Turkish President Rails Against ‘War’ on Turkish Economy

'Our Relations Are Not Good!' Trump Targets Turkey with New Sanctions over Brunson's Detainment

The EUR/USD pair is seen consolidating the 100-pips collapse to thirteen-month lows of 1.1432 in the European session, as the bears await Turkey's Erdogan's speech and US CPI figures before the next push lower.

Speaking to supporters in the Black Sea coastal city of Trabzon, Erdogan revealed details of negotiations held last week between the two countries, saying Washington had threatened sanctions if Turkey refused to release the pastor.

President Recep Tayyip Erdogan also said that Turkey would prepare to trade with its key partners in local currencies so that it and its allies would not be dependent on the dollar.

Turkish President Recep Tayyip Erdoğan has sharply criticized the United States decision to double tariffs on Turkish steel and aluminum imports, calling the move as an "operation" and portraying the plunge in the Turkish currency's value as an "economic war" against Turkey.

Iran has also suffered a major tumbling of its currency this year partly over the reimposition of U.S. sanctions after Trump abandoned the 2015 nuclear deal.

US President Donald Trump said Friday he had doubled steel and aluminium tariffs on Turkey, which pushed the Turkish lira to new historic lows against the dollar.

"As he stated, the president has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey", White House Deputy Press Secretary Lindsay Walters said.

Turkey, home to the Incirlik air base which is used by USA forces in the Middle East, has been a North Atlantic Treaty Organisation member since the 1950s.

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Turkey remains at loggerheads with the United States in one of the worst spats between the two North Atlantic Treaty Organisation allies in years over the detention for the last two years of American pastor Andrew Brunson and a host of other issues.

The lira sell-off deepened concern over whether over-indebted Turkish companies will be able to pay back loans taken out in euros and dollars after years of overseas borrowing to fund a construction boom under Erdogan. "Relations with countries who behave like this have reached a point beyond salvaging", said Erdogan, who warned of "economic war".

"If you pressure us through the dollar, we will look for other ways to carry out our works", he said.

It said it would support steel and aluminium exporters on all global platforms, and the United States remained an important trade partner. Gulen denies the allegation.

Turkish authorities arrested Brunson in December 2016, claiming that he was a spy and was linked to a failed plot to overthrow the government. "The U.S. has to rehabilitate its addiction to sanctions & bullying or entire world will unite - beyond verbal condemnations - to force it to".

"We've stood with neighbors before, and will again now", Zarif wrote on his official Twitter account.

Erdogan enjoys the support of many Turks even though rents and food and fuel prices have all surged.

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