brunson, who the nation detained on terror charges despite the insistence of the USA he is innocent. The U.S. exported $9.75 billion worth of goods-mostly cotton, scrap iron, steel, civilian aircraft parts, coal, and petroleum gases-to Turkey, and imported $9.42 billion worth of goods from them. "It just shows the importance of the evangelical vote in the it heads to midterms". "We care about the law, the language of the law", he said about the United States policy during a rally in the Black Sea city of Ordu hit by floods that harmed hundreds of homes and businesses.

President Tayyip Erdogan denied on Saturday that Turkey is in a currency crisis, dismissing a plunge in the lira as "fluctuations" which have nothing to do with economic fundamentals.

Lira tested an all-time low of 6.95 in value against the United States dollars, in a sign of a further economic crisis.

-Turkish relations is a dispute over an American clergyman who has been jailed in Turkey since December 2016.

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

"This could be the most expensive pastor in world history", Sekulow said, referring to the harm being done to Turkey's economy.

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