Turkey on Trump Blacklist as Sanctions Spell Trouble for Economy | News Sponsored by

by TrumpShop.Net on Aug 04, 2018

“Under the pillow.’’ That’s where Turks can find the weapons to fight back against American sanctions, according to their president. Photographer: Arif Akdogan/BloombergThe local idiom describes where Turkish savers supposedly stash their foreign currency. On Friday, two days after the U.S. imposed unprecedented penalties on its NATO ally, President Recep Tayyip Erdogan urged the public to deploy all that money in defense of the country. “Bring out the dollars, the euros and the gold,’’ he said. “Turn them into liras. Show your local and national resistance against the entire world.’’ Erdogan knows where his economy, heavily reliant on foreign financing, is most vulnerable. But it’s not clear what he can do to shield it from the wrath of Donald Trump. High-Risk Economy Enraged by Turkey’s detention of an American pastor on terrorism and espionage charges, the U.S. president imposed sanctions Wednesday on two of Erdogan’s cabinet ministers. Even that largely symbolic step was enough to send investors fleeing for the exit. There’s a widespread expectation that tougher measures are on the way. On Saturday, Turkey responded by freezing the assets of two U.S. cabinet secretaries. It’s all happening to an economy that was already in the high-risk category, after running hot for years. The lira had plunged more than 20 percent even before Trump’s sanctions. Companies that gorged on dollar borrowing are struggling to repay their debts. Inflation is getting out of control. Absent a diplomatic breakthrough that results in the release of pastor Andrew Brunson, analysts expect furt

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