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12 August 2018, 06:43 | Devin Moran
Berat Albayrak will issue a new economic plan today
Trump'stweet Friday showed that in many cases, the political and economic factors overlap - Trump's decision to double sanctions on Turkey was made possible by a key trade law called Section 232 that gives the US presidentvery broad powers over tariffs in cases of national security.
"You can never bring this nation in line with the language of threats", Erdogantold a crowd of supporters in the Turkish town of Unye on the Black Sea coast.
"Shame on you, shame on you", he said in remarks directly addressed to Washington. According to a source in Erdogan's office, the two said they were pleased with the positive direction in their economic and trade ties and with the ongoing cooperation in the energy and defense sectors.
The lira fell as much as 18 per cent against the US dollar in its worst day since Turkey's financial crisis of 2001.
Despite Trump's insistence, Turkey has not budged in freeing American pastor Andrew Brunson, who has been detained by Turkey for nearly two years on charges that he was working with a terrorist organization and was a spy.
Hoping to put pressure on the North Atlantic Treaty Organisation ally to free the pastor, the White Housesanctioned two top Turkish government officials.
But Erdogan urged Turks not to be panicked by the currency crisis, saying: "If they have the dollar, we have Allah".
The arrest of U.S. pastor Brunson since October 2016 has soured already delicate relations with Washington.
"They are threatening us. Don't give. What we have is enough for us".
"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.
Amid the dispute, foreign investors could be spooked and try to pull their money out, reinforcing the currency drop and potentially leading to financial instability.ISTANBUL (AP) - Turkey's president on Saturday blamed the country's economic downturn on the United States and other nations that he claims are waging "war" against his country. "The entire Turkish public is against U.S. policies that disregard Turkey's legitimate security demands", Kalin, also a spokesperson for Erdogan, wrote for the pro-government Daily Sabah newspaper.
A meeting on Friday unveiling a new economic approach by Turkey's finance minister Berat Albayrak, Erdogan's son-in-law, did little to offer support for the free-falling lira as investors sought concrete steps such as an interest rate hike to restore confidence. "Our relations with Turkey are not good at this time!".
In an op-ed published in New York Times, Erdogan warned Washington not to risk its relations with Ankara, saying otherwise it would look for "new friends and allies".
"The US has to rehabilitate its addiction to sanctions and bullying or entire world will unite - beyond verbal condemnations - to force it to".
But, the U.S. had "repeatedly and consistently failed to understand and respect the Turkish people's concerns".
Erdogan on Friday held telephone talks with Russian President Vladimir Putin, discussing economic and trade issues as well as the Syria crisis.
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Turkey's Erdogan condemns 'shameful' USA over detained pastor
On Friday the currency dropped as much as 18 percent at onepoint, the biggest one-day fall since a 2001 financial crisis inTurkey. The lira fell as much as 18 per cent against the US dollar in its worst day since Turkey's financial crisis of 2001.
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