U.S. tariffs hike adds to Turkey's economic problems

Zarif: Trump's jubilation over Turkish economic hardship 'shameful'

President Recep Tayyip Erdogan said Washington would pay for challenging Turkey all for the sake of "petty calculations".

Turkish officials insist the outcome of Brunson's case exclusively relies on the judiciary, a claim the United States has refused to buy in the light of Erdogan's earlier suggestions to swap him with Turkish opposition exiles residing in the US.

"We will say goodbye to those, who sacrifice its strategic partnership and alliance with a country of 81 million people on the altar of its relations with terror organizations", he said.

Zarif's remarks came a day after Trump ramped up his attack on Turkey by doubling US tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.

Although Mr Erdogan struck a defiant tone, his foreign ministry called for diplomacy and dialogue to solve problems with the US. "You are exchanging your strategic partner in North Atlantic Treaty Organisation for a priest". The White House said he had authorised them under a section of United States trade law that allows for tariffs on national security grounds. "With God's permission we will overcome this", Erdogan told his party members in the Black Sea city of Trabzon.

"Interest rates should be kept to a minimum because they are a tool of exploitation that makes the poor poorer and the rich richer", he said.

Erdogan has downplayed the currency crisis, urging Turks to convert any stashed-away gold or foreign currency into lira, thereby waging a "war of independence" against America.

Zarif: Trump's jubilation over Turkish economic hardship 'shameful'
Turkey's currency crisis gets worse with fresh 11% plunge

"If there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks". "This will be the response to those who have declared an economic war".

Ankara had already taken measures to respond and would continue doing so, he added.

In an opinion piece in the New York Times Friday, Erdogan wrote "failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies".

President Recep Tayyip Erdogan on Sunday criticized the USA, saying Turkey will say "goodbye" to those, who prefer terrorists as their strategic partner.

Analysts say that while Washington's sanctions against Ankara sparked the immediate crisis, Turkey's economy has been risking trouble for a while due to high inflation and the weak lira. Trump also threatened additional "large sanctions" against Turkey, a North Atlantic Treaty Organisation ally, for Brunson's detention.

"The US has to rehabilitate its addiction to sanctions (and) bullying or the entire world will unite - beyond verbal condemnations - to force it to", he warned. "The entire Turkish public is against USA policies that disregard Turkey's legitimate security demands", Kalin, also a spokesperson for Erdogan, wrote for the pro-government Daily Sabah newspaper.

It was down roughly 0.5 percent to trade at $1.146 on Friday morning.

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