Published: Mon, August 13, 2018
Worldwide | By Gretchen Simon

Erdogan vows to defy USA 'threats' after currency crash

Erdogan vows to defy USA 'threats' after currency crash

This year, it lost more than 40 per cent. "With God's permission we will overcome this", Erdogan told his party members in the Black Sea city of Trabzon.

"The United States should know that the only result such sanctinos and pressure will bring... will be harming our relationship as allies", the Turkish foreign ministry said in a statement.

Turkey's President Recep Tayyip Erdogan on Saturday accused the USA of exchanging its "strategic North Atlantic Treaty Organisation ally with a pastor", remarks that questioned why Washington was seeking to free its citizens detained by Ankara, including Pastor Andrew Brunson who has become the eye of a diplomatic storm between the two nations.

President Recep Tayyip Erdogan on Sunday said the crash of the Turkish lira, sparked by a bitter dispute with the United States, was a "political plot" against Turkey and warned Ankara would now seek new markets and partners.

Trump announced the punitive doubling of tariffs on Twitter, with the White House saying the sanctions would take effect from August 13.

President Recep Tayyip Erdogan on Sunday criticized the USA, saying Turkey will say "bye bye" to those, who prefer terrorists to their strategic partner.

He appeared to indicate that the entire alliance between Turkey - which joined North Atlantic Treaty Organisation in 1952 with strong American backing - and Washington was at stake. "You are exchanging your strategic partner in North Atlantic Treaty Organisation for a priest".

Speaking in the northeastern province of Rize, President Recep Tayyip Erdogan said that dollars, euros and gold were now "the bullets, cannonballs and missiles of the economic war being waged against our country".

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Erdogan appeared unworried by the punitive measures imposed by the United States, saying Turkey could turn to other partners and again terming the crisis an "economic war".

Trump's "jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful", he wrote.

Washington also sanctioned Interior Minister Süleyman Soylu and Justice Minister Abdulhamit Gül on the Brunson case - a move reciprocated by Turkey, who in retaliation, would freeze the assets of U.S. Attorney General Jeff Sessions and U.S. Secretary of the Interior Ryan Zinke.

Ironically, the rial strengthened in the two days leading up to the reimposition of U.S. sanctions on Tuesday, after the government announced new foreign exchange measures giving greater freedom to trade dollars at market rates.

"The US has to rehabilitate its addiction to sanctions (and) bullying or entire world will unite - beyond verbal condemnations - to force it to".

The latest escalation between Ankara and Washington was denounced by the Turkish press, with pro-government daily Sabah saying "the currency attack" was no different from the attempted coup of July 2016.

Turkey came in sixth place among the countries the USA imported steel from previous year, while Turkish steel's share was 7 percent of total US steel imports.

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