Turkey taking action to ease market concerns

Passersby using umbrellas struggle against a heavy rain and wind in front of an electronic stock quotation board as Typhoon Shanshan approaches Japan's mainland in Tokyo Japan

US President Donald Trump said on Friday he had doubled steel and aluminium tariffs on Turkey, which pushed the Turkish lira to new historic lows against the dollar. While some are anxious that making an enemy out of Turkey will only result in grave consequences, others seem to have no qualms about walking away from America's alliance with the nation.

The kiwi lost 2 percent on Thursday after the Reserve Bank of New Zealand surprised the market by committing to holding rates at record lows until the end of 2020.

Trump said the tariffs on aluminum imports would be increased to 20 percent and those on steel to 50 percent as the Turkish lira "slides rapidly downward against our very strong Dollar!"

During Sunday's meeting, President Recep Tayyip Erdoğan also said that the fluctuation in the Turkish lira is a plot against Turkey, but the Turkish people will not give in.

The comments come amid a spat between the U.S. and Turkey over Ankara's jailing of an American pastor on spying charges.

Erdogan said Turkey would be looking to form alternative economic alliances with "Iran, to Russian Federation, to China and some European countries".

"The price of the food that I buy increases day by day, the fuel that I put in my vehicle to distribute lunches is more expensive, but I can not raise my prices from one day to the next", she said. Do not take a stance saying, "We are bankrupt, we are done, we should guarantee ourselves.' If you do that, that would be wrong. You should know that to keep this nation standing is. also the manufacturers' duty". The reason for this was "the case of Branson", the American pastor, who is now on trial in Turkey on charges of terrorism.

"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 United States administration.

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"Some close the doors and some others open new ones", he added.

"We can only say "good-bye" to anyone who sacrifices its strategic partnership and a half century alliance with a country of 81 million for the sake of relations with terror groups", Erdogan said.

"You dare to sacrifice 81-million Turkey for a priest who is linked to terror groups?", he stressed.

The US has repeatedly demanded the release of American and threatened sanctions against Ankara. "Our relations with Turkey are not good at this time!" he added. Trump has described his detention as a "total disgrace" and urged Erdogan to free him immediately.

Turkey was reportedly the sixth largest steel importer to the United States.

The two sides seemed to have failed to resolve the deadlock though bilateral talks in Washington earlier this week during the visit of a Turkish delegation headed by Deputy Foreign Minister Sedat Onal and made up of officials from Turkey's justice, finance and foreign ministries.

Turkey and the United States are now experiencing rocky relations after the US imposed sanctions last Wednesday on two Turkish ministers over the continued detention of USA pastor Andrew Brunson, who faces terrorism charges and up to 35 years in prison if found guilty.

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