U.S. President Donald Trump said he's authorized doubling some metals tariffs on Turkey, citing poor relations with the North Atlantic Treaty Organisation ally amid an escalating conflict over its detention of an American pastor.
Aksoy said sanctions would only damage the relationship which has withstood the trials of time. Trump and Vice President Mike Pence threatened on July 26 to impose sanctions on Turkey if the pastor is not set free and allowed to return to the United States.
"It's pretty remarkable how far the Trump administration is willing to go - putting at jeopardy the relationship with a North Atlantic Treaty Organisation ally over a preacher".
Turkey exported $1.04 billion (€0.91 billion) worth of steel and $60 billion worth of aluminum to the United States in 2017, according to the Hurriyet newspaper.
Saying Friday Turkey faced "an economic war", Turkish President Recep Tayyip Erdogan urged citizens to support the lira by exchanging foreign money for the local currency.
Earlier on Friday the lira plunged as much as 14 percent on as worries about Erdogan's influence over monetary policy and worsening US relations snowballed into a market panic that also hit shares of European banks. The White House said he had authorized them under Section 232 of USA trade law, which allows for tariffs on national security grounds. Speaking in the northeastern province of Gumushane, Erdogan said, "Apparently, those who believe they can force us to capitulate don't know [our] people at all".
The increase in tariffs is considered a blow to the value of Turkey's lira, which reportedly fell further after the president's announcement.
Erdogan on Thursday portrayed the run on his currency as a "campaign" to harm Turkey and called on people not to worry.
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President Donald Trump says the United States has made a decision to increase tariff rates on Turkish steel and aluminum.
In a day of extraordinary volatility the lira lost as much as 20 percent, crashing to a record low of 7 to the dollar, before paring losses to trade at 6.36 at 1513 GMT.
A statement from the Kremlin said the two leaders discussed economic and trade ties.
Turkish President Tayyip Erdogan makes a speech during a meeting of his ruling AK Party in Ankara, Turkey August 4, 2018.
Turkey retaliated against the move by slapping import duties on $1.78 billion worth of US products, including coal, paper, nuts, whiskey, autos, machinery and petrochemicals. "Don't heed them", Erdogan said (via CNBC). The lira fell further after Mr Trump's tweet.
Q: Why is Turkey's currency so weak?
An artificially low interest rate environment has contributed to additional ongoing pressures on the Turkish lira.
BBVA, which reported a lowly CET 1 ratio of 10.8 percent at the end of the first half, also said a 10 percent slump in the lira would shave 2 basis points off its core capital.
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Last week, Mr Erdogan urged Turks to exchange gold and other currency for lira in a effort to boost its value. The lira dropped as much as 20% against the dollar, its steepest daily drop since at least 2001.
And in Missouri, Republicans nominated Josh Hawley, the state attorney general, as their challenger against Sen. The number of female House nominees is at least 185 nationwide and stands at 10 in MI , which also are records.
Trump raised the stakes on Friday when he said that his administration would double its tariffs on Turkish steel and aluminum. Turkey's currency fell Friday after its economy was rattled by the United States' move to slap the country with more tariffs.
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