Erdogan slams USA for preferring terrorists as partner

President Donald Trump

"The issue that global investors now need to take into consideration is that the recipe for a currency crisis in Turkey is now presenting a risk of a contagion knock-on effect across other markets", Ahmad said.

"We are once again facing a political, underhand plot".

Trump said he would double the steel and aluminum tariff rate for Turkey.

Tensions have been mounting between the two North Atlantic Treaty Organisation allies over Ankara's detention of several Americans and other diplomatic issues.

U.S. President Donald Trump on Friday ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.

In a tweet, he said he was imposing duties of 20 per cent on Turkish aluminium and 50 per cent on steel.

Relations between the two North Atlantic Treaty Organisation allies have sunk to their lowest point in decades over a string of issues including the detention of USA pastor Andrew Brunson on terror-related charges, prompting the lira to hit record lows against the dollar.

While Turkey and the United States are at odds over a host of issues, the most pressing disagreement for Trump has been the fate of American Christian pastor Andrew Brunson, who is on trial on terrorism charges for allegedly supporting a group that Ankara blames for a failed coup in 2016.

The euro slid sharply against the dollar after the announcement as it was reported that the European Central Bank was concerned about the performance of the lira and the impact it was having on European financial institutions.

It was down roughly 0.5 percent to trade at $1.146 on Friday morning.

Although the pastor's arrest has soured already-fragile ties with Washington, Erdogan said there would be no let up in Brunson's case, vowing: "We have not made concessions on justice so far, and we will never make any".

The lira has lost more than 40% this year.

Turkey's lira also plunged before recovering slightly to 6.4 against the dollar.

Although Mr Erdogan struck a defiant tone, his foreign ministry called for diplomacy and dialogue to solve problems with the US.

On Saturday, Turkish president Recep Tayyip Erdogan warned the United States that it could lose a "strategic partner", declaring a rally: "We only bow before God".

The US imposed tariffs of 25 per cent on steel and 10 per cent on aluminum in March for imports from a variety of countries.

"If you have dollars, euros or gold under your pillow, go to banks to exchange them for the Turkish lira".

Since then, its relationship with Turkey, the sixth largest steel importer to the USA, the world's biggest steel importer overall, has deteriorated, prompting Ankara to send a delegation this week to Washington to meet with both the State and Treasury Departments.

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