Erdogan warns Trump Ankara may seek ‘new friends’

Emerging market borrowing costs continue to climb

Mr Erdogan also wrote in the New York Times that unless the U.S. changed course, Turkey would look for new friends and allies.

The lira tumbled 13% in one day, to 6.51 per United States dollar, a massive move for a currency that will make the Turkish poorer and further shake global investors' confidence in the country.

"Turkey's greatest value to the U.S.is not economic but strategic", Singh continued.

Turkey has detained Mr Brunson for almost two years, accusing him of links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup in 2016. The entire Turkish public is against USA policies that disregard Turkey's legitimate security demands. Mr. Trump tweeted Friday morning.

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

President Donald Trump doubled USA tariffs on Turkish steel and aluminium, saying "US relations with Turkey are not good at this time".

He indicated Turkey's relationship with Washington was imperiled.

The tariff for steel imported from Turkey will now be 50 percent. "It could serve as a template for further tariff actions against China if the renminbi depreciates further relative to the dollar, even if that depreciation were mainly a reflection of the relative strength of the US and Chinese economies".

Trump's tweet caused a further drop in the Turkish currency, which is now down 13 percent on the day. "You impose sanctions on our Halkbank ... and then you expect different treatment from Turkey?" said Mr Erdogan, in a second speech in the same city. It did not disclose details, but suggests Turkey might gravitate further away from its North Atlantic Treaty Organisation allies toward cooperation with Russian Federation, whose relations with the West are at their lowest since the Cold War.




Meanwhile, Atlantic Council Middle East expert, Aaron Stein, claims Erdogan might have made an error in overestimating his importance to President Trump, adding that if Turkey denied the United States access to the Incirlik military base, with which the USA has strategic interests, such a move would invoke the wrath of NATO allies.

The nominally independent central bank has defied pressure over the last few weeks to hike interest rates in the face of high inflation and the collapsing currency.

The Turkish strongman also lashed out at interest rates, denounced them as a "tool of exploitation" which should be kept as low as possible.

Erdogan on Friday appealed for calm and called on people to change foreign money into local lira.

"If you have dollars, euros or gold under your pillow, go to banks to exchange them for the Turkish lira. This is a domestic and national struggle".

In July, US President Donald Trump threatened to impose large sanctions on Turkey if he refused to free Brunson, and on 1 July announced economic punishments against Turkish Justice Ministers Abdulhamit Gül and Interior Minister Suleyman Soylu.

President Recep Tayyip Erdogan on Sunday (Aug 12) said the crash of the Turkish lira, sparked by a bitter dispute with the United States, was a "political plot" against Turkey and warned Ankara would now seek new markets and partners.

Earlier today, Erdogan described the Turkish economy as "under attack", and urged Turks to buy the lira.

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