Turkish lira crisis poses additional risk to German economy - FinMin

22 August, 2018, 16:40 | Author: Eric Barnett
  • Donald Trump in Washington D.C

Andrew Brunson went on trial over alleged involvement with both the movement of Fethullah Gulen - a Muslim preacher who lives in self-imposed exile in the United States who Ankara says masterminded a failed 2016 coup in Turkey - and the Kurdistan Workers' Party (PKK).

Brunson was arrested on charges of terrorism and support of a group held responsible for an attempted coup of Turkish President Recep Tayyip Erdogan.

Last week, US President Donald Trump said he had doubled the tariffs on aluminium and steel tariffs from Turkey, prompting Ankara to sharply hike tariffs on several US products.

"Turkey claims that the measures are inconsistent with a number of provisions of the WTO's Agreement on Safeguards and the General Agreement on Tariffs and Trade (GATT) 1994", said a statement on the WTO's website.

The Turkish lira has already lost about 30 percent of its value against the United States dollar since the beginning of August, when tensions between the two North Atlantic Treaty Organisation allies soared unprecedentedly over the detention of Andrew Brunson, an American Christen pastor, in Turkey over terror-related charges.

Last Wednesday, in retaliation, Turkey increased tariffs on several US -origin products, including alcohol and tobacco products and cars.


Erdogan further said that his country would never bow before those "who set up their own order by exploiting the world".

The Turkish president emphasized Turkey's determination to eliminate all threats from Syria and Iraq.

"They should have given back a long time ago", Trump said.

Meanwhile, Erdogan told the AKP congress that Turkey would press on with and expand its cross-border military operations.

The AK Party normally holds its grand congress once every three years.

Turkish President Recep Tayyip Erdogan was re-elected to the post of leader of the ruling party.

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