Wrong of USA to threaten Turkey, says Erdogan

Wrong of USA to threaten Turkey, says Erdogan

Wrong of USA to threaten Turkey, says Erdogan

This day, the spokesman of the Turkish government, Ibrahim Kalin, assured that these actions will not be able to bring down their country, but will isolate the United States even more in the global context.

Prior to Trump's announcement, the Turkish lira fell to its lowest point ever against the USA dollar on Friday. One U.S. dollar traded at 5.96 lira by 2:15 p.m.

Waves from the crisis spread overseas, with investors selling off shares in European banks with large exposure to the Turkish economy.

President Recep Tayyip Erdogan vowed Saturday to defy United States "threats" over a detained pastor, showing no signs of concessions in a bitter row that has caused the Turkish lira to crash.

Nationalist Movement Party (MHP) leader Devlet Bahçeli said: "Economic terror is being created on the pretext of a pastor".

President Recep Tayyip Erdogan also said that Turkey would prepare to trade with its key partners in local currencies so that it and its allies would not be dependent on the dollar. Turkey remains at loggerheads with the USA over the detention of American pastor Andrew Brunson and a host of other issues.

Turkey also warned there would be retaliation against the US' imposition of the tariffs.

Prices for gold and Treasury bonds, investments seen as safe havens during global turmoil, also rose.

Turkey, home to the Incirlik air base which is used by United States forces in the Middle East, has been a North Atlantic Treaty Organisation member since the 1950s. Brunson has been detained for the past 20 months on accusations that he supported groups the Turkish government deems terrorists.

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Trump struck a vengeful note, announcing, "I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong our very strong Dollar!"

On March 1, Trump had announced global tariffs of 10 percent on all aluminum to the USA and 25 percent on all steel imports.

Reuters Turkey's president, Recep Tayyip Erdogan, listens during a news conference with British Prime Minister Theresa May in London, U.K., May 15, 2018. The lira fell further after Trump's tweet. A Republican ally of the president, Sen.

Later speaking in northeastern Rize province, Erdogan spoke of Turkey's plans to trade in local currencies with some countries.

The new duties on Turkey are double the level that Trump imposed in March on steel and aluminium imports from a range of countries.

In a televised speech on Friday, he referred to the diplomatic standoff as an economic war. "Turkey has been trending towards authoritarianism & becoming more anti-American". Following the tweet, Turkey responded by imposing duties on $1.8 billion in USA goods including coal and paper.

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

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.

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