Erdogan says US turned its back on Turkey, upsetting Ankara

Erdogan says US turned its back on Turkey, upsetting Ankara

Erdogan says US turned its back on Turkey, upsetting Ankara

"The real losers of decisions taken by the United States administration are producers, private sector, and exporters of both countries", the statement concluded.

According to the Wall Street Journal, the fall in the TRY in the face of increased USA tariffs on aluminum and steel raises uncertainty for investors in emerging markets.

Washington in response sanctioned two Turkish ministers and Trump on Friday announced it was doubling the tariffs on steel and aluminium imports from Turkey, saying relations with Ankara were "not good at this time". Lindsay Graham of SC, said Trump's decision was retaliation against Turkey for not releasing Brunson.

USA experts say President Donald Trump's tweet on Friday stating that he has authorized doubling the tariff on steel and aluminum imports from Turkey will further destabilize the Turkish economy and put ties between the two countries in a "real dilemma".

Earlier this month, the USA slapped sanctions on Turkey's justice and interior ministers over Brunson's imprisonment.

"Repeated efforts to communicate to the U.S. administration that none of the stated criteria driving America's tariffs are applicable to Turkey have thus far proven fruitless", Pekcan said in a statement.

Although Mr Erdogan struck a defiant tone, his foreign ministry called for diplomacy and dialogue to solve problems with the US.

The United States is the biggest destination for Turkish steel exports with 11 percent of the Turkish export volume.

Photo American Christian pastor Andrew Brunson is on trial in Turkey on terrorism charges.

The two governments have clashed over a range of issues including the Turkish detention of US pastor Andrew Brunson on terrorism charges, the USA -backing of Kurdish troops in Syria and Turkey's intention to buy Russian defense systems.

Russian President Vladimir Putin discussed economic and trade ties by phone with his Turkish counterpart Tayyip Erdogan on Friday, the Kremlin said in a statement.

Turkey's sovereign dollar-denominated bonds tumbled with many issues trading at record lows.

"Those who think they will make us kneel via economic manipulation do not know us at all", he said.

Erdogan on Thursday portrayed the run on his currency as a "campaign" to harm Turkey and called on people not to worry.

The announcement accelerated the sell-off of Turkey's lira currency, already battered by worries about President Tayyip Erdogan's influence over the central bank.

The currency has fallen more than 35 percent this year after losing almost a quarter of its value in 2017. Shares of European lenders also dropped, hit by concern about their Turkish exposure. The Stoxx Europe 600 finished down 1.1 percent pushing the index about 0.9 percent lower for the year. His comments on interest rates - and his recent appointment of his son-in-law as finance minister - have heightened perceptions that the central bank is not independent.

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