Erdoğan: We challenge your dollar operations

Aug 13, 2018, 02:22
Erdoğan: We challenge your dollar operations

Turkish President Tayyip Erdogan addresses businessmen in Trabzon, Turkey on August 12, 2018.

"We have seen your play and we challenge you", he added, referring to the fluctuation of the Turkish Lira against the dollar.

The embattled Turkish lira tumbled more than 16% to new record lows against the dollar as strains with the USA intensified over Brunson, as well as Washington's co-operation with the Syrian Kurdish militia force in the fight against Islamic State and other forces in Syria.

Trump announced the punitive doubling of steel tariffs, which were imposed in protest over the detention of Andrew Brunson, a pastor, who was arrested on terrorism charges after the attempted coup against Erdogan in 2016, saying: "Our relations with Turkey are not good at this time!"

"It is wrong to dare bring Turkey to its knees through threats over a pastor", Erdogan said in the Black Sea town of Unye. Erdogan asked Washington. "What happened to you now?"

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Contagion threats from Turkey's banking sector are pushing traders back into the US Dollar with the Turkish lira collapsing 42% in 2018 and showing no signs of slowing down, while the recent realization that European banks are further exposed to a possible Turkish implosion has seen the Euro take a header, falling over 2.8% in August alone.

On the brink of a full-blown currency crisis, Turkey's lira plunged to a record low on Friday, tumbling as much as 18 percent in its biggest daily drop since 2001.

Javad Zarif said there was no meeting planned with U.S. officials including his counterpart Mike Pompeo at the United Nations General Assembly, the semi-official news agency Tasnim reported on Saturday.

And he brushed off the tariffs. "We will be entering a strong period in terms of fiscal policies", he said. "Don't give. What we have is enough for us".

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Erdogan appeared to indicate that the entire alliance between Turkey - which joined North Atlantic Treaty Organisation in 1952 with strong American backing - and Washington was at stake.

In June, the United States imposed tariffs of 10 percent on aluminum imports and 25 percent on steel against many key global partners, complaining of unfair trade practices. "Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies".

Iran's Foreign Minister Mohammad Javad Zarif waded into the mounting row, accusing Washington of an "addiction to sanctions and bullying".

For his part, the speaker of the Turkish parliament, Binali Yildirim, said Saturday via Twitter that USA sanctions "are now turning into a global economic war".

"The US has to rehabilitate its addiction to sanctions (and) bullying or the entire world will unite beyond verbal condemnations to force it to". "Nobody should try to make us fall into this trap, we won't be fooled by this plot".

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