Turkey lira PLUNGES against US dollar after Donald Trump warns he will ‘DEVASTATE economy’

Monday, January 14, 2019
By Paul Martin

TURKEY saw the lira drop against the US dollar today after President Donald Trump warned attacking Kurdish forces in Syria after a planned American pullout would devastate Turkey economically.

By LEVI WINCHESTER
Express.co.uk
Mon, Jan 14, 2019

Mr Trump first announced he would withdraw US forces from Syria back in December but warned the US military would continue to hit Islamic State (ISIS) fighters there. The two NATO allies have been at loggerheads over US backing for the Kurdish YPG, which Turkey views as an extension of the outlawed Kurdistan Workers Party (PKK) that is waging a decades-long insurgency on Turkish soil. A diplomatic crisis last year, when Mr Trump imposed sanctions on two of President Tayyip Erdogan’s ministers and raised tariffs on Turkish metal exports, helped push the Turkish lira to a record low in August. Mr Trump wrote on Twitter: “Will attack again from existing nearby base if it reforms. Will devastate Turkey economically if they hit Kurds.

“Create 20 mile safe zone…Likewise, do not want the Kurds to provoke Turkey.”

The President did not specify how the Turkish economy would be impacted.

Turkish presidential spokesman Ibrahim Kalin said Trump should respect Washington’s alliance with Ankara.

Mr Kalin wrote on Twitter: “Mr @realDonaldTrump It is a fatal mistake to equate Syrian Kurds with the PKK, which is on the US terrorists list, and its Syria branch PYD/YPG.

“Terrorists can’t be your partners & allies. Turkey expects the US to honor our strategic partnership and doesn’t want it to be shadowed by terrorist propaganda.”

The lira, which lost nearly 30 percent of its value against the dollar last year, eased to 5.49 against the US currency from a close of 5.45 on Friday upon hearing the news.

As of 11:15 GMT, the currency had pulled back up to 5.52.

In Turkey, the Trump administration had imposed tough tariffs on steel and aluminium.

In response, President Erdogan hit goods imported from the United States with heavy tariffs, with extra duties on products including cars, alcohol and tobacco.

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