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Earlier on Friday, Trump ramped up his attack on Turkey by doubling USA tariffs on Turkish aluminium and steel imports to 20 percent and 50 percent, respectively.

The White House said Mr Trump had authorised them under a section of United States trade law that allows for tariffs on national security grounds. Turkish aluminum will now be taxed at 50% and steel at 20%, essentially pricing Turkish metals out of the US markets.

On Friday, President Trump announced that he will double America's metal tariffs on Turkey - despite the fact that he has no good reason for doing so.

The lira fell as low as 6.75 to the dollar, down a whopping 14 percent on the day and 41 percent since the start of the year as investors worry about the country's economic policies and a dispute with the United States that has led to sanctions and new tariffs.

"If you have dollars, euros or gold under your pillow, go to banks to exchange them for Turkish lira".

Recep Tayyip Erdoğan tried to restore confidence in the Turkish lira after it plunged by more than 20% against the dollar on Friday.

Erdogan won re-election in June and has secured an empowered presidency, leaving him freer to confront the country's economic challenges. Investors in Turkey are also anxious about President Erdogan's interference in the country's central bank.

Erdogan appealed to a crowd in the city of Bayburt to exchange dollars and gold for Turkish lira to prop up the plunging currency. Then there is the fact that Turkey has detained a U.S. pastor on terrorism charges which has further angered the United States administration and led to sanctions on two Turkish government officials. The Nasdaq composite was down more than 0.8 percent as technology stocks also dropped.

Meanwhile, markets are deeply concerned over the direction of economic policy under Erdogan, with inflation at almost 16 percent but the central bank reluctant to raise rates in response.

Trump's action on Friday indicates he is willing to use his presidential powers as an economic and diplomatic weapon, even against allies, the Wall Street Journal reported. "Turkey will fight economic hitmen just as it fought the coup plotters".

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The CDS surge shows investors are betting Turkey will now have more trouble paying its debt and is a good barometer for investor fears who now rank Turkey more risky than Greece.

Such factors could lead regulators to ask a bank like UniCredit - which is exposed to both Turkey and Russian Federation - to set aside more capital against those risks, Credit Suisse Group AG analysts led by Carlo Tommaselli said in a note.

On Friday, the euro sagged to a 13-month low against the dollar, down 0.7 per cent to $1.1450, after the Financial Times reported that the European Central Bank was anxious about possible losses at eurozone banks operating in Turkey.

Andrew Brunson has been in Turkish custody since 2016, when he was arrested on charges of terrorism and support of a group held responsible for an attempted coup of Turkish President Recep Tayyip Erdogan.

A year ago, there were 3.5 liras to the United States dollar.

The lira fell 7% against the dollar to 5.9655 on Friday morning after hitting an all-time low earlier in the session.

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

"Don't forget, if they have their dollars, we have our people, our God", he said.

One of the hard issues affecting U.S.

Treasury and Finance Minister Berat Albayrak - who is Erdogan's son-in-law - was scheduled later on Friday to outline a 'new economic model'. He seems to see Turkey's collapsing currency not as an existential threat to their economy they are trying to forestall, but rather as something they actively want to try to make their exports more competitive.


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