Turkish Currency Lira Plunges As Trump Piles On The Pressure

Turkey lira crisis live Erdogan Donald Trump sell-off steel

The lira stood 5.75 against the dollar on Friday morning

"Interest rates are an exploitation tool that makes the rich richer and the poor poorer", Mr. Erdogan said. I am addressing the USA once again: it is a pity that you chose a pastor over your strategic partner in North Atlantic Treaty Organisation.

In the New York Times, Erdogan warned Washington not to risk its relations with Ankara, saying it would look for "new friends and allies".

The Russian rouble dropped to its weakest since late 2016 after Washington said it would impose fresh sanctions on Moscow, while the Turkish lira plumbed a record low in the wake of a diplomatic rift with the United States.

Turkey and the U.S. have disagreed on a number of issues since Trump came into office, including Washington's support of Kurdish groups in neighbouring Syria and its refusal to extradite Fethullah Gülen, the cleric Erdogan claims is behind the botched attempt to unseat him.

Turkish President Recep Tayyip Erdoğan has sharply criticized the United States decision to double tariffs on Turkish steel and aluminum imports, calling the move as an "operation" and portraying the plunge in the Turkish currency's value as an "economic war" against Turkey.

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He further added that the only response to a country which chooses to sacrifices its strategic partnership and a half century alliance with a state with a population 81 million for the sake "terror groups" is "good-bye".

President Recep Tayyip Erdogan on Sunday criticized the US, saying Turkey will say "bye bye" to those, who prefer terrorists to their strategic partner. "You dare to sacrifice 81 million Turks for a priest who is linked to terror groups?"

"We will respond to those who declared trade war on the entire world and included Turkey in it, by steering towards new alliances, new markets", he said, raising questions in the future partnership between Ankara and Washington.

The two sides seemed to have failed to resolve the deadlock though bilateral talks in Washington earlier this week during the visit of a Turkish delegation headed by Deputy Foreign Minister Sedat Onal and made up of officials from Turkey's justice, finance and foreign ministries.

Tensions between Turkey and the United States have been high in recent weeks due in part to North Carolina Pastor Andrew Brunson's arrest and detention in the country. As a result he's pushed Turkey's central bank to keep interest rates low, threatening its independence and preventing it from shoring up the lira.

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Trump on July 26 threatened to impose "large sanctions" on Ankara if the government did not immediately let Brunson leave Turkey.

The US is the biggest destination for Turkish steel exports with 11 per cent of the Turkish export volume.

Erdogan also hit back at USA authorities for convicting Mehmet Hakan Atilla, 47, deputy director general of Turkish lender Halkbank on charges of helping Iran evade U.S. sanctions on billions of dollars of oil proceeds.

Turkey's woes have been aggravated by investor worries about the economic policies of Erdogan, who won a new term in office in June with sweeping new powers.

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