Trump OKs stiffer tariffs on Turkish metals as lira plummets

Erdogan warns of campaign against Turkey as lira plummets

Erdogan warns of campaign against Turkey as lira plummets

Trump intensified the alarm on financial markets with his new tweet doubling the tariffs, noting for good measure the lira was sliding "rapidly downward against our very strong Dollar!".

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.

Relations between the two North Atlantic Treaty Organisation allies have sunk to their lowest point in decades over a number of issues including the detention of USA pastor Andrew Brunson on terror-related charges, prompting the Turkish lira to hit record lows against the dollar.

Mr Erdogan said although the nations had been allies for decades, Turkey "now has alternatives". "Washington feels that President Erdogan is moving out of the U.S. orbit, and has raised the issue of religious missionaries that is Turkey and is accused of collaborating with the people in the coup".

Turkish President Tayyip Erdogan told Turks to sell their gold and dollars to support the crumbling lira. "It is a national fight", he told a crowd in the northeastern city of Bayburt.

Erdoğan attempted to downplay economic concerns by telling Turks "not to worry", telling supporters they were in an "economic war" and to convert their dollars and "gold under the pillow" into lira.

Spot gathered further upside traction following another wave of selling pressure hitting the Turkish Lira.

Turkish lira fell to an all-time low against the dollar yesterday, making it worth about 16 cents.

The Turkish lira hit record lows against the dollar on Saturday as the country faces an "economic war" against the US.

The latest escalation came as Turkey's Economy Minister Berat Albayrak, who is Erdogan's son-in-law and a trusted lieutenant, unveiled what was touted as a new economic plan, pledging Central Bank independence, tighter budget discipline and sustainable and healthy growth.

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Analysts suggest Erdogan could have Washington in mind, given Ankara is demanding the extradition of US -based Turkish cleric Fethullah Gulen, who is blamed for masterminding the botched 2016 military takeover.

"If they have their dollar, we have the people, we have Allah, " he said.

"When it comes to cornering Turkey to extract certain concessions that undermine our sovereign rights, it is a whole another story". Furthermore, consternation in the U.S. Congress has led to a nascent bill that could limit Turkey's ability to obtain loans from any U.S. -based financial institutions. Turkish aluminum will now be taxed at 50% and steel at 20%, essentially pricing Turkish metals out of the US markets.

The US decision is another salvo in the growing dispute between it and Turkey.

Andrew Brunson, an American pastor, living in Izmir, Turkey.

Erdogan retaliated last weekend with sanctions of his own against the American counterparts of the sanctioned Turkish ministers.

"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. Hard currency debt issued by Turkish banks suffered similar falls.

Coupled with an inflation rate of almost 16 percent, that could cause a lot of damage to the local economy.

"The price of the food that I buy increases day by day, the fuel that I put in my vehicle to distribute lunches is more expensive, but I can not raise my prices from one day to the next, " she said.

But analysts say that while there may be losses at banks, Turkey's economic problems do not pose a big threat to Europe or other big economies, like the United States.

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