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On August 10th, Trump announced a two-fold increase in import duties on aluminum and steel for Turkey. These sanctions, as well as a number of other factors, led to a significant recession in the rate of the Turkish lira. In response,
Turkey sharply increased duties on US imports, including cars, alcohol and tobacco produced in the U.S. Moreover, as Turkish President Recep Tayyip Erdogan stated, Turkey intends to switch to lira calculations with the largest trading partners such as China, Russia, Iran and Ukraine.
Last time, we frequently hear statements by particular leaders about the decision to switch to the national currency with trading partners, the need to introduce new economic sanctions or to impose another embargo. The international currency war broke out in the world, as a result of which everyone can lose.
As Eurasia Diary reports, the President of the International Eurasia Press Fund (IEPF) Umud Mirzaev expressed his opinion on this matter.
According to Umud Mirzaev, today we are witnessing the confrontation of currencies and interests of world powers. In such wars, often the interests of states and their rulers prevail over the interests of the people, ordinary citizens.
"We see how countries and leaders of world powers defend their own interests under disguise of loud phrases about a possible threat to the nation and the need to preserve the authority of the state. In fact, this causes irreparable harm primarily to its own citizens and entrepreneurs, which in the long run affects the same state, "Umud Mirzaev stated.
As the president of the IEPF stated, the most socially unprotected strata of the population suffer much more from the currency depreciation.
"Diplomatic scandals and currency confrontations have already hurt the economy of many countries. Many people are at a loss. The monetary system has lost its stability, and inflation has increased many times, which in turn leads to higher prices for goods and, accordingly, to unemployment. And these facts negatively affect ordinary citizens. Many will say that this is better than wars and armed conflicts between countries, even better people suffer from a shortage of funds than from bombs, but is this easier? ".