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Trump doubles steel and aluminum tariffs on Turkey
12 August 2018, 06:42 | Darnell Patrick
An investor looks at an electronic board showing stock information at a brokerage house in Shanghai China. Aly Song Reuters File
The Turkish strongman also said his country's partnership with the United States may be in jeopardy, warning Ankara could start looking for new allies in an op-ed in the New York Times. Earlier it had fallen as much as 22 per cent.
On Saturday, Erdoğan said it was a pity the U.S. was choosing Brunson over its strategic North Atlantic Treaty Organisation ally.
The tumult also affected Wall Street, which finished the week on a sour note, with the Dow Jones, S&P 500 and Nasdaq all finishing down yesterday.
The defiant tone and war rhetoric only hurt the liramore, before Erdogan's finance chief and son-in-law, Berat Albayrak, tried to ease investor concerns during a conference, saying the government would safeguard the independence of the central bank.
"If there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks", he said during an address to supporters.
Turkey, he wrote, could turn to "other friend and allies", if the USA continued its more hawkish policy vis a vis Ankara, without elaborating who those friends and allies would be.
Erdogan, whose typical defiance in the face of the crisis has further unnerved investors, appealed to Turks' patriotism and urged support for their free-falling currency.
This came in the wake of sanctions imposed by Mr Trump for Turkey's refusal to free pastor Andrew Brunson, who the nation detained on terror charges despite the insistence of the United States he is innocent.
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PresidentDonald Trumpannounced in a tweet that he would be increasing the rate of existing tariffs against Turkey, as the value of the Turkish lira plunges.
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, worldwide concern over President Recep Tayyip Erdogan's push to amass power, and a souring in relations with allies like the U.S. Inflation increased 16 percent in July, and Erdogan has insisted that interest rates not increase.
"Those who challenge a country like Turkey for the sake of petty calculations will pay a price both in our region and in their own politics", the Turkish leader said.
Turkey's currency crisis spilled loudly on to the global stage Friday as other markets, including U.S. stocks, took at hit from concern about financial contagion to other countries and banks.
On Friday, Erdogan spoke by telephone with Russian President Vladimir Putin.
It added that Trump's remarks were "not possible to reconcile with state seriousness".
Meanwhile, markets are deeply concerned over the direction of economic policy under President Recep Tayyip Erdogan, with inflation at almost 16%, but the central bank reluctant to raise rates in response.
Canada's main stock index also fell on Friday.
But Erdogan vowed there would be no easing of the law in Brunson's case, saying: "We have not made concessions on justice so far, and we will never make any". His comments suggest that the Turkish central bank does not act with full independence, CNBC reported on Friday.
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