Trump OKs stiffer tariffs on Turkish metals as lira plummets

Turkish President Recep Tayyip Erdogan arrives at the 2018 NATO Summit at NATO headquarters in Brussels Belgium

Turkish President Recep Tayyip Erdogan arrives at the 2018 NATO Summit at NATO headquarters in Brussels Belgium

On Sunday, he said the lira's free-fall was the result of a plot and did not reflect Turkey's economic fundamentals.

"The aim of the operation is to make Turkey surrender in all areas from finance to politics".

Mr Albayrak said the country would "act in a speedy manner" and its plan included help for the banks and small and medium-sized businesses most affected by the dramatic volatility in the lira.

"From Monday morning onwards our institutions will take the necessary steps and will share the announcements with the market", Albayrak said.

The lira has lost more than 40% this year.

The president, who says a shadowy "interest rate lobby" and Western credit ratings agencies are attempting to bring down Turkey's economy, appealed to his countrymen's patriotism.

Turkish President Tayyip Erdogan told Turks to sell their gold and dollars to support the crumbling lira.

While Turkey's economy is only the 17th largest in the world, there are a number of concerns that Trump's latest trade war is only further disrupting global commerce, damaging longtime alliances, and threatening global economic growth.

Turkish President Recep Tayyip Erdogan has said the lira's drop is a "political plot" against Ankara, and his country will begin to seek for new partners.

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Markets have been deeply concerned about the direction of domestic economic policy under Erdogan with inflation hovering around 16% as the central bank refuses to raise interest rates in response.

"Unless the United States starts respecting Turkey's sovereignty and proves that it understands the dangers our nation faces, our partnership could be in jeopardy", he wrote.

"I am specifically addressing our manufacturers: Do not rush to the banks to buy dollars".

Andrew Craig Brunson, an evangelical pastor from Black Mountain, North Carolina, arrives at his house in Izmir, Turkey, in July.

US President Donald Trump on Friday announced the US was doubling tariffs on steel and aluminium imports from Turkey, saying relations with Ankara were "not good at this time". Do not take a stance saying, "We are bankrupt, we are done, we should guarantee ourselves.' If you do that, that would be wrong".

A delegation led by Turkish Deputy Foreign Minister Sedat Onal failed to secure a deal last Wednesday in talks in Washington on a number of issues including Brunson.

A Turkish court has transferred Brunson to house arrest after nearly 20 months in jail.

Ankara and Washington also disagree over their military interventions in the Syria war, Turkey's plan to buy missile defense systems from Russian Federation and the USA conviction of a Turkish state bank executive on sanctions-busting charges in January.

Trump and Erdogan have discussed Brunson's imprisonment "on several occasions", White House spokesman Sarah Sanders said at the time, adding that Trump is "not happy with Turkey's decision not to release" the pastor.

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