Turkish lira continues downward spiral, hits new record low

Turkey fails to resolve disputes with US

President Donald Trump broke the news on social media that he authorized the doubling of existing steel and aluminum duties on imports from Turkey.

U.S. President Donald Trump said he's authorized doubling some metals tariffs on Turkey, citing poor relations with the North Atlantic Treaty Organisation ally amid an escalating conflict over its detention of an American pastor.

Trump announced the action Friday on Twitter.

"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".

"While Turkey's fundamental challenges are numerous, there are plenty of straightforward textbook solutions.an aggressive interest rate hike from the Central Bank would be a good start, something of the order of +1,000bp that Argentina delivered back in May would be appropriate at this juncture". Washington slapped tariffs of 25 percent on steel and 10 percent on aluminum in March for imports from several countries, including Turkey.

President Donald Trump's decision to double US tariffs on steel and aluminum imports from Turkey is "brutal", director of the European Council on Foreign Relations said.

The Turkish president called on Turks to exchange dollars, euros and gold for Turkish lira.

Turkish President Recep Tayyip Erdogan is appealing for calm as the country's currency plunges, urging people to change foreign money into local lira.

The Turkish President, Recep Tayyip Erdogan, took a combative stance in an earlier press conference, pledging to "overcome this economic war".

The currency dropped as much as 18 percent at one point, the biggest one-day fall since a 2001 financial crisis in Turkey.

European shares and a gauge of global equity markets closed down more than 1 percent, while Wall Street also fell, though not as much. U.S. President Donald Trump introduced a round of sanctions on August 1, preventing the Turkish justice an interior ministries from doing business with U.S. businesses. But this seems less likely as Erdogan and his mouthpieces in the media cast the United States' moves as some kind of epic battle to wreck Turkey, and Trump just gave them fresh ammunition.

Turkey has arrested an American pastor and put him on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago. One U.S. dollar traded at 5.96 lira by 2:15 p.m.

Emerging market currencies are ending the week with a brutal sea of red across the board, with consistent losses throughout Asia, while the South African rand and Turkish lira are leading the way with losses within the EMEA.

He said that the decision "demonstrates that the USA is not behaving rationally and is not showing patience when it is needed".

Erdogan's decision to name his son-in-law as finance minister also made people wonder about the direction of the country's economic policy.

A delegation of Turkish officials held discussions with their counterparts in Washington this week but there was no sign of a breakthrough.

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!".

Turkey's woes have been aggravated by investor worries about the economic policies of Erdogan, who won a new term in office in June with sweeping new powers.

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