Erdogan slams interest rates as 'tool of exploitation'

The euro has dropped today after the Turkish lira ad Russian rouble plummeted

The euro has dropped today after the Turkish lira ad Russian rouble plummeted

"You prefer a pastor to a strategic ally of yours in North Atlantic Treaty Organisation".

As the currency continued to fall, United States President Donald Trump announced on Friday he had doubled steel and aluminum tariffs on his North Atlantic Treaty Organisation ally before admitting that relations between Washington and Ankara were "not very good". Earlier, it had crashed some 12 percent through the 6.00 level for the first time in history, trading at one point at more than 6.20 lira per dollar.

Despite Trump's insistence, Turkey has not budged in freeing American pastor Andrew Brunson, who has been detained by Turkey for nearly two years on charges that he was working with a terrorist organization and was a spy.

The Turkish lira fell at least 13 percent Friday, as President Erdogan called for people to exchange their other forms of money to the lira. "Immediately give these to the banks and convert to Turkish lira and by doing this, we fight this war of independence and the future", he said.

"If you have dollars under your pillow, take them out". If there are euros, take these out.

In the first three months of 2018, Turkish steel exports to the United States fell almost 50 percent over the same period in 2017, making it the only top-10 source of US steel imports to see a decrease, according to the US Commerce Department.

The arrest of USA pastor Brunson since October 2016 has soured already delicate relations with Washington.

"The aim of the operation is to make Turkey surrender in all areas, from finance to politics", Mr Erdogan said. Graham called Turkey's case against Brunson a "sham".

Trump is also declaring that, "Our relations with Turkey are not good at this time!".

"Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies".

Relations between the two countries deteriorated in the wake of US President Donald Trump's decision to increase tariffs on Turkish aluminum and steel to 20% and 50% respectively.

Recep Tayyip Erdogan said his country would instead seek "new markets, new partnerships and new allies" after Trump announced higher tariffs on imports from Turkey.

Erdogan has further attempted to bolster the nation against this "economic war", calling for citizens to exchange foreign currency and gold for lira as part of the "domestic and national struggle".

On Sunday, Mr. Erdogan revealed details of talks between the two countries over the pastor, saying, the United States had given Turkey until last Wednesday it to hand over the pastor.

Writing on Twitter, Iran's Foreign Minister Mohammad Javad Zarif also 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", Zarif wrote on Twitter. We've stood with neighbors before, and will again now.

"If you advance upon us by the dollar, we will look for other means to carry on our business", he added. It did not disclose details, but the move suggests Turkey might gravitate further from its North Atlantic Treaty Organisation allies toward cooperation with Russian Federation, whose relations with the West are at their lowest point since the Cold War.

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