Turkey's partnership with U.S. in jeopardy, Erdogan warns

Turkey's partnership with U.S. in jeopardy, Erdogan warns

Turkey's partnership with U.S. in jeopardy, Erdogan warns

But Turkey's trade ministry said the tariffs were against World Trade Organisation rules.

Trump said he would double the steel and aluminum tariff rate for Turkey. Import taxes for aluminum will be 20 percent.

This is double the level the president imposed on a range of countries earlier this year, including European Union member states.

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

Earlier this week US and Turkish officials met in Washington to discuss issues that have pitted the two North Atlantic Treaty Organisation allies against each other.

Washington slapped sanctions on Turkey's interior and justice ministers this week, angering Ankara which responded with the tit-for-tat move, with Turkey saying they will freeze the assets of the United States "justice and interior ministers" last week.

Zarif's remarks came a day after Trump ramped up his attack on Turkey by doubling USA tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.

Trump's move sent Turkey's lira currency and its stock market deeper into tailspin.

The Turkish lira has lost about 40 percent of its value this year alone, largely over worries about Erdogan's influence over the economy, his repeated calls for lower interest rates in the face of high inflation and deteriorating ties with the United States.

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.

The currency is down 40 percent just this year, shaking worldwide investors' confidence in the country. In July, the president warned in a tweet that the U.S. "Hopefully we will overcome this disaster and we will also successfully overcome this economic war", Erdogan said.

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

Erdogan has blamed outside forces for trying to bring down Turkey's economy. "We will not lose the economic war", he said.

People change money at a currency exchange office in Istanbul, Turkey, Aug. 10, 2018.

"Before it is too late", Erdogan wrote, "Washington must give up the misguided notion that our relationship can be asymmetrical and come to terms with the fact that Turkey has alternatives".

While Dryden and other analysts say Turkey's problems aren't a major risk to the financial system, investors didn't wait to find out Friday. It is wrong to try to punish Turkey for a priest who is here.

Turkey has accused Andrew Craig Brunson of spying and "committing crimes on behalf of terror groups without being a member".

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

President Recep Tayyip Erdogan said Washington would pay for challenging Turkey all for the sake of "petty calculations".

Erdogan on Friday held telephone talks with Russian President Vladimir Putin, discussing economic and trade issues as well as the Syria crisis. Mario Ritter was the editor. "We were together with you [U.S] in Afghanistan, Somalia and Bosnia".

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