Turkey's partnership with USA in jeopardy, Erdogan warns

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Since then Trump and his vice president Mike Pence have repeatedly called for his release while Ankara said the decision was up to the courts. U.S. President Donald Trump introduced a round of sanctions on August 1, preventing the Turkish justice an interior ministries from doing business with U.S. businesses. "Aluminum will now be 20% and Steel 50%", President Donald Trump tweeted".

This is double the level the president imposed on a range of countries earlier this year, including European Union member states. Turkey is the sixth-largest steel exporter to the United States.

Turkey's woes also shook world markets, pushing down stock indexes.

Erdogan also warned that Turkey could start looking for new allies if Washington damaged its relations with Ankara.

I have just authorised a doubling of tariffs on steel and aluminium with respect to Turkey as their currency, the Turkish lira, slides rapidly downward against our very strong dollar!

The lira, which has lost more than 40 per cent this year, hit a new record low after Trump announced he would punish Ankara in a wide-ranging dispute.

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"It is expected that the current account deficit would be balanced at around 4 percent", the ministry said, adding that a saving program in the public sector, which was launched this year, will continue in the medium-term.

If not, rumours about possibly imposing capital controls on global transfers and even a potential IMF assistance program will continue to grow and likely lead to further pain for the Turkish Lira.

The currency drop is particularly painful for Turkey because the country finances a lot of its economic growth with foreign money.

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. "It is a national fight", he told a crowd in the northeastern city of Bayburt. The economic options include a central bank intervention by raising interest rates, although this would have a temporary effect, and Erdogan is famously hesitant to raise rates. He subscribes to the completely backward theory that lower interest rates cause lower inflation, which, now that he's given himself the power to pick the country's top central banker and made his son-in-law the finance minister, is actually being put to the test. Spoiler alert: It is not going well.

Marcus Chenevix, Middle East analyst at TS Lombard said that Turkey's economy is fragile. "This will be the response to those who have declared an economic war". He urged Turkish citizens to immediately exchange their gold and dollars for lira.

But Turkey is not manipulating its currency; the lira is falling because the country is suffering from an economic crisis.

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US President Donald J. Trump and Turkeys President Recep Tayyip Erdogan (R) arrive for a family picture of Nato Summit in Brussels, Belgium, 11 July 2018. That is because a trade war would make it even harder for Turkey to get the dollars it needs, so the lira would be even less valuable.

He also condemned as "unacceptable, irrational and ultimately detrimental", the sanctions imposed by the United States on several Turkish cabinet members over the Brunson issue.

Turkey has accused Andrew Craig Brunson of spying and "committing crimes on behalf of terror groups without being a member". He faces up to 35 years if found guilty.

The United States hit two high-ranking Turkish officials with sanctions after the Turkish government refused to release imprisoned Christian pastor Andrew Brunson.

Erdogan said Turkey is not afraid of outside "threats". "Relations with countries who behave like this have reached a point beyond salvaging".

On Friday, Erdogan spoke by telephone with Russian President Vladimir Putin.

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