Published: Mon, August 13, 2018
Markets | By Terence Owen

Turkey to say 'bye bye' to ally opting for terrorists

Turkey to say 'bye bye' to ally opting for terrorists

Washington, in response, sanctioned two Turkish ministers, and Trump on August 10 announced the United States would double tariffs on steel and aluminum imports from Turkey, saying relations with Ankara were "not good at this time". Since some of Turkey's debt is in dollars, it's also making the country's financial situation worse.

The lira dropped by 17 percent against the United States dollar at one point on Friday, which has people anxious that Turkey's crisis could harm worldwide markets.

Turkish Lira to 2018 lost about 40%.

Turkish President Recep Tayyip Erdogan is continuing his pushback against United States actions that now have investors concerned as the nation inches closer to a financial crisis, according to Bloomberg.

Erdogan appeared unworried by the punitive measures imposed by the USA, saying Turkey could turn to other partners and again terming the crisis an "economic war".

"I am specifically addressing our manufacturers: Do not rush to the banks to buy dollars".

"If you have dollars under your pillow, take them out". "You should know that to keep this nation standing is. also the manufacturers" duty".

Relations between the two North Atlantic Treaty Organisation allies have taken a turn for the worse amid dispute over the detention in Turkey of U.S. evangelical pastor Andrew Brunson on terrorism charges. Since then, President Donald Trump and Vice President Mike Pence have called for his release, while Ankara says the decision is up to the courts.

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Still, Rai said the impact on the currency should be "ephemeral" as bilateral trade between Saudi Arabia and Canada is small. Almost 100 worldwide students in Waterloo Region could be affected as tensions heat up between Saudi Arabia and Canada.

"Our response to those who wage a trade war against the whole world, and include our country in that, would be heading towards new markets and new alliances", Erdogan said.

In a separate opinion piece in the pro-government newspaper Daily Sabah, Erdogan's spokesman Ibrahim Kalin said Turkey's efforts to solve the crisis with diplomatic methods had been dismissed by the Trump administration, warning that "the USA runs the risk of losing Turkey" as an ally. "Some close the doors and some others open new ones".

No body, no state and no credit rating agency can threaten Turkey and Turkish people, he added. "You dare to sacrifice 81-million Turkey for a priest who is linked to terror groups?"

The plunge of Turkish lira is "a plot against Turkey" and the country will seek new partners and markets if the United States does not back down on its hostile policy, Turkish President Recep Tayyip Erdogan said on Sunday.

Trump has described the pastor's detention as a "total disgrace" and urged Erdogan to free him "immediately".

Turkey's spat with the United States has further weighed on the lira.

The two sides seemed to have failed to resolve the deadlock though bilateral talks in Washington earlier this week during the visit of a Turkish delegation headed by Deputy Foreign Minister Sedat Onal and made up of officials from Turkey's justice, finance and foreign ministries.

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