Turkey warns it will ‘seek new allies’ after Trump doubles tariffs

Turkish delegation returns home after meeting in US

Washington, in response, sanctioned two Turkish ministers, and Trump on August 10 announced the United States would double tariffs on steel and aluminum imports from Turkey, saying relations with Ankara were "not good at this time".

The lira has lost about 40 percent this year, 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.

"There are all sorts of uncertainties and concerns in the markets now, with the U.S".

"If we did not release him, they said they would sanction us".

In March, the United States had imposed tariffs of 25 percent on steel and 10 percent on aluminum for imports from a variety of countries.

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

The S&P 500 slid 20.30 points, or 0.7 percent, to 2,833.28.

The U.S.is the biggest destination for Turkish steel exports with 11 percent of the Turkish export volume.

Turkey's presidential spokesman, Ibrahim Kalin, also said Saturday that Washington risked losing Ankara as an ally if USA policies against Turkey continued. It did not disclose details, but suggests Turkey might gravitate further away from its North Atlantic Treaty Organisation allies toward cooperation with Russian Federation, whose relations with the West are at their lowest since the Cold War. It is wrong to try to punish Turkey for a priest who is here.


Meanwhile, markets are deeply concerned over the direction of economic policy under President Recep Tayyip Erdogan, with inflation at almost 16%, but the central bank reluctant to raise rates in response. However, investors fear that the economy is overheating and could be set for a hard landing. But since adopting increased powers, Erdogan appears to have greater control over the bank as well.

"If you have dollars under your pillow, take them out. This is a domestic and national struggle".

Javad Zarif said there was no meeting planned with USA officials including his counterpart Mike Pompeo at the United Nations General Assembly, the semi-official news agency Tasnim reported on Saturday. "We will be entering a strong period in terms of fiscal policies", he said.

In an interview with Hurriyet newspaper published online, Albayrak described the lira's weakness as "an attack", echoing President Tayyip Erdogan - who is his father-in-law - but said the action plan was ready.

Turkish Treasury and Finance Ministry announced a "new economic model", aiming to stabilize their economic growth. Debt and borrowing in foreign currencies has private companies over-leveraged and frozen, hoping that restructuring will save the businesses.

Aylin Ertan, a 43-year-old caterer in Ankara, said she was concerned over the future of her small business.

"I am specifically addressing our manufacturers: Do not rush to the banks to buy dollars".

Turkey's woes also shook world markets, pushing down stock indexes. "This is called carrying out an operation against Turkey", he said.

Turkey's row with the United States has further weighed on the lira.

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