Erdogan says Turkey has become 'target of economic war'

One US dollar bought 5.57 lira during evening trading yesterday

One US dollar bought 5.57 lira during evening trading yesterday

Wider concerns about President Erdogan's expanding powers, especially over monetary policy, have taken chunks out of the value of lira this year.

Investors have become increasingly concerned with the faltering Turkish economy, its central bank's willingness to respond to the downturn and the impact it could have on global financial markets, according to multiple reports.

Erdogan is also upset at the protection USA coalition forces are providing the Kurds in Syria, against the invading Turkish army.

Aksoy also said Turkey wants to solve the issues through diplomacy, dialogue, good intentions and bilateral understanding.

Turkey's financial crisis and further USA pressure spurred more concern among investors as fears appeared to spread to American markets. Financial upheaval there risks further destabilizing an already volatile region.

In an opinion piece in the New York Times on Friday, Erdogan said Turkey's partnership with the United States could be in jeopardy unless Washington "starts respecting Turkey's sovereignty".

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

Putting a 50 percent tariff on a foreign country's steel exports isn't the most conventional way to secure an imprisoned American's relief.

Jackson said the weakness of the lira would boost competitiveness for Turkey's exports, but the tariffs on steel and aluminum would offset that. Ankara and Washington agreed to work together to resolve problems between them, Cavusoglu said after the meeting.

Manchester City Boss Pep Guardiola Gives Tactical Masterclass Ahead Of Arsenal Game
Having missed out on the Champions League , Arsenal will play in the Europa league but boy aren't they in safe hands! Like Arsenal , Manchester City have a few injuries at the start of the Premier League season.

"Their currency, the Turkish lira, slides rapidly downward against our very strong dollar!"

Jay Sekulow, an attorney for Trump who is also representing Brunson's family, told talk-show host and political commentator Sean Hannity's radio program on Friday: "We're close to getting a resolution in that case".

In retaliation, Turkey imposed additional tariffs worth 266.5 million USA dollars on US goods in June.

On Thursday Ergodan said Turkey will withstand the economic pressure. "Because this is the language they understand", he said. "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.

A delegation of Turkish officials held discussions with their counterparts in Washington this week but there was no sign of a breakthrough. Erdogan's speech caused the value of the lira to drop even further.

The Turks have also restricted American use of the Incirlik Air Base.

Brunson was among many foreign nationals detained by Turkish President Erdogan in the wake of a failed 2016 coup attempt.

Marcus Chenevix, Middle East analyst at TS Lombard said that Turkey's economy is fragile. The president launched his steel and aluminum tariffs on the grounds that maintaining a robust domestic metal industry was a core national-security interest of the United States, and that competition with metal imports was threatening to drive said industry into extinction.

Latest News