Turkish president: United States set deadline to release detained pastor

A vendor gets a five Euro bank note from a customer at the central market in Athens

The Turkish lira took a massive hit against the dollar on Friday following Trump's decision to double tariffs on aluminum and steel imports from Turkey to 20 percent and 50 percent.

In an interview with Hurriyet newspaper published online, Albayrak described the lira's weakness as "an attack", echoing President Tayyip Erdogan - who is his father-in-law - and said the action plan was ready.

And the Brunson case is just one of many bones of contention between Turkey and the United States, ranging from Syria to Ankara's increasingly cosy relationship with Moscow. At the same time, it has continued the deterioration of Turkey's relations with its partners and allies, foremost the United States.

LMoreover, El-Diwany said that the Turkish market gets an advantage in the exportation markets, which both Egypt and Turkey export the same products for, explaining, "Egypt can not well compete with Turkey in exporting textiles to the same markets, as the Lira is now down, hence prices will be lower than before".

Turkish President Recep Tayyip Erdogan has said the lira's drop is a "political plot" against Ankara, and his country will begin to seek for new partners.

US President Donald Trump on Friday announced the US was doubling tariffs on steel and aluminium imports from Turkey, saying relations with Ankara were "not good at this time". The lira's plunge to a record low and fears of a contagion sparked tremors through global markets, dragging a gauge for emerging-market currencies down on Friday to the lowest in more than a year.

Trump administration officials said the tariffs were meant to boost the domestic steel and aluminum industry.

The White House said Mr Trump had authorised them under a section of U.S. trade law that allows for tariffs on national security grounds.

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

The 50-year-old American pastor, who has been charged with "committing crimes on behalf of terror groups", was moved out of prison last month and placed under house arrest.

After losing around 18% against the United States dollar on Friday the lira plunged another 10% as Asian currency markets opened on Monday at 7am AEST.

The lira sell-off deepened concern over whether over-indebted Turkish companies will be able to pay back loans taken out in euros and dollars after years of overseas borrowing to fund a construction boom under Erdogan. Gulen denies the allegation.

Andrew Craig Brunson, an evangelical pastor from Black Mountain, North Carolina, arrives at his house in Izmir, Turkey, in July.

Last week, a Turkish delegation went to Washington and met American counterparts but there was no breakthrough.

According to the Wall Street Journal, the fall in the TRY in the face of increased U.S. tariffs on aluminum and steel raises uncertainty for investors in emerging markets.

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