Turkish President vows to win Economic War with China, Russia and other countries to settle their own currency Trade
Turkey's domestic market has been badly damaged by the collapse of the Turkish lira as a result of US sanctions. However, President Recep Tayyip Erdogan said the country's economy is not in crisis and is now ready to settle its trade through the use of the renminbi, the Russian rouble and the Ukrainian currency.
Erdogan sees the collapse of the Turkish lira as a "monetary conspiracy" because those who push it down feel they can destroy Turkey.
And he was determined to win the economic war:
"anyone who becomes a source of suffering for the Turkish people will sooner or later pay the price and take responsibility for it."
Turkey has been reluctant to retaliate recently after the U.S. pastor Andrew Brunson was sentenced to two years in jail as a trigger for a series of U.S. sanctions and trade restrictions on Turkey.
The Turkish lira has fallen nearly 40 cents against the dollar since the start of the year as the diplomatic conflict between the two countries continues to worsen.
On Wednesday, Turkish President Recep Tayyip Erdogan said he would not lose the economic war and that there were no problems with the country's macroeconomic data and banking system, and called on the Turkish people to convert the dollar into lira.
"changing the euro, dollar and gold into lira would be the best response to the West. All difficulties will pass. "
After that, Trump renewed the sanctions, saying that given the rapid decline of the Turkish currency, the lira, against the dollar, it had authorized a doubling of tariffs on imports of Turkish steel and aluminium products to 50 percent and 20 percent, respectively. At this juncture, he stressed, the current relationship between the United States and Turkey is "not good."
As a result, the Turkish lira was hit again, plunging by 20 points, the biggest drop since the country's banking crisis in 2001, as blood flowed through Turkey's domestic market.
As a result, Erdogan wrote in the New York Times that U.S. action against Turkey put relations at risk and warned the United States that Turkey could be forced to find new "friends."
Erdogan said in the article that the United States has repeatedly failed to understand and respect the concerns of the Turkish people, that the partnership between the two countries faces differences and that Turkey's efforts to reverse this dangerous trend have proved futile. Unless the United States begins to respect Turkey's sovereignty and prove that it understands the dangers facing Turkey, U.S.-Turkey relations could be at risk.