20:13 GMT +319 October 2018
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    Turkish President Tayyip Erdogan delivers a speech during a ceremony marking the second anniversary of the attempted coup at the Presidential Palace in Ankara, Turkey, on July 15, 2018

    Turkey's Erdogan Vows to Retaliate Against US Increase on Metal Tariffs

    © AFP 2018 / ADEM ALTAN
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    Following Washington's move to double the steel and aluminum tariffs already in place against imports from Turkey, the exchange rate of the Turkish lira reached an all-time low.

    Turkish President Recep Tayyip Erdogan vowed to take measures in response to the US move to double tariffs on metal imports from Turkey.

    He called the collapse of the lira, the country's national currency, "a plot against Ankara," stressing that the Turkish people won't give in.

    READ MORE: Operation Dollar Dump: Can Turkey Rely on the Lira in International Trade?

    Erdogan also noted that US President Donald Trump’s decision to double tariffs on metal imports is against the rules of the World Trade Organization (WTO).

    For the third day in a row, Turkey's president has been urging Turks to sell dollars and euros to support the national currency.

    On Friday, US President Donald Trump authorized a doubling of metal tariffs already in place against imports from Turkey, with duties on aluminium and steel amounting to 20 and 50 percent respectively.

    Previously, the US imposed sanctions against Turkey's Minister of Justice Abdulhamit Gul and Minister of Interior Suleyman Soylu for participating in the detention of US pastor Andrew Brunson who is suspected of being connected to the Gulen movement.

    Washington believes that he was jailed unlawfully. Ankara has scolded the US sanctions and promised to freeze US Justice and Interior Secretaries' assets in Turkey.

    Brunson was detained in 2016 on suspicion of links to the movement founded by Islamic cleric Fethullah Gulen, who Ankara holds responsible for the failed coup attempt that same year.

    Related:

    Erdogan Calls Lira's Collapse 'Currency Plot' Amid Spat With Washington
    Operation Dollar Dump: Can Turkey Rely on the Lira in International Trade?
    Erdogan Vows Turkey 'Won't Lose Economic War' After Lira Crash - Reports
    Erdogan Aims to Strengthen Turkish Lira With Pivot to Eurasian Economy
    Tags:
    lira, Recep Tayyip Erdogan, Donald Trump, United States, Turkey
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