• Turkey urges nations to form united front against US

Turkey has called on world nations to form a united front against the US which has imposed sanctions on Ankara, a close ally of Washington in the Middle East.

According to Press TV, Turkish Treasury and Finance Minister Berat Albayrak said US President Donald Trump is using sanctions and tariffs to sabotage the economy of other countries. 

“It is clearly in the interest of most countries to cooperate in resisting unilateral economic decisions by powerful actors that are motivated by narrowly defined national interests,” he wrote in an article published on the Foreign Policy magazine.

“By acting together with Turkey now, other countries can also help it create a common strategy to avoid artificial crises in the future,” read the article titled ‘America Can’t Be Trusted to Run the Global Economy’.

The US has imposed sanctions on two Turkish ministers and doubled steel and aluminum tariffs, which have led to a sharp decline in Turkey's currency.

Washington took the punitive measures in protest at Ankara's detention of the so-called American Pastor Andrew Brunson, who has been accused of espionage and also having links with terror organizations in Turkey.

The lira has fallen more than 40 percent against the dollar this year, driving up the cost of food and fuel and sending inflation soaring to 18 percent, its highest in a decade and a half.

The government ordered exporters last week to convert 80 percent of their foreign exchange revenue into lira. Turkey’s exports totaled $157 billion last year, according to official data.

In his article, Albayrak said the chaos which has afflicted financial markets has nothing to do with economic fundamentals, adding the turmoil has been driven by Washington.

Last week, President Recep Tayyip Erdogan lashed out at the US for behaving like "wild wolves," saying Ankara would pursue non-dollar transactions in trade with Russia, Iran and other countries.

ME

Tags

Sep 09, 2018 08:29 UTC
Comments