Erdogan calls on Turks to buy lira 'in response to economic war'

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Trump said he had authorized higher tariffs on imports from Turkey, imposing a 20 percent duty on aluminum and 50 percent one on steel.

"This innocent man of faith should be released immediately", Trump previously wrote on Twitter when it became clear Turkey would not release the evangelist, who was ordered to be held under house arrest. A 20 percent fall in exports would only reduce GDP by 0.1 percentage point or less per year in the 19 countries that use the euro currency.

Erdogan added that Turkey was not afraid of "threats" and said it had many alternative sources of economic cooperation "from Iran, to Russian Federation, to China, and some European countries".

Turkey's currency fell Friday after its economy was rattled by the United States' move to slap the country with more tariffs.

Trump raised the stakes on Friday when he said that his administration would double its tariffs on Turkish steel and aluminum.

Turkish President Tayyip Erdogan has remained defiant despite the lira being in free fall.

President Tayyip Erdogan told Turks not to panic - but paradoxically urged them to buy lira to fight an "economic war".

"There is zero credibility in the Central Bank of Turkey and zero credibility in Turkish policy making".

The pastor, who is also accused of supporting the outlawed Kurdistan Workers' Party (PKK), denies the charges and faces 35 years in prison if found guilty.

The sanctions on two officials were announced Wednesday.

He also urged Trump to recognize the 1915 Turkish slaughter and exile of 1.5 million Armenians as a genocide, which US presidents have declined to do for decades.

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On June 21, Turkey's retaliatory tariffs went into effect on 4 to 70 percent of more than $1 billion worth of USA goods.

"The dollar can not block our path".

"However, I say it once again from here".

Relations between the U.S. and Turkey have not been helped by Turkey jailing an American citizen for an alleged attempted coup in 2016.

Investors piled into "safe" government debt, with German yields hitting three-week lows and the yield on the benchmark US 10-year Treasury note falling to 2.88822 percent.

Erdogan, a self-described "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.

They are also concerned over the central bank's ability to rein in persistent double-digit inflation with the president repeatedly calling for lower rates.

"In most cases though, we suspect that this resilience will prove temporary", they said, highlighting expectations of rising USA interest rates and worries over growing USA protectionism.

The lira has fallen about 40 percent against the dollar this year.

New Finance Minister Berat Albayrak - Erdogan's son-in-law - rolled out the government's new economic plan on Friday, promising central bank independence and tighter budget discipline, but giving few details to reassure investors. 'On some days, I end the day with a loss'.

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