Erdogan says crash of lira political plot against Turkey

Recep Tayyip Erdogan

President of Turkey Recep Tayyip Erdogan

Turkey and the United States have been at odds after Washington imposed sanctions last Wednesday on two Turkish ministers over the continued detention of USA pastor Andrew Brunson.

Speaking after U.S. President Donald Trump doubled tariffs on Turkish steel and aluminium imports, Erdogan described Friday's 18 percent fall in the lira to a record low as the "missiles" of an economic war waged against Turkey. It is wrong to try to punish Turkey for a priest who is here.

Turkey's President Erdogan's speech next on tap. "You prefer a pastor to a strategic ally of yours in North Atlantic Treaty Organisation". "You are trading a strategic North Atlantic Treaty Organisation ally for a pastor", Erdogan said Saturday. decision to sanction Turkey for its imprisonment of an American priest.

Investors indicate that the sanctions are just the cherry on top to what's been a financial crisis in the making resulting from a number of the country's policies.

"Interest rates are an exploitation tool that makes the rich richer and the poor poorer", Mr. Erdogan said.

The nominally independent central bank has defied pressure over the last few weeks to hike interest rates in the face of high inflation and a collapsing currency. Take them immediately to the banks and convert them into liras.

Calling on the US, Erdogan said: "It is a shame".

Turkish President Recep Tayyip Erdogan has rejected "threatening language" of the United States administration.

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"Turkey expects other member countries to abide by worldwide rules", the country's trade ministry said in a statement. In the article, he said that Washington used 5,000 trucks and 2,000 cargo planes to deliver weapons to the Syrian branch of an "armed group that is responsible for the deaths of thousands of Turkish citizens since 1984 and that is designated a terrorist group by the U.S".

In an opinion piece published in The New York Times on Friday, Erdogan criticized the tensions with the USA, saying a "failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies".

"The United States should know that the only result such sanctinos and pressure will bring... will be harming our relationship as allies", the Turkish foreign ministry said in a statement.

Foreign Minister Zarif predicted that the world will finally rise up against the US if Washington does not stop the policy of resort to "sanctions" and "bullying". Trump's "jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful", Zarif wrote on Twitter.

"The US has to rehabilitate its addiction to sanctions (and) bullying or entire world will unite - beyond verbal condemnations - to force it to", he warned.

The US reimposed harsh sanctions on Iran on Tuesday following its May withdrawal from a landmark 2015 nuclear agreement, dealing a heavy blow to the already troubled economy.

Erdogan has cast the sell-off in the currency that has followed the trade row as an economic war and an attempt to undermine Turkey's economy.

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