Turkey's Erdogan stands by opposition to high interest rates

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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". While some are anxious that making an enemy out of Turkey will only result in grave consequences, others seem to have no qualms about walking away from America's alliance with the nation.

The lira tumbled 16 percent against the dollar on Friday.

In a Twitter post on August 10, the US president also referenced the rapid decline of the North Atlantic Treaty Organisation ally's national currency against "our very strong dollar".

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.

Turkish President Recep Tayyip Erdogan condemned on Saturday the exploitation of interest rates "that makes the poor poorer and the rich richer".

A meeting on Friday unveiling a new economic approach by Turkey's finance minister Berat Albayrak, Erdogan's son-in-law, did little to offer support for the free-falling lira as investors sought concrete steps such as an interest rate increase to restore confidence. Do not take a stance saying, "We are bankrupt, we are done, we should guarantee ourselves.' If you do that, that would be wrong".

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"I am specifically addressing our manufacturers: Do not rush to the banks to buy dollars". "You should know that to keep this nation standing is. also the manufacturers" duty". Turkey remains at loggerheads with the USA over the detention of American pastor Andrew Brunson and a host of other issues. Since then, President Donald Trump and Vice President Mike Pence have called for his release, while Ankara says the decision is up to the courts.

"We will give our answer, by shifting to new markets, new partnerships and new alliances, to the one who waged an economic war against the entire world and also included our country", Erdogan said. "Some close the doors and some others open new ones".

"We will say bye bye to those, who sacrifice their strategic partnership and alliance with a country of 81 million people on the altar of their relations with terror organizations", he said. Trump tweeted Friday that the U.S. -Turkey ties "are not good at this time!". "You dare to sacrifice 81-million Turkey for a priest who is linked to terror groups?"

Trump on July 26 threatened to impose "large sanctions" on Ankara if the government did not immediately let Brunson leave Turkey.

Earlier this month, a Turkish delegation went to Washington and met with American counterparts, but there was no breakthrough.

This day, the spokesman of the Turkish government, Ibrahim Kalin, assured that these actions will not be able to bring down their country, but will isolate the United States even more in the worldwide context.

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