‘If they have dollar, we have our Allah’: Erdogan

Devlet Bahçel urged Turkey not to release the detained American pastor

The lira has always been falling on worries about Mr Erdogan's influence over monetary policy and worsening relations with the United States.

The lira dropped by over 11 percent in value in one day on Friday morning to almost six lira per dollar.

Far worse than that, though, is this has also sent Turkey's currency on a downward spiral that threatens to destroy its entire economy. The Nasdaq composite was down more than 0.8 percent as technology stocks also dropped.

"The Turkish Lira is in a state of crisis, as a result of investor confidence in Turkish assets remaining at alarmingly low levels", said Jameel Ahmad, Global Head of Currency Strategy & Market Research at FXTM.

A plunge in the Turkish lira rocked global equities and emerging markets on Friday and fear of more turmoil sent investors scurrying for safety in assets like the yen and USA government bonds.

In 2017, 19 billion dollars worth of goods were traded between the US and Turkey.

Donald Trump has today announced massive increases to tariffs against Turkey as its currency the lira continues to plummet. Some 4 million displaced people, most them from Syria, are now living in Turkey. Financial upheaval there risks further destabilising an already volatile region.

Erdogan said the two countries have been strategic partners and North Atlantic Treaty Organisation allies for six decades and reminded Washington that Turkey and the United States "stood shoulder to shoulder against common challenges during the Cold War and its aftermath".

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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. Turkish aluminum will now be taxed at 50% and steel at 20%, essentially pricing Turkish metals out of the US markets. The president launched his steel and aluminum tariffs on the grounds that maintaining a robust domestic metal industry was a core national-security interest of the United States, and that competition with metal imports was threatening to drive said industry into extinction.

"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.

Washington has demanded the pastor's release and imposed financial sanctions on two Turkish ministers and warned of additional measures. But some investors fear the Turkish economy is growing too quickly and could face problems.

"If you have dollars, euros or gold under your pillow, go to banks to exchange them for Turkish lira". Companies were "being unfairly punished for participating in worldwide trade", she said.

The Turkish president took aim at the United States in his address, claiming "some countries have engaged in behaviour that protects coup plotters and knows no laws or justice".

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". It is host to an X-band radar, a critical part of the Western alliance's missile defence system again Iran.

In what appears to be a diplomatic riposte, Turkey later said Erdogan had held a phone call with Russian President Vladimir Putin to discuss economic ties. Gulen has denied the allegation. Turkey wants Brunson to stand trial. His cause resonates with Christian conservative supporters of Trump, who could be influential as Republicans seek to retain control of Congress in midterm elections in November. Earlier this month, the U.S. slapped sanctions against Turkey's ministers of justice and interior in response to Brunson's detention.

Halkbank has said that all of its transactions were lawful.

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