Erdogan warns Turkeys partnership with US ‘in jeopardy

Berat Albayrak

The Turkish lira continued to plunge on the backdrop of US President Donald Trump's decision to double tariffs on steel and aluminum imports from Turkey to 50 and 20 percent respectively.

The Turkish lira plunged on Friday, raising questions about the country's financial stability, as investors anxious about the president's unorthodox economic policies and a dispute with the United States that has led to sanctions.

This week was interesting also because, after several months, banking stocks showed some life, particularly SBI and ICICI Bank.

"The traditional solutions as interest rates' hikes will not tackle this issue", Abu Basha explained, saying that the tLira's plummet has a very deep geopolitical dimension, which caused the Turkish currency to lose about 50% of its value in 2018. What possible reason could there be behind the lira which was at 2.8 against dollar in July 15, 2016 to slide below 6 yesterday? He tweeted, "Our relations with Turkey are not good at this time!".

"Emerging market economies move more aggressively; the knee-jerk reaction is stronger". Financial upheaval risks further destabilizing an already volatile region.

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

Trump announced the punitive doubling of tariffs on Twitter, with the White House saying the sanctions would take effect from August 13.

"Repeated efforts to communicate to the USA administration that none of the stated criteria driving America's tariffs are applicable to Turkey have thus far proven fruitless", Turkish Trade Minister Ruhsar Pekcan said. Ankara and Washington agreed to work together to resolve problems between them, Cavusoglu said after the meeting.

His tone echoed that of a speech given on Thursday when he told supporters that "if they have dollars, we have our people, our righteousness, and our God". "Hopefully we will overcome this disaster and we will also successfully overcome this economic war", Erdogan said. Trump remarked that Turkey's currency, the lira, was weakening against the USA dollar, a phenomenon that had made existing tariffs less effective.

Higher tariffs "could raise some of the costs for the US, or rather offset some of the falling prices that they [US manufacturers] enjoyed", he added.

In addition, foreign investors are disquieted by Erdogan's authoritarian government, which seems to be pursuing imprudent and politically charged economic policies which undercut the independence of the central bank - only worsening Turkey's economic predicament. Thus, Trump's tweet suggests that any country that enters a time of economic turmoil - and consequently, sees the value of its currency fall - is a fair target for punitive trade actions by the United States. The U.S. exported $9.75 billion worth of goods-mostly cotton, scrap iron, steel, civilian aircraft parts, coal, and petroleum gases-to Turkey, and imported $9.42 billion worth of goods from them.

"The US and Turkey are breaking up".

He said disagreements had occurred between the two countries in recent years and Turkey' s efforts to reverse the "dangerous trend" were in vain.

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