Turkey's floundering economy exacerbated by Trump tariffs

The euro has dropped today after the Turkish lira ad Russian rouble plummeted

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.

The latest tariffs stem from the trade fight Trump launched earlier this year with several countries, including Turkey, according to the Washington Post.

The decision was made as tensions mount between the two nations over the imprisonment of Andrew Brunson, a 50-year-old evangelical pastor, and other diplomatic issues.

The Turkish lira has been targeted by U.S. President Donald Trump himself, and Turkey has prepared an action plan to soothe its volatility against the dollar, Treasury and Finance Minister Berat Albayrak said late Sunday.

"In the 1970s, the Turkish government stepped in to prevent massacres of ethnic Turks by the Greek Cypriots despite Washington's objections", he said, warning that unilateral action against Turkey will hurt American interests in the region. "You prefer a pastor to a strategic ally of yours in North Atlantic Treaty Organisation".

Turkey said it would respond to the new US tariff action "without delay" and warned the move would further harm relations between the two countries.

"They have been trying to achieve what they failed to do through provocations and a coup attempt with money now", he said. But experts argue that the central bank should instead raise interest rates to ease inflation and to support the currency.

He also advised them to show solidarity by converting any stashed-away gold or foreign currency to lira in a bid to wage a "war of independence" against America.

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Addressing for the first time on Friday to a rally of his supporters, he said, "If they have dollars, we have our people, we have our right and we have Allah!"

North Atlantic Treaty Organisation uses the Incirlik Air Base in Turkey to fight against IS and there has been some domestic pressure on Mr Erdogan to close it. He has told citizens to swap their dollars for lira.

The lira's free-fall was the result of a foreign plot and did not reflect Turkey's economic fundamentals, he said.

He also said it was a pity that Washington chose Brunson over Turkey, its partner in North Atlantic Treaty Organisation, and in an opinion piece in the New York Times, he warned the United States that Ankara had other alternatives as allies.

In the last two years, the Turkish government has increasingly used the detainment of people with USA or dual citizenship to try to force the United States to give into its demands. The US responded by imposing sanctions on Turkey and threatening more. Trump said in a post on Twitter.

"The US has to rehabilitate its addiction to sanctions (and) bullying or the entire world will unite - beyond verbal condemnations - to force it to", he warned.

"The plunge in the lira which began in May now looks certain to push the Turkish economy into recession and it may well trigger a banking crisis", said Andrew Kenningham, chief global economist at Capital Economics.

Erdogan Friday held telephone talks with Russian President Vladimir Putin, discussing economic and trade issues as well as the Syria crisis.

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