Turkey's partnership with US in jeopardy: Erdogan

Turkey's partnership with US in jeopardy: Erdogan

U.S. President Donald Trump said he's authorized doubling some metals tariffs on Turkey, citing poor relations with the North Atlantic Treaty Organisation ally amid an escalating conflict over its detention of an American pastor.

"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.

The lira dropped by over 11 percent in value in one day on Friday morning to almost six lira per dollar. The Nasdaq composite was down more than 0.8 percent as technology stocks also dropped.

The Lira has lost almost a third of its value this year, as relations with the United States have become increasingly strained. While many of Turkey's challenges are specific to that country, there are certain characteristics - a heavy debt load following a prolonged, low United States interest-rate driven borrowing binge in dollars - broadly shared throughout emerging markets.

In an opinion piece in the New York Times Friday, Erdogan wrote "failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies".

Mr Trump tweeted that he had authorised the doubling of steel and aluminium tariffs "with respect to Turkey".

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 worldwide rules.

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But, I think the first place we need to start is looking at the provincial tax structure which would be the highest component of the retail price we pay".

Aaron Stein, senior fellow at the Atlantic Council think tank in Washington, said Trump has "personalized the Brunson issue and feels like Erdogan cheated him". "Those who think they will make us kneel via economic manipulation do not know us at all", he said. "Relations with countries who behave like this have reached a point beyond salvaging", said Erdogan, who warned of "economic war". Turkey's national tender has already fallen more than 40% in the past year, and this is the first time ever that it took more than 6 lira to buy a dollar.

Brunson denies both charges and his supporters argue that these accusations were fabricated by the Turkish government. At the beginning of August, the U.S. Treasury Department sanctioned Turkey's ministers of Justice and Interior because of Brunson's detainment.

Meanwhile, markets are deeply concerned over the direction of economic policy under Erdogan, with inflation at almost 16 percent but the central bank reluctant to raise rates in response.

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

Turkey is facing a deepening economic crisis, as the Lira fell sharply by about 22% in Friday's early morning trading. The U.S. exported $9.75 billion worth of goods-mostly cotton, scrap iron, steel, civilian aircraft parts, coal, and petroleum gases-to Turkey, and imported $9.42 billion worth of goods from them.

Ankara wants the United States to extradite Fethullah Gulen, a Pennsylvania-based cleric who Turkish authorities say masterminded the 2016 coup attempt in which 250 people were killed. "It is a threat", said Rodriguez Valladares.

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