Turkish President Rails Against ‘War’ on Turkish Economy

President Donald Trump

U.S. President Donald Trump on Friday ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.

The Turkish economic situation is very critical, as political issues pushed the economy to suffer several risks, which recently was shown in the Lira's fall, mentioned Sherif El-Diwany, former head of the Middle East at the World Economic Forum in Geneva, adding, "Turkey now is an unstable market".

Reverberations spread through global financial markets, with European stock markets especially hit as investors took fright over banks' exposure to Turkey.

In the last two years, the Turkish government has increasingly used the detainment of people with US or dual citizenship to try to force the United States to give into its demands. Our relations with Turkey are not good at this time!'

The penalties also bar any United States transactions with the two men.

"It is making an operation against Turkey ..."

"The last time I can remember a currency exploding into a similar acceleration of weakness to what we have seen in the past 24 hours is the Russian ruble crisis that transpired late in 2014", Jameel Ahmad, the head of currency strategy at FXTM, said.

On Friday, US President Donald Trump announced to double steel and aluminum tariffs on Turkey, saying relations between Washington and Ankara "not good" as tensions mount between the two countries. It had already fallen more than 40% in the past year.

"Their currency, the Turkish lira, slides rapidly downward against our very strong dollar!"

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"If you advance upon us by the dollar, we will look for other means to carry on our business", he added.

Mr Trump intensified his spat with Turkey by imposing the higher tariffs, putting unprecedented economic pressure on a North Atlantic Treaty Organisation ally and deepening turmoil in Turkish financial markets.

It came as a Turkish delegation returned from the United States, reporting no progress on negotiations involving a US pastor imprisoned in Turkey. Trump said in a post on Twitter.

Erdogan also hit back at USA authorities for convicting Mehmet Hakan Atilla, 47, deputy director general of Turkish lender Halkbank on charges of helping Iran evade U.S. sanctions on billions of dollars of oil proceeds. Gulen denies the allegation.

Brunson was arrested in October 2016 on charges of being an American spy and terrorist complicit in the failed coup attempt against Erdogan in the summer of 2016.

His cause resonates with Trump's Christian conservative supporters, who could be influential as Republicans seek to retain control of Congress in midterm elections in November.

Turkish officials held talks in Washington this week, but there was no breakthrough.

According to the Wall Street Journal, the fall in the TRY in the face of increased United States tariffs on aluminum and steel raises uncertainty for investors in emerging markets.

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