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13 August 2018, 12:15 | Erica Roy
Carolyn Kaster Associated Press President Donald Trump
Erdogan appeared to indicate that the entire alliance between Turkey - which joined North Atlantic Treaty Organisation in 1952 with strong American backing - and Washington was at stake.
Turkish President Recep Tayyip Erdogan on Sunday slammed the crash of the lira amid a widening spat with the United States as a "political plot" and said his country would instead seek new markets and new allies.
Erdogan said Turkey would be looking to form alternative economic alliances with "Iran, to Russian Federation, to China and some European countries".
Iran too has suffered a major decline in its currency this year - in part due to United States abandonment of the nuclear deal - with the rial losing more than half its value against the dollar since April. "Nobody should try to make us fall into this trap, we won't be fooled by this plot, nobody should get excited". "What is the reason for all this storm in a tea cup?"
Although Erdogan struck a defiant tone, his foreign ministry called for diplomacy and dialogue to solve problems with Washington and Trade Minister Ruhsar Pekcan said "we implore President Trump to return to the negotiating table".
But investors are concerned about the country's monetary policy.
But there has since been a fresh decline of nearly 13 percent, with the rial at 106,200 per dollar on Saturday, according to currency tracking website Bonbast - approaching the record low of 119,000 that it reached on July 31.
"I am specifically addressing our manufacturers: Do not rush to the banks to buy dollars".
"If you have dollars under your pillow, take them out". "You should know that to keep this nation standing is. also the manufacturers" duty".
"Doubling the tariff on imports of steel from Turkey will further reduce these imports that the Department found threaten to impair national security as defined in Section 232", he added.
Turkey and the United States are now experiencing rocky relations following Washington's imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.
Turkish authorities are seeking a 20-year prison sentence for U.S. pastor Andrew Brunson, who was arrested two years ago and is accused of being linked to the PKK Kurdish guerrilla organization and to cleric Fetullah Gulen, who lives in exile in the United States and whom Ankara blames for the failed coup against Erdogan in 2016. Turkish authorities said that Washington used 5,000 trucks and 2,000 cargo planes to deliver weapons to the P.Y.D./Y.P.G in recent years, which Ankara sees as the direct undermining of its government.
U.S. President Donald Trumptweeted Friday that he has authorized to double the tariffs on steel and aluminum products from Turkey to 50 percent and 20 percent respectively.
"We are never accepting this order which declared economic war to the entire world and which held countries to ransom through sanction threats", he added, referring to the U.S. administration.
Turkey, home to the Incirlik air base which is used by US forces in the Middle East, has been a North Atlantic Treaty Organisation member since the 1950s.
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