Turkey Lira crisis to ‘spark WW3’ Erdogan phones Putin in emergency call as Trump hits out

Friday, August 10, 2018
By Paul Martin

PRESIDENT Recep Tayyip Erdogan and Russian leader Vladimir Putin have held urgent talks amid the deepening economic crisis engulfing Turkey.

Fri, Aug 10, 2018

The two leaders spoke by phone earlier today to discuss economic ties amid the deepening crisis.

A Kremlin source said they talked about projects such as energy, just hours after Donald Trump weighed in on the economic crisis by declaring more Turkish sanctions via Twitter.

Donald Trump tweeted: “I have just authorised a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminium will now be 20 percent and Steel 50 percent. Our relations with Turkey are not good at this time!”

Shares of Turkish steelmakers Kardemir and Erdemir plunged as much as eight percent and 9.9 percent respectively after Trump’s tweet.

Turkish lira fell to an all-time low against the dollar this afternoon, but the country’s leader has brushed aside concerns, telling Turks “we have our God.”

The Turkish President Recep Erdogan urged Turks to sell dollars and gold and buy lira.

Putin and Erdogan told each other on the phone said they were pleased with the positive direction in their economic trade ties.

They also said they were content with the two nations’ cooperation in the energy and defence industry sectors.

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