Trump Doubles Tariffs On Steel, Aluminum From Turkey

The lira went into free-fall sinking more than 10 percent

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. "If they have their dollar, we have the people, we have Allah".

Last week, the U.S.

The currency's drop - 41 percent so far this year - is a gauge of fear over a country coming to terms with years of high debt, global concern over President Recep Tayyip Erdogan's push to amass power, and a souring in relations with allies like the U.S. "If there are euros, take these out ... immediately give these to the banks and convert to Turkish lira and by doing this, we fight this war of independence and the future". Congress is pushing for a slew of separate sanctions, including halting delivery of F-35 fighter jets and blocking funding to Turkey from the World Bank and the International Monetary Fund.

Mr Erdogan has linked Gulen's fate to that of American Christian pastor Andrew Brunson, who is on trial in Turkey on terrorism charges for allegedly supporting a group that Ankara blames for the failed coup.

Turkey's president Recep Erdogan has hit back hard, saying his country is now in a state of "economic war" with America.

Earlier on Friday, Trump ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminium and steel imports to 20 percent and 50 percent, respectively. "Look at what we were 16 years ago and look at us now", he said.

Trump and Secretary of State Mike Pompeo have repeatedly called for his release, while Erdogan has said the USA should respect Turkey's judicial process.

The lira has slid more than 40% this year and is regarded as the worst performing major currency.

"Hopefully we will overcome this disaster and we will also successfully overcome this economic war", Erdogan said.

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Mr Trump has insisted that Mr Brunson, who has lived in Turkey for more than 20 years, be released "without delay"; Mr Erdogan insists his government can not interfere with the judicial process.

People change money at a currency exchange office in Istanbul, Turkey, Aug. 10, 2018.

He also condemned as "unacceptable, irrational and ultimately detrimental", the sanctions imposed by the U.S. on several Turkish cabinet members over the Brunson issue.

President Donald Trump announced in a tweet that he would be increasing the rate of existing tariffs against Turkey, as the value of the Turkish lira plunges.

As the lira tumbled in value - with no breakthrough in sight in the impasse with the USA, sparked by the jailing of American pastor Andrew Brunson - the government has remained sanguine with few comments aimed at rallying markets.

Asli Aydintasbas, senior fellow with the European Council on Foreign Relations, stated that Erdogan's speech "was clearly defiant", but Turkey's economic situation continues to appear ever more dire.

The 64-year-old also highlighted the major difficulty in battling the Kurdish insurgency which has full USA support for fighting Islamic State fighters in northern Syria.

USA patience with Turkey is seen to have ended, experts said.

After winning a June election with revamped powers, Erdogan tightened his control over the central bank and appointed his son-in-law Berat Albayrak to head a newly-empowered finance ministry. It had been billed as a state visit that would patch up frayed ties between two North Atlantic Treaty Organisation allies and potentially serve as a platform for Turkey to make overtures toward Europe after months of strained relations.

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