Negotiations failed to achieve the desired results, prompting the Turkish government to try more aggressive tactics, regardless of their costs to the country's economy and global standing. "Our relations with Turkey are not good at this time!"
The penalties also bar any U.S. transactions with the two men.
Turkey has drafted an action plan and its institutions will start taking necessary steps on Monday morning to ease financial markets' concerns, Finance Minister Berat Albayrak said, after the lira plunged last week. "We care about the law, the language of the law", he said about the United States policy during a rally in the Black Sea city of Ordu hit by floods that harmed hundreds of homes and businesses.
Without naming countries, Erdogan said supporters of a failed military coup two years ago, which Ankara says was organised by a US-based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago. It hit a record low after Trump announced he had authorised higher tariffs on imports from Turkey, imposing duties of 20% on aluminium and 50% on steel. "The entire Turkish public is against United States policies that disregard Turkey's legitimate security demands", Kalin, also a spokesperson for Erdogan, wrote for the pro-government Daily Sabah newspaper.
Last week, the U.S. imposed sanctions on Turkey's justice minister and interior minister for refusing to release American pastor Andrew Brunson, who had been in custody since 2016 on charges of terrorism and espionage that Washington says are bogus.
"The traditional solutions as interest rates' hikes will not tackle this issue", Abu Basha explained, saying that the tLira's plummet has a very deep geopolitical dimension, which caused the Turkish currency to lose about 50% of its value in 2018.
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The Trump administration threatened to impose additional sanctions on Turkey if it did not meet the deadline, Erdogan said.
"President Trump's refusal to accommodate Turkey is a remarkable departure from previous policy practices", said Jack Ablin, chief investment officer at Cresset Wealth Advisors, who added that he would be gauging the extent of a spillover into other emerging markets and European banks.
Erdogan repeated his call for Turks to sell dollars and buy lira to shore up the currency, while telling business owners not to stock up on dollars. Gulen denies the allegation.
The two North Atlantic Treaty Organisation allies have been at odds over a wide range of issues: diverging interests in Syria, Ankara's ambition to buy Russian defense systems and more recently the case of Andrew Brunson, an evangelical pastor on trial in Turkey. "Nobody should try to make us fall into this trap, we won't be fooled by this plot, nobody should get excited".