Trump vows to double steel and aluminum tariffs on Turkey

The Turkish government has promised to announce a “new economic model” today amid fears that the International Monetary Fund would have to be called

President Recep Tayyip Erdogan said Washington would pay for challenging Turkey all for the sake of "petty calculations". With God's permission we will overcome this'.

Last week, the USA imposed sanctions on Turkey's justice minister and interior minister for refusing to release American pastor Andrew Brunson, who had been in custody since 2016 on charges of terrorism and espionage that Washington says are bogus.

"I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!"

"It is wrong to dare bring Turkey to its knees through threats over a pastor", Erdogan said in the Black Sea town of Unye.

"Shame on you, shame on you", he said in remarks directly addressed to Washington.

The White House said Mr Trump had authorised them under a section of U.S. trade law that allows for tariffs on national security grounds.

He also branded interest rates as a "tool of exploitation" which should be kept as low as possible.

The nominally independent central bank has defied pressure over the last few weeks to hike interest rates in the face of high inflation and a collapsing currency.

"Together with our banks, we prepared our action plan regarding the situation with our real sector companies, including Small and Medium-sized enterprises (SMEs), which is the sector that is affected by the fluctuation the most", the minister said.

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President Recep Tayyip Erdogan also said that Turkey would prepare to trade with its key partners in local currencies so that it and its allies would not be dependent on the dollar.

Turkish President Tayyip Erdogan told Turks to sell their gold and dollars to support the crumbling lira.

"President Erdogan's strengthened powers under the new presidential system have made it increasingly uncertain whether policymakers will be able to act to stabilize the economy", William Jackson, the chief emerging markets economist at Capital Economics in London, said. Treasury and Finance Minister Berat Albayrak said the nation will announce steps to calm markets on Monday, Hurriyet newspaper reported.

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".

Still, he went on to state Turkey acted on its own in the past despite U.S. objections, such as in its invasions of Northern Cyprus in 1974 and Afrin this year in Syrian Kurdistan.

Turkey's President Recep Tayyip Erdogan on Saturday accused the USA of exchanging its "strategic North Atlantic Treaty Organisation ally with a pastor", remarks that questioned why Washington was seeking to free its citizens detained by Ankara, including Pastor Andrew Brunson who has become the eye of a diplomatic storm between the two nations. European banking stocks fell on Friday and the nervousness spread to the USA, where the S&P500 finished lost 0.7%.

Erdogan had on Friday held a phone call with Russian President Vladimir Putin to discuss economic and trade issues as well as the Syria crisis.

Erdoğan stressed that the Turkish economy has not come to the edge of an economic crisis, pointing to the increase in manufacturing, exports and tourism revenues.

Despite that move by Washington, Brunson has yet to be released.

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