Erdogan vows to defy United States 'threats' after currency crash


The case of Andrew Brunson, an evangelical Christian, is one of a series of disputes that lies at the heart of deteriorating ties between the two North Atlantic Treaty Organisation allies.

President Donald Trump said on Friday he'd authorised higher tariffs on imports from Turkey.

All eyes will be on the lira when foreign exchange markets reopen on Monday after the weekend pause.

"The aim of the operation is to make Turkey surrender in all areas from finance to politics. With God's permission we will overcome this", he added.

"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.

On Saturday, Turkish president Recep Tayyip Erdogan warned the United States that it could lose a "strategic partner", declaring a rally: "We only bow before God".

Erdogan appeared to indicate that the entire alliance between Turkey - which joined North Atlantic Treaty Organisation in 1952 with strong American backing - and Washington was at stake.

Downbeat US inflation report could rescue the Euro bulls.

The latest escalation between Ankara and Washington was denounced by the Turkish press, with pro-government daily Sabah saying "the currency attack" was no different from the attempted coup of July 2016.

The embattled Turkish lira tumbled over 16 percent to new record lows against the dollar as strains with the United States intensified over a number of issues including the detention of a pastor as well as Washington's cooperation with Syrian Kurdish militia force in the fight against Islamic State.

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Erdogan mentioned the deadline in comments he made Sunday to his supporters in Trabzon, according to Reuters.

"It is wrong to dare bring Turkey to its knees through threats over a pastor", Erdogan said in the Black Sea town of Unye.

Washington recently imposed sanctions on Ankara over detained Americans.

Erdogan is a self-proclaimed "enemy of interest rates" and has pushed for unorthodox policies like cutting borrowing costs in the face of accelerating inflation.

The Turkish strongman also lashed out at interest rates, denounced them as a "tool of exploitation" which should be kept as low as possible.

And the Brunson case is just one of many bones of contention between Turkey and the United States, ranging from Syria to Ankara's increasingly cosy relationship with Moscow.

President Recep Tayyip Erdogan called on citizens to convert other currencies and gold into lira.

"You arrest my Halkbank general deputy director?"

"As he stated, the president has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey", White House Deputy Press Secretary Lindsay Walters said.