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Turkey - Economic Meltdown ?: Turkish president Recep Tayyip Erdogan blames lira crash on Donald Trump 'plot - by Chris Baynes

Turkey’s president has blamed the crash of the lira on the United States, claiming a “political, underhand plot” had sent the value of his country’s currency tumbling to record lows.

Recep Tayyip Erdogan accused Donald Trump of waging “economic war against the entire world”, after the American leader escalated a diplomatic feud by doubling tariffs on steel and aluminium.

“The aim of the operation is to make Turkey surrender in all areas, from finance to politics,” the Turkish president told supporters in the Black Sea city of Trabzon.

The lira has lost more than 40 per cent of its value against dollar this year, amid worsening ties between Turkey and the US and concerns over Mr Erdogan’s influence over the economy.

The fall turned to meltdown on Friday, when the lira dropped 14 per cent, rattling global markets.

Speaking in Trabzon, Mr Erdogan dismissed suggestions that Turkey was facing a financial crisis like those seen in Asia two decades ago.

"What is the reason for all this storm in a tea cup? There is no economic reason,” he said. ”This is called carrying out an operation against Turkey.”

“We will give our answer, by shifting to new markets, new partnerships and new alliances, to the one who waged an economic war against the entire world and also included our country.

“Some close the doors and some others open new ones.”

Mr Trump announced additional sanctions on Turkish metals last week as relations between the two nations continued to sour over Ankara's detention of a US pastor.

"Our relations with Turkey are not good at this time," tweeted the US president, two days after talks between American and Turkish officials about pastor Andrew Brunson, 50, ended without any obvious progress.

Note EU-Digest: this whole confrontation between the US and Turkey has mainly to do with the mid-term US election and boosting the Evangelical support for the Republicans. Specially if Trump is able to bring Pastor Andrew Brunson back to the US, from Turkey, where he is under house arrest for supposedly collaborating with what the Erdogan government called "terrorists".

Read more: Turkish president Recep Tayyip Erdogan blames lira crash on Donald Trump 'plot' | The Independent

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