Erdogan vows to defy U.S. 'threats' after currency crash

The euro has dropped today after the Turkish lira ad Russian rouble plummeted

The Turkish lira hit a record low on Friday before Mr Trump's tweet, which also said "our relations with Turkey are not good at this time!".

This prompted yet another tweet from President Trump, this time announcing the actual authorization of the doubling of tariffs on steel and aluminum for Turkey.

Last week the USA government announced sanctions against Turkey's interior and justice ministers, to which Ankara responded by freezing the assets of two American officials in Turkey.

Turkey's embattled lira on Friday hit new record lows against the USA dollar and euro, losing over seven percent in value as strains with the United States showed no sign of abating and fears grew over the exposure of European banks.

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.

Turkey's currency has nosedived amid concerns about the country's economic policies and its dispute with the US. He returned to his familiar refrain of urging Turks to use their reserves of dollars, euros and gold to buy up lire.

"This is a national, domestic battle".

Turkish President Recep Tayyip Erdogan said in a speech that the drop was part of a "campaign" led by foreign powers against the nation.

Turkish newspaper Hurriyet and other media reports quote Erdogan as making the comment to a group of worshippers following traditional Muslim Friday prayers during a visit to the northern city of Bayburt.

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The central bank noted that Spain's BBVA, Italy's UniCredit and France's BNP Paribas all have significant exposure to Turkish debt and that a crashing lira could affect repayment of foreign currency loans. The lira slid to a fresh record low against the USA dollar.

New Finance Minister Berat Albayrak - Erdogan's son-in-law - rolled out the government's new economic plan on Friday, promising central bank independence and tighter budget discipline, but giving few details to reassure investors. According to figures from the Turkish Government, for the period of 2002 to October 2017, Turkish direct investments in the United States reached $3.7 billion while USA investments in Turkey amounted to $11.1 billion, second only to the Netherlands' 21.6 billion. "If European countries want to get rid of the dollar pressure, we are ready to create a similar system with them", Anadolu Agency quotes him as saying. The U.S. was Turkey's biggest export market for steel previous year, though exports have fallen since. Two days later, Secretary of State Mike Pompeo warned that Turkey that the "clock had run out" to release Brunson.

The president has declared that American importers' reliance on foreign metals poses a national security risk to the USA, and he also has increased the cost of these imports on Japan, Turkey and members of the European Union, the paper reported.

Trump's "jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful", Zarif wrote on Twitter.

The central bank raised interest rates to support the lira in an emergency move in May, but it did not tighten at its last meeting.

"Aluminum will now be 20% and Steel 50%", President Trump wrote.

"This could be the most expensive pastor in world history", Sekulow said, referring to the harm being done to Turkey's economy.

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

He also blamed those seeking higher interest rates to help cope with the lira's record losses as being behind the country's economic misfortunes. As the currency drops, Turkish companies and households with debt in foreign currencies see their debts expand.

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