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 USA will also double tariffs on steel and aluminum imported from Turkey as relations between the North Atlantic Treaty Organisation allies worsen.
'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!' Trump said in an early morning post on Twitter.
Trump and Erdogan have discussed Brunson's imprisonment "on several occasions", White House spokesman Sarah Sanders said at the time, adding that Trump is "not happy with Turkey's decision not to release" the pastor.
Turkey delivers just 4 percent of steel mill imports, valued about $1.18 billion a year ago, according to the US Department of Commerce. "Our relations with Turkey are not good at this time!".
Turkey's currency fell Friday after its economy was rattled by the United States' move to slap the country with more tariffs.
The lira sell-off has deepened concern particularly about whether over-indebted companies will be able to pay back loans taken out in euros and dollars after years of overseas borrowing to fund a construction boom under Erdogan.
Turkey's lira sank as low as 20 percent against the USA dollar Friday before settling at a 15 percent drop.
The meetings came as Turkey seeks to stanch an economic meltdown amid fallout from USA sanctions imposed last week over the continued detention of the pastor, Andrew Brunson, who was jailed on espionage and terrorism suspicions more than two years ago and recently released to house arrest.
"If there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks".
Chinese Unipec suspends USA oil imports amid growing trade row
Today, the bulls jumped in after President Donald Trump tweeted that the sanctions were "the most biting sanctions ever imposed". On top of the impact on the broader global economy, there is growing worry in the crude oil market about Chinese demand.
Last week, the United States imposed sanctions on Turkey's justice minister and interior minister for not releasing pastor Andrew Brunson.
Markets are deeply concerned over the direction of domestic economic policy under Erdogan with inflation at almost 16 percent but the central bank reluctant to raise rates in response. Turkey answered the March tariff announcement by placing its own tariffs on $267 million of US goods. Turkey fears the fine on Halkbank - a small player by global standards - could follow the precedent of the hefty USA treasury fines levied on German and Swiss banks for sanctions-busting.
Yet even USA firms that have disclosed relatively little exposure to Turkey fell as that country's crisis escalated Friday, with Citigroup Inc. down the most since May.
Adding to Turkey's fiscal woes, new pension and spending increases announced by president Erdogan in the lead-up to his recent election win have further weakened the outlook for Turkey's public finances.
The currency had spent much of 2014 hovering at just over two to the U.S. dollar but broke through the three mark for the first time after the 2016 failed coup bid and then slid to four earlier this year.
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 hit a record low of 6.24 per dollar on Friday, before recovering to 5.96, down more than 7 per cent on the day.
Turkey is front and center of the chaos on Friday, with its currency plunging to a record low against the U.S. dollar.
On Thursday, Erdogan said "If they have their dollar, we have the people, we have Allah". The rand dived more than 1.10% on a lack of risk appetite, whereas the Turkish lira is the talk of the town after plunging an astonishing 10%.
Meanwhile, new Treasury and Finance Minister Berat Albayrak, also the president's son-in-law, previewed a new economic program for the country.