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

Stocks dive, euro falls, as Turkey turmoil ripples out

Stocks dive, euro falls, as Turkey turmoil ripples out

A man works at Turkish steel manufacturer ISDEMIR in Iskenderun in Hatay province, Turkey May 6, 2010.

"I'm not aware of any prior administration using tariffs in this way, and there's a very simple reason: because they're an incredibly blunt instrument that often can have blowback on American workers and consumers as we've seen in the China context", said Ned Price, a former Central Intelligence Agency officer who also served as a National Security Council spokesman during the Obama administration.

"Shame on you, shame on you", he said in remarks directly addressed to Washington.

"Those who can't compete with us on the ground have brought online fictional currency plots that have nothing to with the realities of our country, production and real economy", Erdogan told a provincial meeting of his AK Party in the Black Sea coastal town of Rize.

President Donald Trump said he had authorised higher tariffs on imports from Turkey, imposing a 20 percent duty on aluminium and 50 percent one on steel.

Turkey has arrested an American pastor and put him on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago. Sanctions and pressure would only serve to harm ties between the two North Atlantic Treaty Organisation allies, Hami Aksoy also said in a statement. "If there are dollars under your pillow, take these out..." If there are euros, take these out.

He also advised them to show solidarity by converting any stashed-away gold or foreign currency to Turkish lira in a bid to wage a "war of independence" against America.

The worsening diplomatic spat between the two countries sent the lira down 16% against the dollar on Friday.

He also said it was a pity that Washington chose Brunson over Turkey, its partner in North Atlantic Treaty Organisation, and in an opinion piece in the New York Times, he warned the United States that Ankara had other alternatives as allies. "Our relations with Turkey are not good at this time!"

But, the U.S. had "repeatedly and consistently failed to understand and respect the Turkish people's concerns".

"Yet the United States has repeatedly and consistently failed to understand and respect the Turkish people's concerns", he wrote in the article, warning that Turkey had alternative allies.

On Friday, the euro sagged to a 13-month low against the dollar, down 0.7 percent to $1.1450, on concerns that European banks operating in Turkey could suffer losses.

Earlier this month, the USA slapped sanctions on Turkey's justice and interior ministers over Brunson's imprisonment.

"Moving forward, we will abide by the same principle: Attempting to force my government to intervene in the judicial process is not in line with our Constitution or our shared democratic value", he warned.

He repeated a long-standing plan to shift to trading in national currencies and said Turkey was preparing for such a step with Russia, China and Ukraine.

The 64-year-old also highlighted the major difficulty in battling the Kurdish insurgency which has full U.S. support for fighting Islamic State fighters in northern Syria.

Turkey is the sixth-largest steel exporter to the United States. "According to estimates by the Turkish authorities, Washington used 5,000 trucks and 2,000 cargo planes to deliver weapons to the P.Y.D./Y.P.G in recent years", Mr. Erdogan wrote in NYT.

"Before it is too late, Washington must give up the misguided notion that our relationship can be asymmetrical and come to terms with the fact that Turkey has alternatives".

In a separate opinion piece in the pro-government newspaper Daily Sabah, Erdogan's spokesman Ibrahim Kalin said Turkey's efforts to solve the crisis with diplomatic methods had been dismissed by the Trump administration, warning that "the US runs the risk of losing Turkey" as an ally.

"The markets have lost confidence in the triumvirate of President Erdogan, his son-in-law as finance minister and the Turkish Central Bank's ability to act as it needs to", said Charles Robertson, global chief economist at Renaissance Capital.

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