‘If they have dollar, we have our Allah’: Erdogan

Euro vs US Dollar Chart- 5min

Relations between the two countries deteriorated in the wake of US President Donald Trump's decision to increase tariffs on Turkish aluminum and steel to 20% and 50% respectively.

Trump announced the action Friday on Twitter.

Mr Trump tweeted that he had authorised the doubling of steel and aluminium tariffs "with respect to Turkey". Import taxes for aluminum will be 20 percent.

Last week, a Turkish delegation went to Washington and met US counterparts but there was no breakthrough.

Trump's announcement saw the Turkish lira drop even further, crashing to a 19 percent daily loss against the greenback.

Turkey's President Recep Tayyip Erdogan in Rize spoke of Turkey's plans to trade in local currencies with some countries.

This year, it lost more than 40 per cent.

The June 24 vote formally instated an executive presidential system, institutionalizing re-elected President Recep Tayyip Erdogan's one-man rule.

His assurance came after Turkey's president blamed the lira's plunge on a plot against the country. "Don't heed them", Erdogan said Thursday.

Erdogan, who has called himself the "enemy of interest rates", wants cheap credit from banks to fuel growth, but investors fear the economy is overheating and could be set for a hard landing.

The nominally independent central bank has defied pressure over the last few weeks to hike interest rates in the face of high inflation and a collapsing currency.

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"This could be the most expensive pastor in world history", Sekulow said, referring to the harm being done to Turkey's economy.

President Recep Tayyip Erdogan hit back Saturday at U.S. "threats" over a detained American pastor which has escalated tensions between the two North Atlantic Treaty Organisation allies and piled pressure on the Turkish currency. -Turkish relationship, a deterioration made worse by Turkey's worsening human rights record and increased cooperation with Russian Federation and Iran in Syria.

People change money at a currency exchange office in Istanbul, Turkey, Aug. 10, 2018.

In his tweet about the new tariffs, Trump said "Our relations with Turkey are not good at this time!"

The diplomatic dispute with the U.S. was one of the triggers for the turmoil this week.

Tensions have been mounting between the two North Atlantic Treaty Organisation allies over Ankara's detention of several Americans and other diplomatic issues.

Turkey has accused Andrew Craig Brunson of spying and "committing crimes on behalf of terror groups without being a member".

The US this month imposed sanctions on two ministers over the pastor's detention, and talks to resolve the issue in Washington last week ended without result.

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

President Trump's discarding of the Iran nuclear deal is a point of contention, as well, as almost half of Turkey's oil imports come from Iran, meaning new sanctions against Iran come back and hurt the Turkish economy as well. He added that the country will continue to enjoy good economic relations with several major nations.

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