Erdogan vows to defy US ‘threats’ after currency crash

At midday: Turkey turmoil rocks world stock markets

"It is wrong to dare bring Turkey to its knees through threats over a pastor", Mr Erdogan told supporters.

Aluminium will now be 20 percent and Steel 50 percent. In all, private companies in Turkey sit on a pile of debt equivalent to about 40% of GDP and in the past year several of the country's biggest respected conglomerates have requested restructurings of billions of dollars in foreign debt.

But the pastor is only one of a number of issues dividing the two North Atlantic Treaty Organisation allies, including policy on Syria and Mr Erdogan's growing ties with Russian Federation.

While Turkey's economy is only the 17th largest in the world, there are a number of concerns that Trump's latest trade war is only further disrupting global commerce, damaging longtime alliances, and threatening global economic growth. "If there are dollars under your pillow, take these out". If there are euros, take these out.

He appeared to blame foreigners for trying to hurt Turkey, saying: "This will be my people's response against those waging an economic war against us".

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 U.S. manufacturing production and exports.

Trump stated in an inflammatory tweet that the Turkish lira was weak against "our very strong dollar", adding that "US relations with Turkey are not good at this time".

Turkish President Recep Tayyip Erdogan has rejected "threatening language" of the U.S. administration.

"Unfortunately, our efforts to reverse this risky trend proved futile".

"The US runs the risk of losing Turkey as a whole".

The president has declared that American importers' reliance on foreign metals poses a national security risk to the United States, and he also has increased the cost of these imports on Japan, Turkey and members of the European Union, the paper reported.

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The penalties also bar any U.S. transactions with the two men.

Erdogan Friday held telephone talks with Russian President Vladimir Putin, discussing economic and trade issues as well as the Syria crisis.

Still, he went on to state Turkey acted on its own in the past despite USA objections, such as in its invasions of Northern Cyprus in 1974 and Afrin this year in Syrian Kurdistan.

Some US officials say Turkey is holding Brunson as a bargaining chip after an executive at Turkey's state-owned Halkbank was convicted and imprisoned in the United States in May for helping Iran evade US sanctions.

"The markets have lost confidence in the triumvirate of President Erdogan, his son-in-law as finance minister and the Turkish Central Bank's ability to act as it needs to", said Charles Robertson, global chief economist at Renaissance Capital.

What are Mr Erdogan's latest comments?

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

"Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies".

Turkey's currency crisis spilled loudly on to the global stage Friday as other markets, including U.S. stocks, took at hit from concern about financial contagion to other countries and banks.

Turkey entered a full-blown financial meltdown on Friday, after President Recep Tayyip Erdogan declared his refusal to bow to United States political demands and market pressures. However, Erdogan has shown no sign of backing down.

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