A diplomatic tussle between the U.S. and its North Atlantic Treaty Organisation ally deepened Friday after President Donald Trump said he had authorized the doubling of tariffs on Turkish steel and aluminum.
The United States is the biggest destination for Turkish steel exports with 11% of the Turkish export volume. "Our relations with Turkey are not good at this time!" he noted.
The Treasury Department targeted Turkey's justice and interior ministers with financial sanctions last month after the government refused to allow Brunson to return to the U.S. A delegation of Turkish officials held talks with their counterparts in Washington this week but there was no sign of a breakthrough.
"As he stated, the president has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey", White House Deputy Press Secretary Lindsay Walters said.
"Our relations with Turkey are not good at this time!".
The issue that global investors now need to take into consideration is that the recipe for a currency crisis in Turkey is now presenting a risk of a contagion knock-on effect across other markets.
If there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks.
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"This will be my people's response to those who have waged an economic war against us", he said.
Erdogan called on Turks to not be concerned about exchange rate movements, mockingly declaring "the dollar, the mollar will not cut our path".
The Turkish lira hit an all-time low against the dollar on Friday, and there are growing concerns that the country's economic troubles could spread to the eurozone.
Below is a daily chart of the US dollar against the Turkish lira spanning a time frame of one year.
It argued that the country accounted for less than 2 percent of group revenues and a 10 percent fall in the lira would affect its CET1 ratio - capital that must be set aside as a buffer against financial shocks - by only around 2 basis points. It came as a Turkish delegation returned from the United States, reporting no progress on negotiations involving a USA pastor imprisoned in Turkey.
"I would say we would define progress as Pastor Brunson being brought home", Nauert said.
Turkey remains at loggerheads with the USA in one of the worst spats between two North Atlantic Treaty Organisation allies in years over the detention of American pastor Andrew Brunson and a host of other issues. "Don't heed them", Erdogan said (via CNBC).
"This is a national, domestic battle".
As investors piled into "safe" bonds, German yields hit three-week lows and yields on US 10-year Treasuries fell to 2.8913 percent. "On some days, I end the day with a loss".