Erdogan says US economic manipulation will not work on Turkey

Turkish President Recep Tayyip Erdogan said the economic manipulation by Washington will not work on Ankara after the national currency lira plunged and the US doubled metal tariffs on Friday amid a worsening diplomatic row, agencies report. The US has dollars but Turkey has God, Erdogan said from the northern province of Gumushane. The president appealed to people to exchange their gold, dollar and euro into lira as part of Turkey’s economic war against its enemies’. He said Turkey’s economy grew by 7.4% in the first quarter of this year. It will grow in the second quarter and end the year with a record rate. But soon after his speech, the lira dropped to 6.22 against the dollar. In Istanbul, his son-in-law and Finance and Treasury Minister Berat Albayrak outlined a new approach to boost economy without spelling out how his ministry is going to achieve it and attract foreign investment. Albayrak blamed lira’s fall on market speculations. In the US, President Donald Trump announced that he was doubling steel and aluminium tariffs on Turkish imports. The diplomatic row between the two countries worsened after the US imposed sanctions this month against Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul over the imprisonment of American pastor Andrew Brunson who is being tried in Turkey on espionage and terrorism-related charges.