Turkey's Erdogan stands by opposition to high interest rates

Turkey's Erdogan stands by opposition to high interest rates

Turkey's Erdogan stands by opposition to high interest rates

Relations between the two North Atlantic Treaty Organisation allies have sunk to their lowest point in decades over a string of issues including the detention of U.S. pastor Andrew Brunson on terror-related charges, prompting the lira to hit record lows against the dollar.

In Rize, Erdogan said the United States would pay a price by challenging Turkey for the sake of "petty calculations", denouncing Washington for declaring "economic war on the entire world" and holding countries "for ransom through sanction threats".

"Turkey expects other member countries to abide by global rules", the country's trade ministry said in a statement.

Markets have been deeply concerned about the direction of domestic economic policy under Erdogan with inflation hovering around 16% as the central bank refuses to raise interest rates in response.

Relations between the US and Turkey have deteriorated further this week as US President Donald Trump raised tariffs against Turkish aluminium to 20% and to 50% in terms of steel.

Aksoy also said Turkey wants to solve the issues through diplomacy, dialogue, good intentions and bilateral understanding.

Turkish President Tayyip Erdogan told Turks to sell their gold and dollars to support the crumbling lira.

Ankara and Washington also disagree over their military interventions in the Syria war, Turkey's plan to buy missile defense systems from Russian Federation and the U.S. conviction of a Turkish state bank executive on sanctions-busting charges in January.

We look the issue straining relations between the USA and Turkey.

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

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".

The U.S. was the top destination for Turkish steel exports in 2017, which were worth $1.1 billion.

In an opinion piece published in The New York Times on Friday, Erdogan criticized the tensions with the USA, saying a "failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies".

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

"We implore President Trump to return to the negotiating table", Trade Minister Ruhsar Pekcan said.

Writing on Twitter, Iran's Foreign Minister Mohammad Javad Zarif also accused Washington of an "addiction to sanctions and bullying".

Without naming countries, Erdogan said supporters of a failed military coup two years ago, which Ankara says was organised by a US-based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago.

Ankara has ruled out releasing Brunson, although he was granted house arrest in July.

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