Erdogan says USA turned its back on Turkey, upsetting Ankara

Greek lieutenant Aggelos Mitretodis and noncommissioned officer Dimitros Kouklatzis were arrested in Turkey

Greek lieutenant Aggelos Mitretodis and noncommissioned officer Dimitros Kouklatzis were arrested in Turkey

Turkish President Recep Tayyip Erdogan warns his country's partnership with the United States might be in "jeopardy" as tensions intensify between the two North Atlantic Treaty Organisation allies.

The Lira has lost almost a third of its value this year, as relations with the United States have become increasingly strained.

On Friday the currency dropped as much as 18 percent at onepoint, the biggest one-day fall since a 2001 financial crisis inTurkey.

Far worse than that, though, is this has also sent Turkey's currency on a downward spiral that threatens to destroy its entire economy.

He also condemned as "unacceptable, irrational and ultimately detrimental", the sanctions imposed by the United States on several Turkish cabinet members over the Brunson issue.

Trump's announcement saw the Turkish lira drop even further, crashing to a 19 percent daily loss against the greenback.

The US has demanded the release of Andrew Brunson and on Friday doubled tariffs on steel and aluminium imports.

After inconclusive talks this week on solving the spat, Mr Trump took advantage of Turkey's turmoil to turn the screws on the country.

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

"In that sense, the Turkey situation can be a contagion not only in Europe but across emerging markets", Anderson said.

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Turkish President Recep Tayyip Erdogan has accused the U.S. of trying to "bring Turkey to its knees through threats over a pastor".

He did not offer an explanation for the tariff hike, which raises the tariffs to 20 percent on aluminum and 50 percent on steel, though there are a couple of possibilities.

In a statement, the White House said the president had authorized the preparation of documents to raise tariffs, citing national security concerns. "Repeated efforts to communicate to the USA administration that none of the stated criteria driving America's tariffs are applicable to Turkey have thus far proven fruitless", he said.

He also urged Trump to recognize the 1915 Turkish slaughter and exile of 1.5 million Armenians as a genocide, which USA presidents have declined to do for decades. Erdogan has frequently blamed an "interest rate lobby" and Western credit ratings agencies for trying to bring down Turkey's economy.

The United States placed sanctions on two Turkish officials earlier this month because of Brunson's case. He returned to his familiar refrain of urging Turks to use their reserves of dollars, euros and gold to buy up lire. This is a national struggle. "Turkey has been trending towards authoritarianism & becoming more anti-American".

In the New York Times article, Erdogan said: "Attempting to force my government to intervene in the judicial process is not in line with our Constitution or our shared democratic values". He added that the country will continue to enjoy good economic relations with several major nations. -Turkish relations is a dispute over an American clergyman who has been jailed in Turkey since December 2016. Gulen has denied the allegation.

On Friday, they also had to also factor in Turkey's economic crisis.

In the City, fund managers and investment commentators warned of the risk of capital flight from the country and flagged up the risk to European banking stocks - such as Spanish lender BBVA and Italian group UniCredit - from their exposures to Turkish lending.

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.

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