World News

Erdogan slams interest rates

Erdogan slams interest rates

Without naming any country, Erdogan said that those - who stand against Turkey for the sake of small calculations - would pay the price.

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

Trump said Friday on Twitter that he authorized a new 20 percent tariff on aluminum and 50 percent tariff on steel from Turkey.

"It is wrong to dare bring Turkey to its knees through threats over a pastor", Erdogan said.

He appeared to indicate that the entire alliance between Turkey - which joined North Atlantic Treaty Organisation in 1952 with strong American backing - and Washington was at stake. I am addressing the United States once again: it is a pity that you chose a pastor over your strategic partner in North Atlantic Treaty Organisation.

The White House also cited currency movements in China last week when Trump called for a possible increase in tariff rates on Chinese imports.

"Interest rates are an exploitation tool that makes the rich richer and the poor poorer", Mr. Erdogan said.

Independent analysts argue the central bank should instead raise rates to tame inflation and support the currency.

Trump's announcement came shortly after President Erdogan called on Turks to help defend the country against the US-launched economic war against his nation.

"They tell us to release the priest by Wednesday 6:00 pm, otherwise the sanctions will begin", said Erdogan, adding Turkey was not a country to agree to such requests.

"We know very well that the issue is not the dollar, the euro or gold.

They are bullets, cannonballs and missiles of an economic war waged against our country", he said.

In response, Turkish Foreign Ministry spokesperson Hami Aksoy said on Friday that the USA sanctions and pressure would only harm bilateral ties, and that Ankara would retaliate.

Erdoğan had warned Saturday that Turkey would start looking for new friends if the US continued with its unilateral actions against a North Atlantic Treaty Organisation ally, in a diplomatic row that has sent Ankara and Washington relations to a new low.

The Turkish economic situation is very critical, as political issues pushed the economy to suffer several risks, which recently was shown in the Lira's fall, mentioned Sherif El-Diwany, former head of the Middle East at the World Economic Forum in Geneva, adding, "Turkey now is an unstable market". Trump's "jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful", Zarif wrote on Twitter.

The US reimposed harsh sanctions on Iran on Tuesday following its May withdrawal from a landmark 2015 nuclear agreement, dealing a heavy blow to the already troubled economy.

Turkey is facing a deepening economic crisis, as the Lira fell sharply by about 22% in Friday's early morning trading.

The latest escalation between Ankara and Washington was denounced by the Turkish press, with pro-government daily Sabah saying "the currency attack" was no different from the attempted coup of July 2016.

Erdogan vowed there would be no easing of the law in Brunson's case: "We have not made concessions on justice so far, and we will never make any", he said.


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