Trump doubles tariffs on Turkish metals

Turkish President Recep Tayyip Erdogan arrives at the 2018 NATO Summit at NATO headquarters in Brussels Belgium

At midday: Turkey turmoil rocks world stock markets

President Recep Tayyip Erdogan, who had remained unusually silent until now as the lira crisis mounted, urged Turks to take matters into their own hands. "Making a speech like Albayrak's in the midst of a currency free fall without a single concrete measure shows utter lack of comprehension about what's happening and what's required", tweeted Harvard economist Dani Rodrik.

South Africa's rand took a sharp hit on Friday, over heightened worries that country might be next to face similar troubles to Turkey, like high inflation, an overheating economy and a lack of credible central bank independence.

President Trump's discarding of the Iran nuclear deal is a point of contention, as well, as almost half of Turkey's oil imports come from Iran, meaning new sanctions against Iran come back and hurt the Turkish economy as well.

Turkey's lira sank as low as 20 percent against the US dollar Friday before settling at a 15 percent drop.

President TrumpDonald John TrumpKobach agrees to recuse himself from vote counting in Kansas GOP primary NFL players kneel during national anthem before first preseason game Schiff blasts GOP for Russian Federation probe conduct: "That's how you obstruct an investigation, not how you conduct one" MORE said Friday that the US will also double tariffs on steel and aluminum imported from Turkey as relations between the North Atlantic Treaty Organisation allies worsen.

On Friday, President Trump announced that he will double America's metal tariffs on Turkey - despite the fact that he has no good reason for doing so.

"In that sense, the Turkey situation can be a contagion not only in Europe but across emerging markets", Anderson said.

"Those who assume they can bring us to our knees through economic manipulations don't know our nation at all", he said.

Washington imposed the metals tariffs on national security grounds, claiming the glut of steel and aluminium harmed USA companies and the economy.

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The latest escalation between Ankara and Washington was denounced by the Turkish press, with pro-government daily Sabah saying "the currency attack" was no different from the attempted coup of July 2016. "It could serve as a template for further tariff actions against China if the renminbi depreciates further relative to the dollar, even if that depreciation were mainly a reflection of the relative strength of the US and Chinese economies". "Threats, sanctions and bullying against Turkey will not work", he said.

"If you have dollars, euros or gold under your pillow, go to banks to exchange them for Turkish lira".

"This is a national, domestic battle".

Washington "must give up the misguided notion that our relationship can be asymmetrical", he said in the opinion piece.

In an op-ed published in New York Times, Erdogan warned Washington not to risk its relations with Ankara, saying otherwise it would look for "new friends and allies". It is host to a critical part of the Western alliance's missile defense system again Iran.

President Tayyip Erdogan denied on Saturday that Turkey is in a currency crisis, dismissing a plunge in the lira as "fluctuations" unrelated to the country's economic fundamentals. "It is a national fight", he told a crowd in the northeastern city of Bayburt.

Although Erdogan struck a defiant tone, his foreign ministry called for diplomacy and dialogue to solve problems with Washington and Trade Minister Ruhsar Pekcan said "we implore President Trump to return to the negotiating table".

Ankara wants the United States to extradite Fethullah Gulen, a Pennsylvania-based cleric who Turkish authorities say masterminded the 2016 coup attempt in which 250 people were killed.

The lira's slide came after a US delegation from Washington, D.C., left Turkey without making progress toward the release of Andrew Brunson, an American pastor detained by Erdoğan's government since 2016.

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