Erdoğan urges Turks to sell dollars and euros to support lira

The euro has dropped today after the Turkish lira ad Russian rouble plummeted

This is double the level the president imposed on a range of countries earlier this year, including European Union member states.

In the last two years, the Turkish government has increasingly used the detainment of people with US or dual citizenship to try to force the United States to give into its demands.

The U.S. exported $9.75 billion worth of goods-mostly cotton, scrap iron, steel, civilian aircraft parts, coal, and petroleum gases-to Turkey, and imported $9.42 billion worth of goods from them.

Trump announced the punitive doubling of tariffs on Twitter, with the White House saying the sanctions would take effect from August 13.

The lira slid to a fresh record low against the USA dollar.

Erdogan downplayed the currency crisis in a speech on Friday, advising Turks not to be anxious over exchange rate fluctuations. Overall, the national currency lost roughly about 40 percent of its value this year.

Turkish officials insist the outcome of Brunson's case exclusively relies on the judiciary, a claim the United States has refused to buy in the light of Erdogan's earlier suggestions to swap him with Turkish opposition exiles residing in the US.

Mr Erdogan said although the nations had been allies for decades, Turkey "now has alternatives".

"I'm not aware of any prior administration using tariffs in this way, and there's a very simple reason: because they're an incredibly blunt instrument that often can have blowback on American workers and consumers as we've seen in the China context", said Ned Price, a former Central Intelligence Agency officer who also served as a National Security Council spokesman during the Obama administration. But some investors fear the Turkish economy is growing too quickly and could face problems.

Nobel Prize-winning author VS Naipaul dies aged 85
From there he traveled to the United Kingdom and entered the University of Oxford in 1950 after winning a government scholarship. It was based on the life of his father Seepersad, who was a reporter for the Trinidad Guardian.

Erdogan has been putting pressure on the central bank not to raise interest rates in an attempt to help borrowers. Negotiations failed to achieve the desired results, prompting the Turkish government to try more aggressive tactics, regardless of their costs to the country's economy and global standing.

Turkish President Recep Tayyip Erdogan on Sunday slammed the crash of the lira amid a widening spat with the United States as a "political plot" and said his country would instead seek new markets and new allies.

President Trump's sanctions saw the Turkish lira plummet to a unsafe low, causing a financial crisis that has also threatened to destroy Europe after it triggered concerns with banks in Spain, Italy and France.

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 USA runs the risk of losing Turkey" as an ally.

The measures of the siege that started on August 6 don't really resemble those taken by the USA on Day One.

Washington earlier this month already imposed sanctions on senior Turkish officials over the Brunson case, angering Erdogan and prompting retaliatory measures by Ankara.

Andrew Craig Brunson, an evangelical pastor from Black Mountain, North Carolina, arrives at his house in Izmir, Turkey, July 25, 2018.

Trump's "jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful", Zarif wrote on Twitter.

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

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