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Lira falls as Turkey says US waging 'economic war'
Published in The Egyptian Gazette on 23 - 08 - 2018

ANKARA/ISTANBUL, August 23, 2018 (Reuters) - The lira weakened on Thursday, staying under pressure as a damaging standoff between Turkey and the United States centred on the fate of a Christian pastor showed no signs of easing.
Ankara accused Washington of waging "economic war" and failing to respect its legal system over Andrew Brunson, whose trial in Turkey on terrorism charges - which he denies - has soured ties between the NATO allies.
The lira dipped 1.1 per cent to 6.1000 against the dollar from a close of 6.0330.
It is down 38 per cent this year, with the crisis in Turkish-US relations feeding into losses triggered by concern about President Tayyip Erdogan's influence over monetary policy.
Trade was thinner than usual and probably mainly offshore. Turkish markets closed on Monday for a week to mark the Muslim Eid al-Adha festival.
Erdogan's spokesman told Reuters overnight that comments by President Donald Trump's national security adviser showed the United States was targeting Turkey's economy.
John Bolton told Reuters that Turkey had made a "big mistake" in not freeing Brunson, and was sceptical about $15 billion of investment support from Qatar, which was "utterly insufficient to have an impact on Turkey's economy."
"His statement is proof that the Trump administration is targeting a NATO ally as part of an economic war," Erdogan's spokesman Ibrahim Kalin said.
"The Trump administration has ... established that it intends to use trade, tariffs and sanctions to start a global trade war."
The crisis could be over "instantly" if Turkey released Brunson, according to Bolton, prompting Kalin to call on Washington to respect Turkey's judicial independence, one of Ankara's most pointed responses yet to criticism over Brunson's detention.
Until Kalin's statement, Turkish officials had been silent about comments on Turkey this week by Trump and Bolton. Trump told Reuters on Monday he would give no concessions in return for Brunson's release.
As relations soured, Trump this month doubled tariffs on metal imports from Turkey, prompting Ankara to raise tariffs on U.S. car, alcohol and tobacco imports by the same amount.
Ankara has initiated a WTO dispute complaint on the tariffs.
"Turkey will protect its national interests on every platform and work with the rest of the world against restrictive and punitive measures," Kalin said.


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