Turkey ready for trade with partners, including Russian Federation, in national currencies - Erdogan

13 August, 2018, 01:27 | Author: Carlos George
  • Euro vs US Dollar Chart- 5min

Ankara and Washington agreed to work together to resolve problems between them, Cavusoglu said after the meeting.

On Friday, before Trump's tweet, Erdogan had tried to stem the sell-off by appealing to Turkish citizens to exchange any dollars, euros or gold for lira to help the currency.

Washington had already imposed sanctions on two Turkish ministers earlier this month and on Friday President Donald Trump announced a doubling of U.S. tariffs of Turkish steel and aluminium, saying, "Our relations with Turkey are not good at this time!". Early Friday, the currency hit an all-time low of 6.30 against the USA dollar.

On Thursday, Mr Erdogan said: "If they have their dollar, we have the people, we have Allah". "Because this is the language they understand", he said.

Washington is in a standoff with Ankara over the imprisonment and house arrest of American pastor Andrew Brunson.

"Repeated efforts to communicate to the USA administration that none of the stated criteria driving America's tariffs are applicable to Turkey have thus far proven fruitless", he said. Although Trump has requested and later insisted upon Brunson's release, Erdogan has yet to budge.

"Those who challenge a country like Turkey for the sake of petty calculations will pay a price both in our region and in their own politics", the Turkish leader said in a speech in the Black Sea city of Rize.

The United States is the biggest destination for Turkish steel exports. As long as it does not respect Turkey's sovereignty, the bilateral relationship will be in danger.

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"Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies".

The currency is currently down 13.5% against the United States dollar, after a brief 20% fall, resulting from a Trump tweet that declared, "Aluminum will now be 20% and Steel 50%", and concluded: "Our relations with Turkey are not good at this time!".

President Donald Trump said he had authorised higher tariffs on imports from Turkey, imposing a 20 percent duty on aluminium and 50 percent one on steel.

Mr. Erdogan repeated his call for Turks to sell dollars and buy lira to shore up the currency, while telling business owners not to stock up on dollars. While some are anxious that making an enemy out of Turkey will only result in grave consequences, others seem to have no qualms about walking away from America's alliance with the nation.

Trump's "jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful", he wrote. "The US has to rehabilitate its addiction to sanctions (and) bullying or entire world will unite - beyond verbal condemnations - to force it to. We've stood with neighbours before, and will again now", he warned.

"Some close the doors and some others open new ones", said Mr Erdogan, who has built closer ties over the last years with countries from Latin America, Africa to Asia.

The sides held talks in Washington this week but failed to resolve the spat. It did not disclose details, but suggests Turkey might gravitate further away from its North Atlantic Treaty Organisation allies toward cooperation with Russian Federation, whose relations with the West are at their lowest since the Cold War.

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