Wrong of United States to threaten Turkey, says Erdogan

Turkish delegation returns home after meeting in US

In a separate opinion piece in the pro-government newspaper Daily Sabah, Erdogan's spokesman Ibrahim Kalin said Turkey's efforts to solve the crisis with diplomatic methods had been dismissed by the Trump administration, warning that "the US runs the risk of losing Turkey" as an ally.

The lira tumbled 16 percent against the dollar on Friday.

After the US President's tweet, shares of Turkish steelmakers Kardemir and Erdemir plunged as much as eight percent and 9.9 percent respectively.

The detention of Andrew Brunson, who is facing trial on charges related to a failed 2016 coup in Turkey, has caused a major setback in relations between the two North Atlantic Treaty Organisation allies. The U.S. has already imposed financial sanctions on two Turkish ministers and has warned there could be more measures - the doubling of tariffs might be that move.

After inconclusive talks this week on solving the spat, Mr Trump took advantage of Turkey's turmoil to turn the screws on the country.

The lira dropped by 17 percent against the United States dollar at one point on Friday, which has people anxious that Turkey's crisis could harm worldwide markets.

He declared: "Our relations with Turkey are not good at this time!". Aluminium will now be 20% and Steel 50%.

Relations are also tense because of new U.S. The lira fell further after Mr Trump's tweet.

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The president is "not happy with Turkey's decision not to release Pastor [Brunson]", White House press secretary Sarah Sanders said.

The Turkish foreign ministry hit back at Trump's comments, saying that the "only result will be harming our relationship" and vowing unspecified retaliation. According to a source in Erdogan's office, the two said they were pleased with the positive direction in their economic and trade ties and with the ongoing cooperation in the energy and defense sectors.

But Erdogan said Turks should not be alarmed by exchange rate movements.

"The country is neither crumbling, nor being destroyed or bankrupt or in a crisis", he said, and added that the way out of the "currency plot" was to boost production and "minimise interest rates".

The euro slid sharply against the dollar after the announcement as it was reported that the European Central Bank was concerned about the performance of the lira and the impact it was having on European financial institutions. But since adopting increased powers, Mr Erdogan appears to have greater control over the bank as well. The price of the lira dropped significantly immediately after he spoke.

On Friday, Erdogan asked Turkish citizens to sell off their gold and dollars and exchange them for the lira, in an attempt to prop up the currency.

"They tell us to release the priest by Wednesday 6:00 pm, otherwise the sanctions will begin", said Erdogan, adding Turkey was not a country to agree to such requests.

The defiant tone and war rhetoric only hurt the lira more, before Erdogan's finance chief and son-in-law, Berat Albayrak, tried to ease investor concerns during a conference, saying the government would safeguard the independence of the central bank.

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