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Erdogan slams interest rates

Erdogan slams interest rates”

Turkish President Tayyip Erdogan told Turks on Friday to sell their gold and US dollars to support the country's currency which plunged after Trump escalated a feud with the North Atlantic Treaty Organisation ally by doubling tariffs on metals imports.

"It is wrong to dare bring Turkey to its knees through threats over a pastor", Erdogan said in the Black Sea town of Unye.

Rouhani said last week that Iran "always welcomed negotiations" but that Washington would first have to demonstrate it can be trusted. I am addressing the USA once again: it is a pity that you chose a pastor over your strategic partner in North Atlantic Treaty Organisation.

Washington in response sanctioned two Turkish ministers and Trump on Friday announced it was doubling the tariffs on steel and aluminium imports from Turkey, saying relations with Ankara were "not good at this time".

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.

"Interest rates are an exploitation tool that makes the rich richer and the poor poorer", Mr. Erdogan said.

The central bank has over the last weeks defied calls from markets for rate hikes to combat these problems, raising fears of interference from Erdogan who has repeatedly called for low interest rates. Take them immediately to the banks and convert them into liras.

Trump said earlier on Twitter that he authorized the doubling of tariffs, noting that "aluminum will now be 20% and steel 50%".

Earlier Saturday, Erdoğan said that Turkey was preparing to increase trade with its top trade partners like China, Russia, Iran and Ukraine in local currencies instead of the USA dollar, adding that it was also ready to do the same with European countries.

Turkish officials insist the outcome of Brunson's case exclusively relies on the judiciary, a claim the United States has refused to buy in the light of Erdogan's earlier suggestions to swap him with Turkish opposition exiles residing in the US.

"Turkey expects other member countries to abide by global rules", the country's trade ministry said in a statement.

The U.S. was the top destination for Turkish steel exports in 2017, which were worth $1.1 billion.

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".

Meanwhile, Mohammed Javad Zarif, Iran's foreign minister, accused Washington of an "addiction to sanctions and bullying".

Trump's "jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful", he wrote.

While Turkey's economy is only the 17th largest in the world, there are a number of concerns that Trump's latest trade war is only further disrupting global commerce, damaging longtime alliances, and threatening global economic growth.

Ankara has ruled out releasing Brunson, although he was granted house arrest in July.

Erdogan vowed there would be no easing of the law in Brunson's case: "We have not made concessions on justice so far, and we will never make any", he said.



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