More US sanctions for Turkey if they don’t obey

Speaking at the convention, Erdoğan criticized the USA and Trump without specifying, saying: “We have not surrendered and will not surrender to those who pretend to be our strategic partners while making us their strategic targets”.

“While the domestic policy adjustments provide short-term relief for the currency, they may be neither comprehensive nor sufficient as yet to return Turkey to a promising path for inclusive economic growth and durable financial stability”. No interest rate increase from the central bank, and a firm no to capital controls, either.

On Aug. 10, President Donald Trump ramped up his attack on Turkey by doubling US tariffs on Turkish aluminum and steel imports.

“This is what happens when you choose to run with the hare and hunt with the hounds”, Dr. Hamdan Al-Shehri, a Saudi political analyst and global relations scholar, told Arab News.

The U.S.is the most significant destination for Turkish steel, representing about 13 per cent of total exports (but less than eight per cent of U.S. steel imports). Its leader lives in Pennsylvania and the US has rejected calls from Turkey to have him extradited.

The lira’s recent recovery suffered a painful setback and it slipped by more than 5 per cent after President Trump threatened to hit Turkey with a further wave of sanctions.

Some are also predicting this will lead to further United States hostility toward Qatar as well.

On Tuesday and Wednesday, Erdogan’s supporters have formed lines outside foreign exchange offices to buy lira.

Crisis averted – or has it just been deferred? “They should have given him back a long time ago”.

Turkey borrowed a heck of a lot of money in the post-recession era.

Analysts say Turkey is also likely to seek a more dynamic economic relationship with China and Russian Federation, with whom ties have warmed considerably in recent years.

Further sanctions would likely make this an even more likely outcome, and could cause an even greater spiral effect on the state. Upholding a lower court’s decision earlier this week, it also ruled against lifting a travel ban imposed on Brunson.

The crisis in Turkey follows a standard formula for how crises in emerging markets play out.

The lira rose as he spoke.

Prices of items such as meals, drinks and beach equipment have fallen by an average of 43 per cent since past year.

“They want to hold our wonderful pastor”.

Finance Minister Berat Albayrak, the son-in-law of President Recep Tayyip Erdogan, addressed hundreds of foreign investors from the United States, Europe and Asia via a conference call in a bid to soothe the markets.

The lira has nosedived against the dollar, dropping as much as 20 percent on one day last week.

“We stand by our brothers in Turkey that have stood with the issues of the Muslim World and with Qatar”, Sheikh Tamim tweeted.

It might be head-banging time again all too soon.