Erdogan to Trump: Shame on You, Shame on You

Erdogan to Trump: Shame on You, Shame on You

"We implore President Trump to return to the negotiating table", Trade Minister Ruhsar Pekcan said.

"Aluminum will now be 20 percent and Steel 50 percent", he said in a Twitter post. That is two times the level announced earlier this year in March.

The United States is the biggest destination for Turkish steel exports with 11 percent of the Turkish export volume.

Asli Aydintasbas, senior fellow with the European Council on Foreign Relations, stated that Erdogan's speech "was clearly defiant", but Turkey's economic situation continues to appear ever more dire.

The White House said the new sanctions would take effect from August 13.

Trump said the tariffs on aluminum imports would be increased to 20 percent and those on steel to 50 percent as the Turkish lira "slides rapidly downward against our very strong Dollar!" The currency has fallen more than 40 per cent this year, fanning worries about a full-blown economic crisis. As the lira falls in value, the debt becomes harder to pay. The weakened currency's value has helped increase inflation and anxious worldwide investors.

Turkey also wants the United States to extradite Fethullah Gulen, a Pennsylvania-based Muslim cleric who Turkish authorities say masterminded the coup attempt against Erdogan in which 250 people were killed.

But Erdogan downplayed the currency crisis, advising Turks to show solidarity by converting any stashed-away gold or foreign currency to Turkish lira in a bid to wage a "war of independence" against America.

Trump doubles steel and aluminum tariffs on Turkey
Erdogan downplayed the currency crisis in a speech on Friday, advising Turks not to be anxious over exchange rate fluctuations. The United States is the biggest destination for Turkish steel exports with 11 percent of the Turkish export volume.

"It's very unfortunate that the Trump administration had to retaliate against Turkey for their continued refusal to release Pastor Brunson and other Americans being held in Turkish custody", Graham said.

Erdogan has been putting pressure on the central bank to not raise interest rates in order to keep fueling economic growth.

The trouble is that for all of Albayrak's talk of Central Bank independence, Erdogan is fiercely opposed to any interest rate hikes, which are widely seen as necessary to stem the bleeding.

Axios reported that the Turkey is trying to lessen their dependence on Russian Federation, and the increased sanctions will make their goal more challenging to reach.

In Rize, Erdogan said the United States would pay a price by challenging Turkey for the sake of "petty calculations", denouncing Washington for declaring "economic war on the entire world" and holding countries "for ransom through sanction threats". You are exchanging your strategic partner in North Atlantic Treaty Organisation for a priest. Trump tweeted Friday that the U.S. -Turkey ties "are not good at this time!".

Turkey has accused Andrew Craig Brunson of spying and "committing crimes on behalf of terror groups without being a member". After allegedly participating in a failed coup in 2016, Brunson is facing espionage and terrorism charges.

In response, President Trump tweeted in July, "The United States will impose large sanctions on Turkey for their longtime detainment of Pastor Andrew Brunson, a great Christian, family man and wonderful human being".

The fallout from Donald Trump's trade war with Turkey - which has sent the country's currency plummeting - may lead to financial turmoil across Europe, experts fear.

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