Turkey's currency fell Friday after its economy was rattled by the United States' move to slap the country with more tariffs.
Fears over contagion even pushed global equity markets lower, with some European banks coming under heavy selling pressure due to their exposure to Turkey.
"We are preparing to trade in our local currencies with the countries that we have the largest trade volume such as China, Russia, Iran, and Ukraine".
The lira tumbled 14 per cent Friday, to 6.51 per USA dollar, a massive move for a currency that will make Turkish residents poorer and further erode worldwide investors' confidence in the country.
Donald Trump took to Twitter yesterday to boast about the value of the dollar against the lira.More news: Torchlight Frontiers announced | PC
"Our relations with Turkey are not good at this time!" hewrote". -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 destabilizing an already volatile region.
"Aluminum will now be 20% and Steel 50%", President Donald Trump tweeted". The White House said he had authorised them under Section 232 of United States trade law, which allows for tariffs on national security grounds.
Turkey remains at loggerheads with the US over the detention of American pastor Andrew Brunson and a host of other issues.
Turkish authorities have demanded that he be extradited, something American officials have dismissed.
He also condemned as "unacceptable, irrational and ultimately detrimental", the sanctions imposed by the U.S. on several Turkish cabinet members over the Brunson issue. 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", he told a crowd in the northeastern city of Bayburt. "Relations with countries who behave like this have reached a point beyond salvaging", said Erdogan, who warned of "economic war".
"At a time when evil continues to lurk around the world, unilateral actions against Turkey by the United States, our ally of decades, will only serve to undermine American interests and security", Erdogan said in the article.More news: British pound falls lower against dollar, euro
Washington "must give up the misguided notion that our relationship can be asymmetrical", he said in the opinion piece.
The news comes as Erdogan warned the USA that Turkey will seek "new friends and allies" in an editorial published in the New York Times today, urging them to respect Turkish sovereignty "before it's too late".
"The US and Turkey are breaking up". It is host to an X-band radar, a critical part of the Western alliance's missile defence system again Iran.
Erdogan has said Turkey was not afraid of "threats" and will find "alternatives" for economic cooperation in many places "from Iran, to Russian Federation, to China and some European countries".
Erdogan said those who plotted against Turkey in a failed coup attempt in July 2016 were now trying to target the country through its economy, and pledged to fight back.
Calling on the US, Erdogan said: "It is a shame". Gulen denies the allegation.More news: Paleontologists Find Extraordinary Set of Mega-Shark Teeth in Australia | Paleontology
Andrew Brunson has been in Turkish custody since 2016, when he was arrested on charges of terrorism and support of a group held responsible for an attempted coup of Turkish President Recep Tayyip Erdogan.
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