Turkey’s Erdogan stands by opposition to high interest rates

Turkey’s Erdogan stands by opposition to high interest rates

The Turkish Lira suffered its worst one-day loss in a decade after President Donald Trump announced the United States would hike metals tariffs, losing about 20% of its value against the U.S. dollar, prompting investor confidence to slump.

"This is clearly an attack against the Turkish economy", he said.

And the Brunson case is just one of many bones of contention between Turkey and the United States, ranging from Syria to Ankara's increasingly cosy relationship with Moscow. "Our relations with Turkey are not good at this time!", the President tweeted. European banking stocks fell on Friday and the nervousness spread to the USA, where the S&P500 finished lost 0.7%.

"It is making an operation against Turkey... We care about the law, the language of the law", he said about the USA policy during a rally in the Black Sea city of Ordu hit by floods that harmed hundreds of homes and businesses.

During Sunday's meeting, President Recep Tayyip Erdoğan also said that the fluctuation in the Turkish lira is a plot against Turkey, but the Turkish people will not give in.

President Donald Trump broke the news on social media that he authorized the doubling of existing steel and aluminum duties on imports from Turkey.

Turkish bank regulator BDDK imposed limits on swap transactions, helping the Lira pare some of its losses from its record low and possibly offering relief for European financial institutions.

Has "the film business passed away" with its "most popular" Oscars category?
In 2009, it expanded the number of best picture nominees from five to 10 in a bid to open up the competition. The introduction to the "Best Popular Movie" category is a slap in the face to movie lovers everywhere.

Although Erdogan struck a defiant tone, his foreign ministry called for diplomacy and dialogue to solve problems with Washington and Trade Minister Ruhsar Pekcan said "we implore President Trump to return to the negotiating table".

The Turkish strongman also lashed out at interest rates, denounced them as a "tool of exploitation" which should be kept as low as possible.

The Turkish currency has been a casualty of a deepening crisis spurred by the administration's growth-at-all-costs agenda and a worsening spat with the U.S., which sanctioned Turkey over the detention of an American priest. Gulen denies the allegation. "Nobody should try to make us fall into this trap, we won't be fooled by this plot, nobody should get excited".

Turkey and the United States are now experiencing rocky relations following Washington's imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.

The dispute between the two North Atlantic Treaty Organisation allies - which reached new intensity over the detention of an American pastor in Turkey - has hammered the lira and also raised questions over the future partnership between Washington and Ankara.

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.

Brunson was arrested in October 2016 on charges of being an American spy and terrorist complicit in the failed coup attempt against Erdogan in the summer of 2016.

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