Turkey 'implores' Trump to return to table on tariffs

Lira crashes as US slaps tariffs on Turkey

President Donald Trump announced Friday that he is doubling tariffs on steel and aluminum from Turkey amid heightened tensions between the two nations.

Turkey and the United States are now experiencing rocky relations after the USA imposed sanctions last Wednesday on two Turkish ministers over the continued detention of U.S. pastor Andrew Brunson, who faces terrorism charges and up to 35 years in prison if found guilty.

"President Trump's refusal to accommodate Turkey is a remarkable departure from previous policy practices", said Jack Ablin, chief investment officer at Cresset Wealth Advisors, who added that he would be gauging the extent of a spillover into other emerging markets and European banks.

"Our relations with Turkey are not good at this time!" he said in an early morning post.

The White House said Trump would use a section of US law that allows for tariffs on national security grounds to impose the increased duties.

Erdogan has cast the recent slide in the lira as a war and without naming countries said supporters of a failed military coup two years ago, which Ankara says was organized by a US -based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago.

The United States has denied Turkey's request for deporting Fethullah Gulen, a US -based Turkish cleric who Ankara says is the main perpetrator of the 2016 coup.

The president added, "Aluminum will now be 20% and Steel 50%".

Meanwhile, concerns of the US-Turkey spat went beyond Turkey's borders as Financial Times reported that the European Central Bank (ECB) has become concerned about the exposure of some of the currency area's biggest lenders to Turkey in light of Turkish lira's dramatic fall.

Mr Erdogan reportedly said his government "will not lose the economic war".

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"The real losers of decisions taken by the United States administration are producers, private sector, and exporters of both countries", the statement concluded.

Turkey exported about 500,000 tons to the U.S.in the five months to May, compared with more than 1 million tons in the same period previous year, according to data from the U.S. Census bureau.

In a bid to ease investor concerns about Turkey's economic policy, the country's finance minister says the government will safeguard the independence of the central bank. "This is a national, domestic battle", he told a crowd in the northeastern city of Bayburt.

A spokesman for Ankara's foreign ministry said it would retaliate against the tariffs as it has done so far.

New Finance Minister Berat Albayrak - Erdogan's son-in-law - has promised stronger budget discipline and a priority on structural reforms.

He appeared to blame foreigners for trying to hurt Turkey, saying: "This will be my people's response against those waging an economic war against us".

Erdogan has been putting pressure on the central bank to not raise interest rates in order to keep fueling economic growth.

Noting that Turkey is moving away from North Atlantic Treaty Organisation allies and toward Russian Federation and Iran, Mahaffee said, "The clash of personalities between Trump and Erdogan might be more than enough to split the historic alliance".

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday. "Don't forget, if they have their dollars, we have our people, our God".

The trade actions "threaten important energy infrastructure projects", said Catherine Landry, a vice president at trade group Interstate Natural Gas Association of America.

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