Turks respond to Erdoğan's call to exchange foreign currency to support lira
Turks from all walks of life have taken it upon themselves to help support their country’s national currency after President Recep Tayyip Erdoğan called on citizens to exchange their dollars and euros to Turkish lira, which experienced a sharp decrease in value following an escalating row between NATO allies Ankara and Washington.
A large number of Turks launched individual initiatives aimed at encouraging their fellow citizens to support the lira.
One citizen, a baker, offered free loaves of bread to anyone who exchanged their dollars, while another offered a free haircut to those who answered Erdoğan's call.
Long lines formed in front of jewelers and exchange offices across Turkey as citizens flocked to sell whatever gold or dollars they have on hand to help support the ailing lira.
One such citizen is Hatice Yavuz Duygu who expressed her joy to reporters after she exchanged her dollars to Turkish liras.
“I’m happy, I never think or feel sad as I always put my support behind the Turkish lira,” she said.
National struggle
"Anyone who has dollars, euros, or gold underneath their mattresses should go to the bank and convert them into Turkish liras," Erdoğan told a rally on Friday in the northeastern Bayburt province.
Erdoğan called such moves part of a "national struggle."
"This will be my people's answer to those who declare economic war against us," he added.
Süleyman, a trucker from the province of Kayseri, who despite not having any gold to sell or dollars to exchange, still managed to answer Erdoğan’s call by donating his truck to the government.
A teller at an exchange office in Nevşehir spoke to Yeni Şafak about the large turnout of citizens who responded to the president’s call to exchange their dollars.
“Especially in the last three to four days, our citizens have seriously begun to exchange their dollars. I’d say 80 percent of citizens have exchanged their dollars and euros based on what I’ve seen.”
The U.S. sanctions have instigated a global economic war, Turkey's Parliament Speaker Binali Yıldırım said on Saturday."We see that some of sanction decisions that were initiated by the U.S. are now turning into a global economic war," Yıldırım said on Twitter account.Yıldırım said the "hostile" U.S. attitude against Iran, Russia and Turkey would serve no purpose.His remarks came a day after U.S. President Donald Trump ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.Turkish Foreign Ministry spokesman Hami Aksoy on Friday said in a statement that Trump's decision, which disregards World Trade Organization rules, "cannot be associated with seriousness expected from a state"."All the steps taken against Turkey will be given a befitting response as they have been given before," Aksoy added.Erdoğan repeats call to Turks to help shore up liraUS runs risk of losing Turkey as a whole: Erdoğan aideTurkey to retaliate against Trump's metal tariffs
'US sanctions instigate economic war'
Turkish President Recep Tayyip Erdoğan on Saturday stated that Turkey would commense trade in the local currency after the Turkish lira experienced a sharp decrease in value following an escalating row between NATO allies Ankara and Washington.“We are preparing to conduct our trade in local currency. If European countries want to get rid of the dollar threat, we are ready to do this with them as well. We will never accept this order that threatens the whole world with an economic war.”“We have come to today with our people. This is how we will overcome this crisis.”"You can never bring this nation in line with the language of threats," Erdoğan told a crowd of supporters in the Turkish town of Unye on the Black Sea coast. "I am once again calling on those in America: It is a pity that you choose a pastor over your strategic partner in NATO," he said.U.S threatens Turkey to hand Brunson over by 6 p.m.Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.After almost 20 months in a Turkish jail, Brunson was moved to house arrest in July by a court. Since then Trump and his vice president Mike Pence have repeatedly called for his release while Ankara said the decision was up to the courts.Erdoğan stated that the U.S. had threatened Turkey to "hand over Brunson by 6 p.m." on Sunday.War of independenceErdoğan on Saturday repeated a call to Turks to help support the lira to win what he described was a "war of independence"."If there are dollars under your pillow, take these out. If there are euros, take these out .. Immediately give these to the banks and convert to Turkish lira and by doing this, we fight this war of independence and the future. Because this is the language they understand," he said.In an opionion piece in the New York Times, Erdoğan warned the U.S. that Ankara had other alternatives as allies."Before it is too late, Washington must give up the misguided notion that our relationship can be asymmetrical and come to terms with the fact that Turkey has alternatives. Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies," Erdoğan said.Turkey, home to the Incirlik air base which is used by U.S. forces in the Middle East, has been a NATO member since the 1950s. It is host to a critical part of the Western alliance's missile defence system again Iran.Erdoğan's spokesman Ibrahim Kalin also said Turkey's efforts to solve the crisis with diplomatic methods have been dismissed by the Trump administration, warning that Washington might completely lose Ankara as an ally."The U.S. runs the risk of losing Turkey as a whole. The entire Turkish public is against U.S. policies that disregard Turkey's legitimate security demands. Threats, sanctions and bullying against Turkey will not work," he said.Turkey undeterred by threats: presidential aide'US sanctions instigate economic war'US runs risk of losing Turkey as a whole: Erdoğan aide
Erdoğan: Turkey ready to trade with European countries in local currencies
“Protect your country”
“We have to protect our country,” a man from the crowd of people waiting to exchange their dollars yelled.
“We have no other country. If you don’t want to become like Syria, then protect your country. The day is that of unity, not of playing politics. I, too, exchanged my foreign currency, everyone should do that no matter how much they have.”
Criticizing what he called the "interest lobbies," he added that they cannot "overthrow" Turkey.
Trump attacks Turkey after Erdoğan calls on Turks
Trump said Friday on Twitter that he authorized the doubling of tariffs, noting that "aluminum will now be 20% and steel 50%. Our relations with Turkey are not good at this time!"
He later said in a proclamation released by the White House that the additional tariffs would begin on Aug. 13.
Trump's announcement came less than an hour after Erdoğan urged Turks to help defend the country against the economic war against the country.
The United States, the world's biggest steel importer, imposed tariffs of 25 percent on steel and 10 percent on aluminum in March for imports from a variety of countries.
Since then, its relationship with Turkey, the sixth largest steel importer to the United States, has deteriorated, prompting Ankara to send a delegation this week to Washington to meet with both the State and Treasury Departments.
Last week, the United States imposed sanctions on Turkey's justice minister and interior minister for not releasing Pastor Andrew Brunson.
Securing the release of evangelical Pastor Brunson, who was arrested in 2016 and faces terrorism charges in Turkey, is a top priority for the United States, and it is also tussling with Turkey over trade issues and differences over Syria.
Presidential spokesman Ibrahim Kalın on Friday voiced strong will against any threats towards the country."No threat, blackmail or operation can discourage the will of Turkey," he wrote on his official Twitter account.Kalin also wrote those who said everything is over after the July 15, 2016 defeated coup erred and they will go wrong again."Turkey will win this fight as well," Kalin added.He also shared an image along with the tweet citing President Recep Tayyip Erdogan as saying those who assumed that Turkey would bow down against economic manipulations do not know the Turkish nation.The Twitter statement came hours after the U.S. President Donald Trump ramped up his attack on Turkey by announcing the doubling of steel and aluminium tariffs on its NATO ally.
Turkey undeterred by threats: presidential aide
U.S. President Donald Trump's decision to double tariffs on Turkish steel and aluminum imports fails to make economic sense, an expert told Anadolu Agency on Saturday.Trump said Friday on Twitter that he authorized the doubling of tariffs, noting that "aluminum will now be 20% and steel 50%. Our relations with Turkey are not good at this time!"He later said in a proclamation released by the White House that the additional tariffs would begin on Aug. 13."Economically, it does not make any sense. It's a terrible decision," said Mayra Rodriguez Valladares, the managing principal of New York-based financial consulting and research firm MRV Associates."It will hurt U.S. manufacturers that import steel and aluminum from Turkey, although that only constitutes a small portion of domestic steel and aluminum consumption," she added.Turkey came in sixth place among the countries the U.S. imported steel from last year, while Turkish steel's share was 7 percent of total U.S. steel imports.The U.S. was the top destination for Turkish steel exports in 2017, which were worth $1.1 billion."If they [U.S. manufacturers] are importing from Turkey and they rely on them, then tariffs are going to make it more expensive for them by raising their own costs," said William Jackson, chief emerging markets economist at London-based Capital Economics.Higher tariffs “could raise some of the costs for the U.S., or rather offset some of the falling prices that they [US manufacturers] enjoyed," he added.U.S. manufacturers that import steel from Turkey have been benefiting from the rising value of the dollar against the Turkish lira, which climbed to a fresh all-time high Friday.Jackson said the weakness of the lira would boost competitiveness for Turkey's exports, but the tariffs on steel and aluminum would offset that.Turkey’s steel exports were valued at $11.5 billion last year, accounting for 7.3 percent of its total exports worth $157 billion, according to the Turkish Steel Exporters’ Association.Trump's decision to double tariffs on Turkey is another salvo in the growing dispute between the two NATO allies.Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey."Trump using tariffs as a tool is not even a bargaining chip because there is no bargain here. It is a threat," said Rodriguez Valladares."He is using tariffs as a threat to get what he wants politically or economically," she said, adding "the message he sends is that he cannot be trusted. His behavior is erratic."In the wake of Trump's decision to impose higher tariffs, the three major U.S. indexes ended Friday with losses of around 0.7 percent, with the Dow Jones Industrial Average falling nearly 200 points."Investors said 'Here we go again. Tariffs on another country'," said Rodriguez Valladares."Emerging market economies move more aggressively; the knee-jerk reaction is stronger. We have to be careful about that," she added.
US tariff hike on Turkey fails to make economic sense