Sunday, 21 October, 2018

Erdogan says U.S. set deadline for pastor's release

Turkish President Recep Tayyip Erdogan arrives at the 2018 NATO Summit at NATO headquarters in Brussels Belgium Tensions soar as US imposes tariffs against Turkey as the lira continues to plummet
Jeannette Daniel | 13 August, 2018, 08:42

And the Brunson case is just one of many bones of contention between Turkey and the United States, ranging from Syria to Ankara's increasingly cosy relationship with Moscow.

During a speech at the ruling Justice and Development Party's (AKP) meeting in the Black Sea province of Trabzon on Sunday, Erdogan said the U.S. "is making an operation against Turkey".

The embattled Turkish lira tumbled over 16 percent to new record lows against the dollar as strains with the United States intensified over a number of issues including the detention of a pastor as well as Washington's cooperation with Syrian Kurdish militia force in the fight against Islamic State.

During the speech, Erdogan reiterated his earlier claim that the crisis has resulted from "an operation against our economy conducted through exchange rates" and said Turkey would prevail.

"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.

According to the Wall Street Journal, the fall in the TRY in the face of increased U.S. tariffs on aluminum and steel raises uncertainty for investors in emerging markets.

Erdogan, who has called himself the "enemy of interest rates", wants cheap credit from banks to fuel growth, but investors fear the economy is overheating and could be set for a hard landing. "What is the reason for all this storm in a tea cup?" "We will be taking the necessary steps with our banks and banking watchdog in a speedy manner", he said. There is no economic reason for this.

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

The central bank raised interest rates to support the lira in an emergency move in May, but it did not tighten monetary policy at its last meeting.

Bloomberg price data showed the dollar climbed as much as 13 per cent to 7.2362 against the lira, with some banks said to avoid providing two-way prices amid unprecedented volatility.

"I'm not aware of any prior administration using tariffs in this way, and there's a very simple reason: because they're an incredibly blunt instrument that often can have blowback on American workers and consumers as we've seen in the China context", said Ned Price, a former Central Intelligence Agency officer who also served as a National Security Council spokesman during the Obama administration. "You should know that to keep this nation standing is. also the manufacturers" duty". We will give our answer by shifting to new markets, ...

President Tayyip Erdogan told Turks on Friday to sell their gold and US dollars to support the country's currency which plunged after US President Donald Trump escalated a feud with North Atlantic Treaty Organisation ally Turkey by doubling tariffs on metals imports. But Mr Erdogan indicated he was in no mood to offer concessions to the United States, or financial markets.

"Shame on you, shame on you", he said in remarks directly addressed to Washington.

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