Trump doubles steel and aluminium tariffs on Turkey

President Donald Trump

Turkey's financial crisis and further USA pressure spurred more concern among investors as fears appeared to spread to American markets.

The U.S. responded by slapping sanctions on Turkey and threatening more.

One dollar bought as much as 6.43 lira today, after slipping about 40 percent this year.

Trump further frayed US-Turkish relations after the president announced via Twitter that he was doubling of tariffs on exports of steel and aluminum from the North Atlantic Treaty Organisation ally, shoving the Turkish lira down 18% in one day alone to a record low against the US dollar.

As recently as April the ratio was about four lira per dollar. He tweeted, "Our relations with Turkey are not good at this time!". -Turkish relationship, a deterioration made worse by Turkey's worsening human rights record and increased cooperation with Russian Federation and Iran in Syria. Financial upheaval risks further destabilising an already volatile region.

When the lira crashed, Iran threatened Mr Trump and said that the "entire world would unite" and use "force" the United States to scrap the sanctions.

He did not offer an explanation for the tariff hike, which raises the tariffs to 20 percent on aluminum and 50 percent on steel, though there are a couple of possibilities.

But Turkey's trade ministry said the tariffs were against World Trade Organisation rules.

Pastor Andrew Brunson is on trial on espionage and terror-related charges related to a failed 2016 coup attempt, which he and the United States government adamantly deny.

Turkish authorities have demanded that he be extradited, something American officials have dismissed.

Graphic: Emerging market currencies slide. "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 USA and Chinese economies". "During this period, Turkey has set records in its exports, production and employment", Erdogan said. He urged Turkish citizens to immediately exchange their gold and dollars for lira. "This is a national, domestic battle", he told a crowd in the northeastern city of Bayburt, according to Reuters.

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"Some countries have engaged in behaviour that protects coup plotters and knows no laws or justice", he said. On Friday, he said the country had to take steps in answer "to those who have waged an economic war against us".

Reminding the world of the time when Turkey rushed to America's help whenever necessary, during the past six decades, Erdogan recounted Turkish contribution in defusing the Korean and Cuba missile crises, and sending troops to Afghanistan in the wake of the September 11 terror attacks.

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

"The US and Turkey are breaking up". It is host to a critical part of the Western alliance's missile defence system against Iran.

On Friday, as the Lira plunged and the US imposed its higher sanctions on Turkey, Turkish President Erdogan and Russian President Vladimir Putin spoke on the phone.

"Turkey expects other member countries to abide by global rules", the country's trade ministry said in a statement.

Calling on the US, Erdogan said: "It is a shame".

Meanwhile, Ankara is wanting the extradition of Fethullah Gulen, a Pennsylvania-based cleric who is blamed by Mr Erdogan for masterminding the 2016 coup. Gulen has denied the allegation.

After nearly 20 months in a Turkish jail, Brunson was moved to house arrest in July by a court.

His cause resonates with Trump's Christian conservative supporters, who could be influential as Republicans seek to retain control of Congress in midterm elections in November. Lindsey GrahamLindsey Olin GrahamGOP lawmaker: Every white suburban district in the country will be a swing district this year The Hill's Morning Report - Trump to GOP: I will carry you GOP senator: "Real likelihood" Dems win the House "by 10 or 12 more seats than they need" MORE (R-S.C.) tweeted Friday.

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