Turkey's Erdogan calls on Turks to buy lira for 'national battle'

He declared: "Our relations with Turkey are not good at this time!" Trump and Vice President Mike Pence threatened on July 26 to impose sanctions on Turkey if the pastor is not set free and allowed to return to the United States.

Pressure on Turkey is also coming from US Congress that moved late last month to block further F-35 deliveries to Turkey until it cancels the S-400 defence system deal with Russian Federation and Brunson is released.

Trump tweeted he had authorized a 20 percent duty on aluminum and 50 percent one on steel.

As investors piled into "safe" bonds, German yields hit three-week lows and yields on US 10-year Treasuries fell to 2.8913 percent.

Ankara's rocky relations with Washington took a further hit as President Donald Trump lobbed fresh salvoes via Twitter against Turkey, plunging the sagging Turkish lira to new lows against the dollar. The White House said he had authorized them under Section 232 of USA trade law, which allows for tariffs on national security grounds.

"In this process, we will finely work every single detail as a wide spectrum including all national and global stakeholders", he said in the first part of his speech, referring to Turkey's Medium-Term Economic Plan (OVP), which will soon be renamed.

The lira fell as much as 18 per cent against the USA dollar in its worst day since Turkey's financial crisis of 2001.

Turkey said it would respond to the new US tariff action "without delay" and warned the move would further harm relations between the two countries.

Turkish newspaper Hurriyet and other media reports quote Erdogan as making the comment to a group of worshippers following traditional Muslim Friday prayers during a visit to the northern city of Bayburt.

While Turkey and the United States disagree over a host of issues, the most pressing disagreement has been over Brunson and the detention of other U.S. citizens in Turkey.

Zimbabwe: Opposition challenges election result in court
The MDC reported that its foreign lawyers had initially been denied entry into the Constitutional Court on work permit grounds. Justice Minister Ziyambi Ziyambi told Reuters Sunday's inauguration "will no longer happen" until the case is finalised.

The lira fell 7% against the dollar to 5.9655 on Friday morning after hitting an all-time low earlier in the session.

A statement from the Kremlin said the two leaders discussed economic and trade ties.

The lira's fall has been made worse by President Recep Tayyip Erdogan's statements on economic policy.

"Officials are reportedly preparing stimulus measures in a bid to prop up growth, but these would simply exacerbate Turkey's economic vulnerabilities and could ultimately tip the country into a full-blown crisis, " Capital Economics said in a commentary.

They are also concerned over the central bank's ability to rein in persistent double-digit inflation with the president repeatedly calling for lower rates.

"Don't forget, if they have their dollars, we have our people, our God", he said. That caused a further drop in the lira.

UBS chief economist for EMEA emerging markets Gyorgy Kovacs said a giant rate hike of 350-400 basis points would be "consistent with real rate levels that in the past helped to stabilise the currency" but warned a deal to normalise ties with the USA may also be needed.

Meanwhile, Turkish Treasury and Finance Minister Berat Albayrak is expected to present a new economic development doctrine for the country on Friday.

The trouble is that for all of Albayrak's talk of Central Bank independence, Erdogan is fiercely opposed to any interest rate hikes, which are widely seen as necessary to stem the bleeding.

The lira's plunge has featured remarkably little on Turkish television channels and newspapers - most of which after recent ownership changes are loyal to the government - with media focusing instead on recent flooding by the Black Sea. The tech-heavy Nasdaq composite was down 83 points, or 1.1%, poised to end an eight-day winning streak.

Related News:



Most liked

MI voters weigh in on governor’s primaries
Democratic challenger Abdul El-Sayed received 340,363 votes, while Shri Thanedar received 199,304 votes. Whitmer will be challenged by Republican Bill Schuette and Libertarian Bill Gelineau.

Emergency rescue efforts for endangered killer whale hit snag in Canada
Experts led by NOAA Fisheries have been searching for the young whale to assess her health and potentially give her medication. J50 is one of only 75 Southern resident killer whales that swim the coastal waters between British Columbia to California.

Samsung to put $22 billion in artificial intelligence, autos
Consumption has slowed, unemployment is rising and investment has cooled since he came to power past year . Samsung said 130 trillion won, or 72 percent of the amount, will be allocated to South Korea.

Samsung Slams Apple iPhone X In Galaxy Note 9 'Ingenious' Ads
Now, Samsung is looking to take some additional shots at the iPhone X with a fresh round of " Ingenious " ads. However, it falls just short of an instabuy, and especially so if you have the Gear S3 or Gear Sport .

Trump OKs stiffer tariffs on Turkish metals as lira plummets
It followed a deepening rift with the United States, worries about its own economy and lack of action from policymakers. Independent analysts argue the central bank should instead raise rates to tame inflation and support the currency.

Abby Huntsman to depart Fox for ABC's 'The View'
MSNBC has found success with Nicolle Wallace , a former official in the George W. She is also the daughter of former Republican presidential candidate Gov.

Germany lifts ban on swastika, Hitler mustache in Wolfenstein video game
In the German version of more recent Wolfenstein games, for example, Hitler becomes Herr Heiler and sports a bare upper lip. The change of rules has no immediate impact on games such as Wolfenstein that are now on sale.

NSW drought: Berejiklian open to asking army to help farmers
There has also been a growing national conversation about the mental health toll that the drought has had on farmers. The federal and state governments have provided A$576m - $430 million - in emergency funding, according to the BBC.

How Does a Poppy Seed Bagel Trigger a Positive Drug Test?
Judith Rossiter-Pratt said the hospital uses the test to catch possible drug abusers who may endanger their babies. You've probably heard it's a bad idea for a person to eat a poppy seed bagel before taking a drug test.

Will Sports Direct save Chichester’s House of Fraser?
The announcement continued: "Significant progress has been made towards completing a sale of the group's business and assets". Thousands of anxious shopworkers at House of Fraser stores and its concessions are now waiting to discover their fate.

Malan, Stokes out of England cricket squad for 2nd test
Hearing those stories are pretty inspirational - they make you realise what you can do". Former England batsman Smith added: " Dawid Malan drops out of the squad for Lord's".

Liverpool boss Jurgen Klopp still expects players to leave
It was pretty normal there would be one season when we would spend more money. You dive in the water and now let's go for it until we don't have enough air.

How to Get the Best Price On a Samsung Galaxy Note 9
The Wi-Fi-only version of the Series 3 Apple Watch started at $329 whereas the cellular + Wi-Fi version cost $399. Now, if you fit in the group for which all of that applies, you can pick up a fantastic phone for a great price.

Omarosa Claims Donald Trump Used Racial Slurs in White House
Tom Arnold , a former contestant on the show who was once married to disgraced star Roseanne Barr , said he has Trump tapes too. She writes that over time, she came to the realization that Trump was a racist, something the rest of us already knew .

Drake and Migos Tour Delayed Again
Paul got kicked to the curb, a turn of events that apparently stems from the fact that the rapper is already in KC rehearsing. The venue has tweeted that the kickoff show has now been pushed back to Sunday (August 12) "due to production issues".