Recep Tayyip Erdogan tells Turkey to 'trust in God' as lira falls

Recep Tayyip Erdogan tells Turkey to 'trust in God' as lira falls

Recep Tayyip Erdogan tells Turkey to 'trust in God' as lira falls

Banks have exposure to Turkey saw their stocks slide, as worries over economic chaos continued.

Iran has also suffered a major tumbling of its currency this year partly over the reimposition of U.S. sanctions after Trump abandoned the 2015 nuclear deal.

Turkish currency has lost about 40 percent of its value in the past year. Following the tweet, Turkey responded by imposing duties on $1.8 billion in USA goods including coal and paper. -Turkish relationship, a deterioration made worse by Turkey's worsening human rights record and increased cooperation with Russian Federation and Iran in Syria.

He also said it was a pity that Washington chose Brunson over Turkey, its partner in North Atlantic Treaty Organisation, and in an opinion piece published in the New York Times, he warned the USA that Ankara had other alternatives as allies.

The situation was compounded on Friday when US President Donald Trump tweeted that he had authorised a doubling of tariffs on steel and aluminium.

Only 4 percent of U.S. steel imports came from Turkey in the first half of 2018, with the volume dropping nearly 50 percent from 2017, according to data from the Office of the U.S. Trade Representative.

The Ministry issued a statement asserting that Turkey, as it determines and implements its own trade policy in compliance with the WTO, expects other member countries to comply with global rules.

Calling on the U.S., Erdogan said: "It is a shame".

"Don't forget, if they have their dollars, we have our people, our God", he said. "Relations with countries who behave like this have reached a point beyond salvaging", said Erdogan, who warned of "economic war". "Look at what we were 16 years ago and look at us now".

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Turkey has detained Mr Brunson for almost two years, accusing him of links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup in 2016. "We care about the law, the language of the law", he said about the USA policy during a rally in the Black Sea city of Ordu hit by floods that harmed hundreds of homes and businesses.

Ankara blames for an attempted coup in 2016.

Speaking in the northeastern province of Gumushane, Erdogan repeated his call to sell dollars to support the lira.

The diplomatic dispute with the USA was one of the triggers that turned market jitters into a full-blown rout this past week.

In the speech broadcast by state-owned TRT Channel, Erdogan called lira's tumble a "currency plot", noting that "those who move the currency think that they can destroy Turkey".

Harsher US tariffs were likely to punish Turkey's already faltering steel exports to the United States.

A Turkish delegation met with officials from the departments of State and Treasury earlier this week as both sides sought a way out of the rising tensions. It is host to a critical part of the Western alliance's missile defense system again Iran.

Iran's Foreign Minister Mohammad Javad Zarif waded into the mounting row by accusing Washington of having an "addiction to sanctions and bullying".

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