The embattled lira tumbled 16 percent against the dollar on Friday, with US President Donald Trump saying he had doubled steel and aluminum tariffs on Turkey in comments that contributed to the currency's further slide.
The US dealt Turkey and the lira a further blow in a tweet on Friday, in which Mr Trump said he had approved the doubling of tariffs on Turkish steel and aluminium.
President Donald Trump says the United States has made a decision to increase tariff rates on Turkish steel and aluminum.
Turkey's economy is regarded as fragile because of its high debt, which the global Monetary Fund estimates is 50 percent of its gross domestic product. He added, "Our relations with Turkey are not good at this time!".
President Donald Trump administration announced that it would higher the tariffs on Turkish steel and aluminum over the detainment of American evangelical pastor Andrew Brunson, who was arrested in 2016.
If there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks.
Turkey entered a full-blown financial meltdown on Friday, after President Recep Tayyip Erdogan declared his refusal to bow to US political demands and market pressures.
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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.
But while Mr Erdogan - who vowed Turkey would win the "economic war" - favours lowering borrowing costs to fuel credit growth and economic expansion, others would rather see interest rates rise.
A favourable exchange rate though can't have harmed the situation: on Friday, the U.S. dollar would buy nearly six Turkish lira; at the end of January, it would have got you less than four.
The United States placed sanctions on two Turkish officials earlier this month because of Brunson's case. Trump and Vice President Mike Pence threatened on July 26 to impose sanctions on Turkey if the pastor is not set free and allowed to return to the United States. U.S. stocks were also rattled.
The lira tumbled about 10 per cent on Friday to another record low as investors worry about Erdogan's unorthodox economic policies and USA sanctions.
Shares of Turkish steelmakers Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS and Eregli Demir ve Celik Fabrikalari TAS plunged as much as 8 per cent and 9.9 per cent, respectively, after Trump's tweet.
Erdogan urged Washington to give up the misguided notion that bilateral relations could be "asymmetrical" and realise that Turkey had alternatives "before it is too late".
The currency has lost almost a third of its value this week.
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An earlier report from industry group the American Petroleum Institute had suggested inventories fell by 6 million barrels. Indian Oil is still awaiting direction from its government on Iranian crude imports, Sharma said.
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 White House followed through on that threat on August 1 and sanctioned two top Turkish officials linked to Brunson's ordeal.
The lira fell as much as 18 per cent against the USA dollar in its worst day since Turkey's financial crisis of 2001.
Erdogan added that Washington had always "failed to understand and respect the Turkish people's concerns".
While the International Monetary Fund has a history of lending a hand to Turkey, Erdogan is wary of the organization, creating barriers to a bailout. But invoking national security is the only way to square Trump's policy with US law and WTO rules.
New Finance Minister Berat Albayrak - Erdogan's son-in-law - acknowledged that the central bank's independence was critical for the economy, promising stronger budget discipline and a priority on structural reforms.
Turkey is front and center of the chaos on Friday, with its currency plunging to a record low against the United States dollar.
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