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Turkey's president: United States waging "economic war" against Turkey

12 August 2018

"Aluminum will now be 20% and Steel 50%", President Trump wrote.

The White House said the new sanctions would take effect from August 13.

The Treasury Department targeted Turkey's justice and interior ministers with financial sanctions last month after the government refused to allow Brunson to return to the U.S. All week, the lira has been under pressure, which accelerated with the failure of diplomatic talks in Washington this week.

"Also completely underestimated is Turkey's capacity to effectively shut down everything that happens in Brussels if they want to, because Brussels works on consensus and nothing, literally nothing happens without consensus", he said. Shame on you, shame on you. Which is why Trump's tweet made it fall even further than Erdogan's reality-starved speech had already made it.

The lira has slid more than 40% this year and is regarded as the worst performing major currency.

Meanwhile, investors are anxious about the economic policies of President Recep Tayyip Erdogan, who won a new term in office in June with sweeping new powers.

"With EMEA a source of geopolitical risk, we think it will be hard for the ZAR to also stabilise - in effect the Rand's source of market risk has shifted from a weaker CNY to a weaker TRY and RUB", says foreign exchange strategist Viraj Patel with ING Bank N.V.

"In this process, we will finely work every single detail as a wide spectrum including all national and worldwide stakeholders", he said in the first part of his speech, referring to Turkey's Medium-Term Economic Plan (OVP), which will soon be renamed.

He added: "Relations with countries who behave like this have reached a point beyond salvaging".

Turkey also warned there would be retaliation against the US' imposition of the tariffs.

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I came in the academy, I grew up. "He's one of the players that I have to speak to, to see how physically and mentally he feels". Mourinho was also quoted by the Daily Mail as saying that Pogba had come back with a desire to work.

It is a Coen brothers-level farce the people of Turkey and every other emerging market that's been caught up in what's now a broader currency sell-off are not laughing at.

Turkey was hit by a financial shockwave this week as its currency nosedived over concerns about the government's economic policies and a trade dispute with the United States.

"If there are dollars under your pillow, take these out", he told supporters in the north-eastern Turkish town of Ünye.

The Turkish lira hit record lows against the dollar on Saturday as the country faces an "economic war" against the US.

On Friday, Erdogan asked Turkish citizens to sell off their gold and dollars and exchange them for the lira, in an attempt to prop up the currency. This is a national struggle.

The dollar rose as exposure to Turkey could impact European banks and spark a domino effect throughout Europe as people begin to pull out of those banks and into the US, said Gregan Anderson, macroeconomic strategist at brokerage Bulltick LLC. As the currency drops, Turkish companies and households with debt in foreign currencies see their debts expand. "It will inevitably push Turkey towards the Russian and Iranian orbit and I think even raises questions over Turkey's North Atlantic Treaty Organisation membership". "I am afraid there will be a bank run in Turkey, people rushing to withdraw their deposits".

The Turkish economy is in for a tough phase.

"At a time when evil continues to lurk around the world, unilateral actions against Turkey by the United States, our ally of decades, will only serve to undermine American interests and security", Erdogan said in the article.

Nationalist Movement Party (MHP) leader Devlet Bahçeli said: "Economic terror is being created on the pretext of a pastor".

Turkey's president: United States waging