Disgruntled by US, Erdogan implies alliance with 'other friends'

Disgruntled by US, Erdogan implies alliance with 'other friends'

Disgruntled by US, Erdogan implies alliance with 'other friends'

Erdogan appealed to a crowd in the city of Bayburt to exchange dollars and gold for Turkish lira to prop up the plunging currency.

Ahead of the United States data, Turkish President Erdogan's speech due at 1100 GMT could also fuel some fresh volatility around the European currency.

Additionally, on Friday President Donald Trump tweeted that he is increasing tariffs on US imports of Turkish of steel and aluminum.

"Turkey expects other member countries to abide by worldwide rules", the country's trade ministry said in a statement. Our relations with Turkey are not good at this time!'

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Iran has also suffered a major tumbling of its currency this year partly over the reimposition of USA sanctions after Trump abandoned the 2015 nuclear deal.

Turkey remains at loggerheads with the United States in one of the worst spats between the two North Atlantic Treaty Organisation allies in years over the detention for the last two years of American pastor Andrew Brunson and a host of other issues. He denies the charges.

The embattled Turkish lira tumbled over 16 percent to new record lows against the dollar as strains with the United States intensified over a number of issues including the detention of a pastor as well as Washington's cooperation with Syrian Kurdish militia force in the fight against Islamic State.

The president, who says a shadowy "interest rate lobby" and Western credit ratings agencies are attempting to bring down Turkey's economy, appealed to his countrymen's patriotism. "Relations with countries who behave like this have reached a point beyond salvaging", said Erdogan, who warned of "economic war". "Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies", Erdogan said.

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"They tell us to release the priest by Wednesday 6:00 pm, otherwise the sanctions will begin", said Erdogan, adding Turkey was not a country to agree to such requests.

Turkish authorities arrested Brunson in December 2016, claiming that he was a spy and was linked to a failed plot to overthrow the government.

The United States has increasingly used economic sanctions against foes such as Iran or North Korea but it is highly unusual for an administration to impose import tariffs over political or judicial issues with other countries. "Don't heed them. Don't forget, if they have their dollars, we have our people, our God", Erdogan said.

Turkey will "never accept the order, which declares war against the whole world", through the threats of sanctions, he said, referring to the U.S.

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He reiterated his call on citizens to change US Dollars and Euros for the Turkish Lira in the face of a sharp plunge his country's currency witnessed in financial markets this week.

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