United States waging "economic war" against Turkey

One US dollar bought 5.57 lira during evening trading yesterday

The U.S. dollar index surged against most other major currencies in late trading on Friday, as U.S. President Donald Trump authorized doubling of the tariffs on steel and aluminum products from Turkey to 50 percent and 20 percent respectively.

On Friday the currency dropped as much as 18 percent at onepoint, the biggest one-day fall since a 2001 financial crisis inTurkey.

Turkey's currency crisis has lurched on to the global stage, denting European and USA stocks as fears of contagion rise. United States stocks were also rattled.

The Lira has lost almost a third of its value this year, as relations with the United States have become increasingly strained.

President Trump said Friday that he told his administration to double steel and aluminum tariffs against Turkey, reflecting the rapidly deteriorating state of relations between the two countries. What possible reason could there be behind the lira, which was at 2.8 against dollar on July 15, 2016, to slide below 6 yesterday? "Our relations with Turkey are not good at this time!" he said.

Turkey's financial crisis and further US pressure spurred more concern among investors as fears appeared to spread to American markets.

Relations between Washington and Turkish President Recep Tayyip Erdogan also have worsened because of the detention of three locally employed U.S. consular workers, trade matters and differences over Syria.

"Aluminium will now be 20 percent and Steel 50 percent".

Turkey's trade minister says Turkey is "deeply disappointed" by the decision.

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

"These are the bullets, cannonballs and missiles of an economic war waged against our country", he said. "If European countries want to get rid of the dollar pressure, we are ready to create a similar system with them", Anadolu Agency quotes him as saying.

"This treatment by America of its strategic partner has annoyed us, it has upset us", Mr Erdogan said.

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

In retaliation, Turkey imposed additional tariffs worth 266.5 million USA dollars on US goods in June. "We care about the law, the language of the law", he said about the U.S. policy during a rally in the Black Sea city of Ordu hit by floods that harmed hundreds of homes and businesses.

The two North Atlantic Treaty Organisation members are at odds on a number of issues - how to fight the Islamic State group, Ankara's plans to buy Russian missile defence systems, and how to punish the alleged plotters of a failed coup in Turkey in 2016.

In the New York Times article, Erdogan said: "Attempting to force my government to intervene in the judicial process is not in line with our Constitution or our shared democratic values".

Paul Greer at Fidelity International said dramatic interventions were now needed as Turkey faced a "downward spiral" of investor confidence.

Harsher US tariffs were likely to punish Turkey's already faltering steel exports to the United States.

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