Business community backs Turkish economy

The Turkish public, institutions and organizations have rallied behind Turkey’s economy to counter the economic war initiated by the United States which sparked speculative rises in currency. As the government takes the necessary steps, citizens have exchanged their foreign currency holdings into the Turkish lira. A slew of support messages streamed in from the business community, calling the Turkish economy strong and durable.

“Today is the day to unite and work in solidarity for the future of a strong Turkey. We are answering President Erdoğan’s call for currency mobilization as a single entity, and we say that we are behind him! We owe it to our nation to work harder. The Ankara Chamber of Commerce is resolute,” said President of the Ankara Chamber of Commerce Gürsel Baran.

“Our people will not be brought to their knees through economic attacks. We have no doubt that these attacks will be dispersed. We will continue to produce more and work harder. Every penny in our pocket is for this country. We as the business community will always stand beside our country and people,” said Ankara Chamber of Industry President Nurettin Özdebir.

The lira firmed as far as 5.75 against the dollar on Wednesday and stood at 5.9350 at 0745 GMT.

Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on Interior Minister Süleyman Soylu and Justice Minister Abdulhamit Gül for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.

U.S. President Donald Trump last week ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively, causing the lira to lose value against the dollar.

Turkey imposed tariffs on several U.S.-origin products, including alcohol and tobacco products and cars, according to a new presidential decree published early Wednesday in the official gazette.

Turkish President Recep Tayyip Erdoğan in his turn said Turkey would turn toward new markets, new partners and alternative financial tools, and said that the country would boycott U.S. electronic products.

“If you pressure us through the dollar, we will look for other ways to carry out our works,” he said.

Terming the recent U.S. tariffs on Turkey as an “economic war,” the Turkish president said: “We’ve seen your game and we challenge it.”

The aim of the recent U.S. pressure is “to ensnare Turkey in every field from finance to politics,” the president noted.

“We will not surrender,” Erdoğan asserted.