Wrong of U.S. to threaten Turkey, says Erdogan

Wrong of U.S. to threaten Turkey, says Erdogan

The lira tumbled 13% in one day, to 6.51 per U.S. dollar, a massive move for a currency that will make the Turkish poorer and further shake global investors' confidence in the country.

In a statement, the White House said the president had authorized the preparation of documents to raise tariffs, citing national security concerns. He urged Turkish citizens to immediately exchange their gold and dollars for lira.

Erdogan is also upset at the protection USA coalition forces are providing the Kurds in Syria, against the invading Turkish army.

Turkey is at loggerheads with the USA in one of the worst spats in years over the almost two-year detention of American pastor Andrew Brunson and a host of other issues. On Thursday Ergodan said Turkey will withstand the economic pressure.

Trump tweeted Friday that the U.S. -Turkey ties "are not good at this time!".

"The last time I can remember a currency exploding into a similar acceleration of weakness to what we have seen in the past 24 hours is the Russian ruble crisis that transpired late in 2014", Jameel Ahmad, the head of currency strategy at FXTM, said.

An important emerging market, Turkey borders Iran, Iraq and Syria and has been mostly pro-Western for decades.

They are threatening us and they are trying to put us on our knees.

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.

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After the US President's tweet, shares of Turkish steelmakers Kardemir and Erdemir plunged as much as eight percent and 9.9 percent respectively.

Washington "must give up the misguided notion that our relationship can be asymmetrical", he said in the opinion piece.

Erdogan said Turkey is not afraid of outside "threats".

Mr. Erdogan on Friday called on Turks to support their struggling currency.

He also said it was a pity that Washington chose Brunson over Turkey, its partner in North Atlantic Treaty Organisation, and in an opinion piece in the New York Times, he warned the United States that Ankara had other alternatives as allies. It is host to a critical part of the Western alliance's missile defence system again Iran.

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 US dollar, adding that it was also ready to do the same with European countries.

Erdogan said during an address to supporters: "Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks". The US has refused to extradite Fethullah Gulen, who lives in Pennsylvania.

Trump's administration has made the welfare of American Christian preachers across the world a priority of its foreign policy.

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