Turkey Will Confront ‘Economic War,' Vows Erdogan

As Turkey’s Economy and Lira Dive Erdogan ‘Pleads’ for Relief

As Turkey’s Economy and Lira Dive Erdogan ‘Pleads’ for Relief

But Turkey's trade ministry said the tariffs were against World Trade Organisation rules.

The lira has now lost over a third of its value against both the dollar and the euro this year, with the currency battered by both concerns over domestic economic policy and the political situation.

The U.S.is the biggest importer of Turkish steel, and on Friday President Donald Trump said he will authorize higher tariffs on steel and aluminum from Turkey, a North Atlantic Treaty Organisation ally.

"You can never bring this nation in line with the language of threats", Mr Erdogan told supporters in the Turkish town of Unye on the Black Sea coast. In the article, he said that Washington used 5,000 trucks and 2,000 cargo planes to deliver weapons to the Syrian branch of an "armed group that is responsible for the deaths of thousands of Turkish citizens since 1984 and that is designated a terrorist group by the U.S".

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 U.S. that Ankara had other alternatives as allies.

President Donald Trump said he had authorised higher tariffs on imports from Turkey, imposing a 20 percent duty on aluminium and 50 percent one on steel.

"Interest rates should be kept to a minimum because they are a tool of exploitation that makes the poor poorer and the rich richer", he said.

On Thursday, Erdogan said "If they have their dollar, we have the people, we have Allah".

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Erdogan also hit back at USA authorities for convicting Mehmet Hakan Atilla, 47, deputy director general of Turkish lender Halkbank on charges of helping Iran evade U.S. sanctions on billions of dollars of oil proceeds.

According to Jacob Funk Kirkegaard, a senior fellow at the Peterson Institute for International Economics, "The administration seems to be willing to accept a scenario in which Turkey - as the economic crisis escalates and the nationalist rhetoric we've heard come out of Erdogan escalates - that Turkey is no longer a strategic ally". A Russian government statement said the two discussed economic and trade ties, including the success of several joint projects.

In an opinion piece in the New York Times, he warned the US that Ankara had other alternatives as allies.

In June, the United States imposed tariffs of 10 percent on aluminum imports and 25 percent on steel against many key global partners, complaining of unfair trade practices.

Iranian Foreign Minister Mohammad Javad Zarif listens during a meeting between the Iranian president and the North Korean foreign minister in the capital Tehran on August 8, 2018.

Trump's "jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful", Zarif wrote on Twitter.

He is clearly angry that the USA has not taken more action against the Gulenist movement and what he said was a failure "to unequivocally condemn" the 2016 coup attempt.

Erdogan, whose typical defiance in the face of the crisis has further unnerved investors, appealed to Turks' patriotism and urged support for their free-falling currency.

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