Turkey ‘warding off economic coup bid’

The presidency dubbed currency attacks targeting Turkey an “economic coup bid” and said that Turkey was deflecting it on Thursday.

“We're warding off this economic coup bid with our president's leadership and the foresight of the Turkish nation,” Turkish Presidency Communications Director Fahrettin Altun posted on his official Twitter account.

“In this process, this mighty nation will not forget those who stood with it, and those who stood against it,” he added, referring to the current rift between Turkey and the United States.

Turkey and the U.S. are currently experiencing rocky relations following Washington’s imposition of sanctions on two government ministers for not releasing American pastor Andrew Brunson, who faces terrorism-related charges in Turkey.

Last Friday President Donald Trump ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports, which caused the Turkish lira to lose value against the U.S. dollar.

Turkey in its turn increased tariffs on several U.S. products, including alcohol, tobacco and cars, according to a new presidential decree published Wednesday in the official gazette.

The Turkish lira gained value against the dollar on Thursday after the United States ruled out removing steel tariffs on Turkey even if Ankara frees the U.S. pastor, and after Qatar pledged $15 billion in investment to Turkey.