Turkey is a 'target of economic war', Erdogan says

The euro has dropped today after the Turkish lira ad Russian rouble plummeted

Turkish President Tayyip Erdogan has remained defiant despite the lira being in free fall.

Turkey's currency crisis has lurched on to the global stage, denting European and U.S. stocks as fears of contagion rise.

Erdogan is also upset at the protection U.S. coalition forces are providing the Kurds in Syria, against the invading Turkish army.

It has lost 40 percent of its value so far in 2018, and reached record lows following Trump's tweet.

Trump said via a tweet that the tariff on aluminium imports will be increased to 20 per cent and the tariff on steel imports will be raised to 50 per cent as the Turkish Lira "slides rapidly downward against our very strong Dollar!"

"Our relations with Turkey are not good at this time!" he wrote.

An important emerging market, Turkey borders Iran, Iraq and Syria and has been mostly pro-Western for decades. Financial upheaval risks further destabilising an already volatile region.

In an opinion piece in the New York Times on Friday, Erdogan said Turkey's partnership with the United States could be in jeopardy unless Washington "starts respecting Turkey's sovereignty".

President Donald Trump broke the news on social media that he authorized the doubling of existing steel and aluminum duties on imports from Turkey.

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.

Jackson said the weakness of the lira would boost competitiveness for Turkey's exports, but the tariffs on steel and aluminum would offset that.

"Shame on you, shame on you", he said, directing his remarks at Washington. "Those who think they will make us kneel via economic manipulation do not know us at all", he said.

Erdogan, who was re-elected two months ago, told Turks not to panic - but paradoxically urged them to buy lira to fight an "economic war". The Lira has now lost 30 per cent against the United States dollar, since the start of the year. I hope we can soon get Pastor Brunson and other Americans released in a win-win fashion for both the U.S. and Turkey."Trump's move to double tariffs on Turkey was even praised by one of the president's most frequent Democratic critics".

Mr Trump intensified his spat with Turkey by imposing the higher tariffs, putting unprecedented economic pressure on a North Atlantic Treaty Organisation ally and deepening turmoil in Turkish financial markets.

The prospect of a deal for Brunson's release appeared high as Turkish officials traveled to Washington this week, but the deal apparently fell apart over last-minute Turkish demands.

-Turkish relations is a dispute over an American clergyman who has been jailed in Turkey since December 2016. But invoking national security is the only way to square Trump's policy with US law and WTO rules. Much to the opposition of members of Congress on both sides of the aisle and other member nations of NATO, Turkey announced plans to acquire a Russian missile defense system.

In March, the United States imposed extra 25 percent tariff on steel and 10 percent tariff on aluminum imported from a variety of countries, including Turkey.

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