Trump's new tariffs on Turkey are actually benefiting Russian Federation

Turkish President Recep Tayyip Erdogan arrives at the 2018 NATO Summit at NATO headquarters in Brussels Belgium

The Turkish unit of currency, the lira, has been dropping due both to the policies of Turkish President Recep Tayyip Erdogan and that country's souring relationship with the United States.

Erdogan promised supporters that Turkey was taking the necessary precautions to protect its economy but added "the most important thing is breaking the hands firing these weapons".

"It is wrong to dare bring Turkey to its knees through threats over a pastor", Erdogan said in the Black Sea town of Unye. "This treatment by America of its strategic partner has annoyed us, it has upset us".

Pastor Andrew Brunson is on trial on espionage and terror-related charges related to a failed 2016 coup attempt, which he and the USA government adamantly deny. "Immediately give these to the banks and convert to Turkish lira and by doing this, we fight this war of independence and the future", he said.

Tariffs on Turkish aluminum are to be increased to 20 percent and steel tariffs are to be moved up to 50 percent, according to Trump.

Looking at early signs of stress in the banks' dollar bond yields, he concluded: "One possibility is that investors have become concerned that United States sanctions could expand to include the banking sector, adding a premium to the yield on Turkish banks' bonds".

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

Erdogan said Turkey acted in accordance with the law, saying: "We have not made concessions on justice so far, and we will never make any".

"They say we will not give this or that". Banks have exposure to Turkey saw their stocks slide, as worries over economic chaos continued.

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The prospect of a deal for Brunson's release appeared high as Turkish officials traveled to Washington this week, but the deal apparently fell apart over last-minute Turkish demands.

"The dollar, the mollar, will not cut our path", said Erdogan using a figure of speech he repeatedly uses to mock something.

A wave of selling in Turkey's currency was seen with the Lira hitting a record low.

At 8.47 a.m. Eastern time - 3:47 p.m.in Turkey - Trump had turned to Twitter to announce that he would be doubling steel and aluminum sanctions on Turkey. In all, private companies in Turkey sit on a pile of debt equivalent to about 40% of GDP and in the past year several of the country's biggest respected conglomerates have requested restructurings of billions of dollars in foreign debt.

Last week, the United States implemented punitive sanctions on two members of the Turkish cabinet and warned of further measures to come.

The New York Times suggested that Trump could also be trying to offset the effects of Turkey's weakened currency on the existing tariffs.

On Friday, as the Lira plunged and the US imposed its higher sanctions on Turkey, Turkish President Erdogan and Russian President Vladimir Putin spoke on the phone.

In what appears to be a diplomatic riposte, Turkey later said Erdoğan had held a phone call with Russian president Vladimir Putin to discuss economic ties, suggesting it might gravitate further away from its North Atlantic Treaty Organisation allies toward cooperation with Russia, whose relations with the west are at their lowest since the cold war.

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