President Erdogan says there is a premeditated effort to derail the country’s economy following a financial shockwave that hit Turkey after Turkish lira fell 14 percent to 6.51 per dollar; Massive currency move comes in light of President Trump’s steps to punish Turkey over the detention of US citizens.
Speaking in the northeastern province of Rize, President Recep Tayyip Erdogan said that dollars, euros and gold were now “the bullets, cannonballs and missiles of the economic war being waged against our country.”
Erdogan promised supporters that Turkey was taking the necessary precautions to protect its economy but added “the most important thing is breaking the hands firing these weapons.” The lira tumbled 14 percent Friday, to 6.51 per dollar, a massive move for a currency that will make Turkish residents poorer and further erode international investors’ confidence in the country. The currency drop is particularly painful for Turkey because it finances a lot of its economic growth with foreign money.
President Donald Trump on Friday tweeted that he had authorized the doubling of steel and aluminum tariffs on Turkey. He said the tariffs on aluminum imports would be increased to 20 percent and those on steel to 50 percent as the Turkish lira “slides rapidly downward against our very strong Dollar!”
“Our relations with Turkey are not good at this time!” he wrote.
