Trump OKs stiffer tariffs on Turkish metals as lira plummets

Euro vs US Dollar Chart- 5min

Euro vs US Dollar Chart- 5min

The Turkish lira briefly dropped to a record low on Friday, amid concern over the economic policies of President Recep Tayyip Erdogan, as well as the diplomatic row with the U.S.

"Aluminum will now be 20% and Steel 50%".

Turkey said it would respond to the new US tariff action "without delay" and warned the move would further harm relations between the two countries. He did not specify any countries.

Markets InsiderAs a result of the ensuing panic, the dollar strengthened sharply against major currencies as global investors sought a safe-haven, something that runs directly against Trump's professed efforts to boost USA manufacturing production and exports.

He also said increasing production, exports and employment was the best response to the country's challenges.

"Interest rates should be kept to a minimum because they are a tool of exploitation that makes the poor poorer and the rich richer", he said.

Erdogan downplayed the currency crisis in a speech on Friday, advising Turks not to be anxious over exchange rate fluctuations.

The latest escalation between Ankara and Washington was denounced by the Turkish press, with pro-government daily Sabah saying "the currency attack" was no different from the attempted coup of July 2016.

A Turkish delegation met with officials from the departments of State and Treasury earlier this week as both sides sought a way out of the rising tensions.

Washington is in a standoff with Ankara over the imprisonment and house arrest of American pastor Andrew Brunson.

He once again called on Turks to sell dollars and euros to prop up the plunging national currency.

Turkey says doubled tariffs on Turkish steel and aluminium announced by US President Donald Trump are against the rules of the World Trade Organisation (WTO). -Turkish relationship, a deterioration made worse by Turkey's worsening human rights record and increased cooperation with Russian Federation and Iran in Syria. Financial upheaval risks further destabilising an already volatile region.

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.

Ash continued: "I don't think you can understate the geopolitical significance".

Turkey's woes have been aggravated by investor worries about the economic policies of Mr Erdogan, who won a new term in office in June with sweeping new powers.

He has said Turkey's economy remains strong, noting a 7.4 percent growth rate in the first three months of this year.

On Thursday, Erdogan said "If they have their dollar, we have the people, we have Allah".

Turkey wants the U.S. to extradite cleric Fethullah Gulen, a Pennsylvania-based cleric who Turkish authorities say masterminded the coup attempt in which 250 people were killed.

Ankara had already taken measures to respond and will continue doing so, he added.

Nationalist Movement Party (MHP) leader Devlet Bahçeli said: "Economic terror is being created on the pretext of a pastor".

"If there are dollars under your pillow, take these out".

Trump is also declaring that, "Our relations with Turkey are not good at this time!".

Washington "must give up the misguided notion that our relationship can be asymmetrical", he said in the opinion piece.

Turkey was one of the countries which attracted considerable foreign investor interest when a loose United States monetary policy unleashed waves of liquidity.

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