Erdogan: Lira crash political plot against Ankara

Erdogan: Lira crash political plot against Ankara

"The dollar, the mollar, will not cut our path", said Erdogan using a figure of speech he repeatedly uses to mock something.

Turkish Lira to 2018 lost about 40%.

Trump's announcement came as Turkey's embattled lira hit new record lows against the USA dollar and euro, losing almost nine percent in value as strains with the United States showed no sign of abating and fears grew over the exposure of European banks.

In addition, US President Donald Trump announced on Friday he would increase tariffs on Turkish steel and aluminum by up to 50 and 20 percent, respectively, at a time when Turkey's lira is at an all-time low.

"With God's permission we will overcome this", Erdogan told his party members in the Black Sea city of Trabzon.

Analysts say that while Washington's sanctions against Ankara sparked the immediate crisis, Turkey's economy has been risking trouble for a while due to high inflation and the weak lira. They are changing a strategic partner of North Atlantic Treaty Organisation for a priest, he said in reference to the conflict between the two parties over the arrest in this nation of the American Andrew Brunson, accused of terrorism and espionage.

"Section 232 tariffs are imposed on imports from particular countries whose exports threaten to impair national security as defined in Section 232, independent of negotiations on trade or any other matter", White House deputy press secretary Lindsay Walters said in a statement. "Because this is the language they understand", he said.

The news comes as Erdogan warned the U.S. that Turkey will seek "new friends and allies" in an editorial published in the New York Times today, urging them to respect Turkish sovereignty "before it's too late".

Erdogan said high foreign exchange rates were the means used in plots against Turkey.

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He also repeated his call to Turks to sell their dollar and euro savings to shore up the lira.

Ankara had already taken measures to respond and would continue doing so, he added.

Mr Erdogan also wrote in the New York Times that unless the United States changed course, Turkey would look for new friends and allies.

In June, the United States imposed tariffs of 10 percent on aluminum imports and 25 percent on steel against many key global partners, complaining of unfair trade practices.

"This will be my people's response to those who have waged an economic war against us", he said. "The US has to rehabilitate its addiction to sanctions (and) bullying or entire world will unite - beyond verbal condemnations - to force it to".

He is clearly angry that the United States has not taken more action against the Gulenist movement and what he said was a failure "to unequivocally condemn" the 2016 coup attempt.

On Friday, the Turkish currency plunged to another record low amid concerns over Erdogan's unorthodox economic policies and a diplomatic row with the United States that has led to sanctions.

Turkish media covered the latest tensions between Ankara and Washington, with pro-government daily Sabah saying on its front page: "the currency attack" was no different from the July 2016 coup attempt.

Washington is in a standoff with Ankara over the imprisonment and house arrest of American pastor Andrew Brunson.

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