One US dollar bought 5.57 lira during evening trading yesterday
12 August, 2018, 18:44
Also on Friday, relations between the United States and Turkey have worsened over the fundamentalist Muslim-majority country's detention of American pastor Andrew Brunson, who was arrested by authorities during a post-military coup attempt in 2016.
Trump, who had secured the release of a Turkish woman activist being held by Israel and just days earlier he had been exchanging fist bumps with Erdogan at a North Atlantic Treaty Organisation summit in Brussels, took it as a personal affront.
Bank shares across Europe fell and the euro slipped to its lowest since July 2017 as the Financial Times quoted sources as saying the European Central Bank was concerned about European lenders' exposure to Turkey. Its currency is plunging and Turkey is also in a diplomatic spat with the USA, a major trading partner.
US President Donald Trump said on Friday he had doubled steel and aluminium tariffs on Turkey, adding to pressure on its troubled economy amid a diplomatic row with Washington.
The lira tumbled 16 percent against the dollar on Friday.
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, global concern over President Recep Tayyip Erdogan's push to amass power, and a souring in relations with allies like the U.S. Financial upheaval risks further destabilizing an already volatile region.
The United States is the biggest destination for Turkish steel exports, with 11 percent of the Turkish export volume.
The White House said Mr Trump had authorised them under a section of United States trade law that allows for tariffs on national security grounds.
"We are gearing up for trade in national currencies with China, Russia, Iran, Ukraine, which account for the largest bilateral trade volume".
The currency drop is particularly painful for Turkey because the country finances a lot of its economic growth with foreign investment.
The Canadian dollar weakened to a more-than two-week low against its USA counterpart as geopolitical risk rattled global financial markets, offsetting stronger-than-expected domestic jobs data.
Despite Trump's insistence, Turkey has not budged in freeing American pastor Andrew Brunson, who has been detained by Turkey for nearly two years on charges that he was working with a terrorist organization and was a spy.
"If you have dollars, euros or gold under your pillow, go to banks to exchange them for Turkish lira".
Ankara blames for an attempted coup in 2016.
Although Erdogan struck a defiant tone, his foreign ministry called for diplomacy and dialogue to solve problems with Washington and Trade Minister Ruhsar Pekcan said "we implore President Trump to return to the negotiating table".
His cause resonates with Trump's Christian conservative supporters, who could be influential as Republicans seek to retain control of Congress in midterm elections in November. Trump tweeted Friday morning.
Erdogan has blamed outside forces for trying to bring down Turkey's economy.
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Those new tariffs, totaling US$16b, will be levied against 279 products, including motorcycles, steam turbines and railway cars. The Chinese Commerce Ministry responded to the latest United States tariffs by releasing the list of goods to be targeted.
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