Turkey steel, aluminum tariff-hike documents to be prepared: White House

Turkish President Recep Tayyip Erdogan arrives at the 2018 NATO Summit at NATO headquarters in Brussels Belgium

Lira crashes as US slaps tariffs on Turkey

President Donald Trump is considering doubling steel and aluminum tariffs on Turkey and warned that U.S. relations with the country "are not good at this time".

"Turkey expects other member countries to abide by worldwide rules", the ministry said in a statement, adding that it would support steel and aluminum exporters in all global platforms.

"The U.S. runs the risk of losing Turkey as a whole". Early Friday, the currency hit an all-time low of 6.30 against the USA dollar.

"It will hurt USA manufacturers that import steel and aluminum from Turkey, although that only constitutes a small portion of domestic steel and aluminum consumption", she added.

President Donald Trump announced tariff increases on Turkish metals as tensions between Turkey and the United States escalated.

Trump tweeted that he had authorized the doubling of steel and aluminum tariffs "with respect to Turkey".

"Our relations with Turkey are not good at this time!" he wrote.

Trump's announcement had earlier pushed the Turkish lira to new historic lows against the dollar, with the currency at one point shedding nearly a quarter of its value within the day.

Turkey's trade minister Ruhsar Pekcan on Friday urged the US President to return to the negotiating table on tariffs, saying the trade rift between the North Atlantic Treaty Organisation allies can and should be resolved through dialogue.

Edward Price, a former Central Intelligence Agency (CIA) officer who retired from the CIA refusing to work for the Trump administration, said the administration, in order to bring back Brunson, should fill the vacant US ambassador's post in Turkey instead of levying tariffs that will ultimately have to be borne by Americans.

"We implore President Trump to return to the negotiating table - this can and should be resolved through dialogue and cooperation", he said in a statement.

The U.S. was the top destination for Turkish steel exports in 2017, which were worth $1.1 billion.

Trump's move Friday seemed to be in retaliation for Turkey's refusal to release Andrew Brunson, the American pastor who was swept up in a crackdown after a failed coup attempt in 2016.

Turkish President Recep Tayyip Erdogan has appealed for calm as the currency plunges, urging people to change foreign money into local lira. The lira, he noted on Twitter, "slides rapidly downward against our very strong Dollar!"

Erdoğan also said Turkish people should not worry, saying "We also have measures to guard against all negative possibilities".

As he spoke, the lira fell further - adding to worries about the country's financial stability.

"If there is anyone who has dollars, euros or gold under their pillows, they should go exchange it for liras at our banks", he said Friday.

The U.S. dollar bought 110.61 Japanese yen, lower than 111.02 Japanese yen of the previous session.

European stocks closed sharply lower on Friday amid fears that problems in Turkey could infect other eurozone countries. Japan's Nikkei 225 Index tumbled by 1.3 percent, while Hong Kong's Hang Seng Index dropped by 0.8 percent.

In what appears to be a diplomatic riposte, Turkey later said Erdogan had held a phone call with Russian President Vladimir Putin to discuss economic ties.

Albayrak gave a presentation to business leaders in Istanbul promising structural reform, economic re-balancing, and "sustainable and healthy growth".

He said: "One of our principles will be ensuring the full independence of monetary policy".

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