As US and Turkey break up, experts warn of unsafe ramifications

Turkish lira plunges as President Erdogan tells citizens to sell foreign currency amid 'economic war'

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

Friday morning, President Trump tweeted about the situation with Turkey, announcing further tariffs and noting that relations between the US and Turkey are "not good". Trump wrote. "Aluminum will now be 20% and Steel 50%".

Turkey exported $1.04 billion (€0.91 billion) worth of steel and $60 billion worth of aluminum to the U.S. in 2017, according to the Hurriyet newspaper.

Officials from Mr Erdogan's office said the two men "expressed pleasure" that relations between Turkey and Russian Federation were progressing "positively" amid joint defence and energy projects. The plunge in the value of the currency coupled with an inflation rate of almost 16% could cause a lot of damage to Turkey's economy.

Turkey's iron, steel and aluminum exports to the US were $1.1 billion in 2017 - 0.7 percent of the total exports.

President Tayyip Erdogan of Turkey has told his citizens to sell their savings held in euros and dollars and buy lira in order to prop up the lira, citing an "economic war" after the country's currency has plummeted.

Turkish President Tayyip Erdogan has remained defiant despite the lira being in free fall.

"The surge in Turkish inflation, bond yields and the even more dramatic plunge in Turkey's exchange rate in 2018 suggest that the country could now be in danger of heading for a bust", Berenberg economist Carsten Hesse said. -Turkish tensions are threatening a financial crisis in Turkey.

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

The diplomatic tension and the failure of Turkish officials to persuade the United States to lift the sanctions plunged the lira to new lows this week.

The White House followed through on that threat on August 1 and sanctioned two top Turkish officials linked to Brunson's ordeal.

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The dollar rose as exposure to Turkey could impact European banks and spark a domino effect throughout Europe as people begin to pull out of those banks and into the USA, said Gregan Anderson, macroeconomic strategist at brokerage Bulltick LLC.

Erdogan called on Turks to not be concerned about exchange rate movements, mockingly declaring "the dollar, the mollar will not cut our path".

The lira TRYTOM=D3 has now lost around 40 percent this year on worries about Erdogan's influence over monetary policy and worsening relations with the United States - a relentless slide which turned to meltdown on Friday.

Erdogan, a self-described "enemy of interest rates", wants cheap credit to fuel growth, but investors fear the economy is overheating.

"However, I say it once again from here. This is a national, domestic battle", he said.

Independent analysts argue the central bank should instead raise rates to tame inflation and support the currency.

The Turkish lira has fallen more than 10% against the dollar after a Turkish delegation in Washington failed to prevent U.S. sanctions.

"Don't forget, if they have their dollars, we have our people, our God", he said.

Erdogan's decision to name his son-in-law as finance minister also made people wonder about the direction of the country's economic policy.

The day saw the lira plunge as much as 18% at one point, the biggest one-day drop since Turkey's 2001 financial crisis. Hard currency debt issued by Turkish banks suffered similar falls.

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