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Erdogan warns Turkey's partnership with US 'in jeopardy'

Erdogan warns Turkey's partnership with US 'in jeopardy'

In his Twitter message, the US president noted specifically how the Turkish lira was sliding "rapidly downward against our very strong Dollar".

Turkish president Tayipp Erdogan today hit back at US President Donald Trump, saying it was "wrong" to double tariffs on Turkish metal imports.

Brunson's arrest in October 2016 soured already deeply-strained relations with Washington. The White House thought that Turkey had agreed to release the pastor in exchange for Israel's release of a Turkish woman that had allegedly given funding to Hamas. Turkey wants Brunson to stand trial.

A Turkish delegation visited Washington for talks this week but left with no signs of a breakthrough. Early Friday, the currency hit an all-time low of 6.30 against the US dollar.

"Shame on you, shame on you", he said, directing his remarks at Washington. As of Friday morning, the lira was worth roughly 15 cents.

Turkish President Recep Tayyip Erdogan on Saturday branded interest rates a "tool of exploitation" which should be kept as low as possible.

Mr Erdogan said the USA had "repeatedly and consistently failed to understand and respect the Turkish people's concerns".

The external value of the lira is not a prime concern of Erdogan's core supporters, many of whom have no plans for foreign holidays and readily accept government rhetoric that economic problems are caused by outsiders seeking to weaken Turkey.

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"Some countries have engaged in behavior that protects coup plotters and knows no laws or justice", he said. He added that the country will continue to enjoy good economic relations with several major nations. "Without Turkish cooperation, US goals in Syria, Iran, Russia, and even Europe become more hard".

Erdogan's claim of a Western political plot against him sparked alarm in investors and prompted an acceleration in the currency sell-off.

President Tayyip Erdogan blamed the United States for the plunge in a speech last night, but why is the lira falling? -Turkish relationship, a deterioration made worse by Turkey's worsening human rights record and increased cooperation with Russian Federation and Iran in Syria.

Erdogan on Saturday repeated a call to Turks to help support the lira to win what he described was a "war of independence".

The Turkish president on Friday dismissed such concerns and called for people to defend the currency.

On Friday, Erdogan asked Turkish citizens to sell off their gold and dollars and exchange them for the lira, in an attempt to prop up the currency. This is a national struggle. "Relations with countries who behave like this have reached a point beyond salvaging", said Erdogan, who warned of "economic war". Hard currency debt issued by Turkish banks suffered similar falls. "There are so many rumors percolating that large companies are going bankrupt", said analyst Yesilada. We have alternatives and will take the necessary steps to protect our interests, he wrote. At the same time, the US froze the sale of 100 F-35s to Turkey, despite their co-operation for their manufacturing and production since 2008.

Turkey and the United States have disagreed on a number of issues since Trump came into office, including Washington's support of Kurdish groups in neighbouring Syria and its refusal to extradite Fethullah Gülen, the cleric Erdogan claims is behind the botched attempt to unseat him.