President Trump Authorizes Doubling of Steel and Aluminum Tariffs on Turkey

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"Aluminum will now be 20% and Steel 50%. Section 232 tariffs are imposed on imports from particular countries whose exports threaten to impair national security as defined in Section 232, independent of negotiations on trade or any other matter", it read.

This is double the level the president imposed on a range of countries earlier this year, including European Union member states.

Diplomatic relations between the United States and Turkey have declined since the failed 2016 Turkish coup.

The tweet is another salvo in the growing dispute between Turkey and the U.S.

The move against President Recep Tayyip Erdogan's government also highlights the disconnect between Turkey and the U.S.as they fail to negotiate their way out of an array of conflicts.

The Turkish Lira crashed another 2.6% versus the US Dollar on Thursday, to 5.4217 at the time of writing after peaking at a new all-time high of 5.4479 earlier on the day.

The lira has fallen more than 40 percent this year, fanning worries about a full-blown economic crisis. Further downside for the lira and weakness in domestic bank bonds could accelerate the withdrawal of wholesale funding in an economy which needs to attract overseas capital.

"US and Turkey are breaking up", Mr Cook told The National, recommending that Washington instead focuses on "how the tanking of the Lira affects other emerging market currencies, and moving to contain the contagion".

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In this file photo taken on July 11, 2018, US President Donald Trump (L) speaks with Turkey's President Recep Tayyip Erdogan (R) as they arrive for a North Atlantic Treaty Organisation summit at North Atlantic Treaty Organisation headquarters in Brussels.

Turkish President Tayyip Erdogan told a rally Friday that his country would not yield to what he called bullying and blackmail.

Turkey's benchmark one-week repo rate is now 17.75%.

Markets are deeply concerned over the direction of domestic economic policy under Erdogan with inflation at almost 16 percent but the central bank reluctant to raise rates in response.

President Erdogan's famed reluctance to tolerate higher interest rates and the timidity of the CBRT in going against him has left bondholders with dwindling value due to persistent inflation hammering their expected "real" returns.

A weaker lira means that the taxes will be less impactful.

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

Mr Erdogan also remained defiant, as he urged the Turkish people to exchange foreign currency or gold for lira.

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Get up to 5% more foreign exchange for worldwide payments by using a specialist provider to get closer to the real market rate and avoid the gaping spreads charged by your bank when providing currency. "Our relations with Turkey are not good at this time!"

The diplomatic dispute with the USA was one of the triggers for the turmoil this week.

Turkey's financial crisis and further US pressure spurred more concern among investors as fears appeared to spread to American markets. Brunson is on trial and faces up to 35 years in prison if he is found guilty.

The United States hit two high-ranking Turkish officials with sanctions after the Turkish government refused to release imprisoned Christian pastor Andrew Brunson.

A statement from the White House confirmed the president's decision to pool reporters. The White House said he had authorized them under Section 232 of US trade law, which allows for tariffs on national security grounds.

"The lira has been weakening since and it's coming to a head today", Wilson said, adding the downward spiral will continue if Turkey insists on a soft landing.

Erdogan also Friday held telephone talks with Russian President Vladimir Putin, discussing economic and trade issues as well as the Syria crisis, the Turkish presidency said. An artificially low interest rate environment has contributed to additional ongoing pressures on the Turkish lira.

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