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Turkey faces financial turmoil over US tariffs
12 August 2018, 04:13 | Austin Hogan
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The president has declared that American importers' reliance on foreign metals poses a national security risk to the USA, and he also has increased the cost of these imports on Japan, Turkey and members of the European Union, the paper reported.
Erdogan urged Washington to give up the misguided notion that bilateral relations could be "asymmetrical" and realise that Turkey had alternatives "before it is too late". Financial upheaval risks further destabilizing an already volatile region.
The White House said Mr Trump had authorised them under a section of United States trade law that allows for tariffs on national security grounds.
Turkey and the United States have been at odds after Washington imposed sanctions last Wednesday on two Turkish ministers over the continued detention of USA pastor Andrew Brunson.
A Turkish delegation visited Washington for talks this week but left with no signs of a breakthrough.
Graphic: Emerging market currencies slide. Thus, Trump's tweet suggests that any country that enters a time of economic turmoil - and consequently, sees the value of its currency fall - is a fair target for punitive trade actions by the United States.
He appeared to blame foreigners for trying to hurt Turkey, saying: "This will be my people's response against those waging an economic war against us". "This is a domestic and national struggle".
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This is a very bad rationale for hiking tariffs on a country's exports. "Today I am instructing my friends that we will freeze the assets of USA secretaries of justice and interior in Turkey", he said last week. "Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies", Erdogan said. It is host to a critical part of the Western alliance's missile defence system against Iran.
"We will continue to support our iron, steel and aluminum exporters by defending their interests against illegal practices of other countries on every global platform, especially WTO", it said. I am calling on those in America again.
"Hami Aksoy also said on Friday that imposing sanctions on a North Atlantic Treaty Organisation ally wouldn't help Washington achieve its goals and would harm an "alliance that was built by surmounting arduous tests".
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. Gulen has denied the allegation.
Last week, the United States government imposed economic sanctions against two Turkish ministers involved in Brunson's arrest.
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.
He also repeated his call to Turks to sell their dollar and euro savings to shore up the lira. He offered no further details.
"The US has to rehabilitate its addiction to sanctions and bullying or entire world will unite - beyond verbal condemnations - to force it to".
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