President TrumpDonald John TrumpKobach agrees to recuse himself from vote counting in Kansas GOP primary NFL players kneel during national anthem before first preseason game Schiff blasts GOP for Russian Federation probe conduct: "That's how you obstruct an investigation, not how you conduct one" MORE said Friday that the USA will also double tariffs on steel and aluminum imported from Turkey as relations between the North Atlantic Treaty Organisation allies worsen.
He does have an understandable reason: Turkey has been holding an American pastor captive for 21 months, on grounds that the preacher was involved in the failed coup attempt against Turkish president Recep Tayyip Erdogan in 2016.
Turkey and the USA are now experiencing rocky relations following Washington's imposition of sanctions on Interior Minister Suleyman Soylu and Justice Minister Abdulhamit Gul for not releasing American Pastor Andrew Brunson, who faces terrorism charges in Turkey.
Turkey vowed retaliation "without delay" and warned the move would further harm relations between the two allies.
Turkey's currency has nosedived amid concerns about the country's economic policies and its dispute with the US. He urged Turkish citizens to immediately exchange their gold and dollars for lira.
'This is a national, domestic battle.
Mr Erdogan appealed for calm and renewed a call on people to change foreign money into local lira.More news: China continues 'fair and lawful' business in Iran, despite US sanctions
The ZAR appears to have plummeted just as the Turkish Lira took another leg lower around about the time United States markets opened for trade. The lira, which had already lost one-third of its value this year largely over worries about Erdoğan's wider control of the economy, is at a fresh record low, at one point losing 18%, its biggest fall since 2001.
The latest escalation between Ankara and Washington was denounced by the Turkish press, with pro-government daily Sabah saying "the currency attack" was no different from the attempted coup of July 2016.
Turkey wants the USA to extradite cleric Fethullah Gulen, a Pennsylvania-based cleric who Turkish authorities say masterminded the coup attempt in which 250 people were killed.
Q: Why is Turkey's currency so weak?
The new duties on Turkey are double the level that Trumpimposed in March on steel and aluminum imports from a range ofcountries. Another stumbling block is the human rights issue and the arrest of American pastor Andrew Brunson by the Turkish police.
The trouble is that for all of Albayrak's talk of Central Bank independence, Erdogan is fiercely opposed to any interest rate hikes, which are widely seen as necessary to stem the bleeding.
The currency drop will also increase the cost of living for people in Turkey by making imports more expensive. "Today I am instructing my friends that we will freeze the assets of United States secretaries of justice and interior in Turkey", he said last week.
"The price of the food that I buy increases day by day, the fuel that I put in my auto to distribute lunches is more expensive, but I can not raise my prices from one day to the next, " she said. 'On some days, I end the day with a loss'.
The two governments have clashed over a range of issues including the Turkish detention of USA pastor Andrew Brunson on terrorism charges, the US -backing of Kurdish troops in Syria and Turkey's intention to buy Russian defense systems.