Erdogan says U.S. set deadline for pastor’s release

Erdogan says U.S. set deadline for pastor’s release

"Hopefully we will overcome this disaster and we will also successfully overcome this economic war", Erdogan said.

LMoreover, El-Diwany said that the Turkish market gets an advantage in the exportation markets, which both Egypt and Turkey export the same products for, explaining, "Egypt can not well compete with Turkey in exporting textiles to the same markets, as the Lira is now down, hence prices will be lower than before".

"Doubling the tariff on imports of steel from Turkey will further reduce these imports that the Department found threaten to impair national security as defined in Section 232", he added.

This year, it lost more than 40 per cent.

A delegation from Turkey's Ministry of Foreign affairs travelled this week to the USA to attempt, to no avail, to reduce tensions between the two countries.

"Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies", Erdogan said.

Relations between Turkey and the USA have been tense over a range of issues, from the Syrian conflict to the imprisonment of American pastor Andrew Brunson. The pastor has proclaimed his innocence. USA stocks were also rattled.

A delegation led by Turkish Deputy Foreign Minister Sedat Onal failed to secure a deal last Wednesday in talks in Washington on a number of issues including Brunson.

U.S. President Donald Trump tweeted Friday that he has authorized to double the tariffs on steel and aluminum products from Turkey to 50 percent and 20 percent respectively.

Zarif: Trump's jubilation over Turkish economic hardship 'shameful'
Turkey's currency crisis gets worse with fresh 11% plunge

Turkey wanted issues to be solved through diplomacy, dialogue and good intentions, Aksoy said.

Commerce Secretary Wilbur Ross said in a statement that Trump increased the tariff rate from 25 percent to 50 percent on imports of Turkish steel.

Trump intensified his spat with Ankara by imposing higher tariffs on metal imports, putting unprecedented economic pressure on a North Atlantic Treaty Organisation ally and deepening turmoil in Turkish financial markets. "We care about the law, the language of the law", he said about the U.S. policy during a rally in the Black Sea city of Ordu hit by floods that harmed hundreds of homes and businesses. It did not disclose details, but the move suggests Turkey might gravitate further from its North Atlantic Treaty Organisation allies toward cooperation with Russian Federation, whose relations with the West are at their lowest point since the Cold War.

U.S. State Department spokesperson Heather Nauert said Thursday that Washington "would define progress as Pastor Brunson being brought home".

ISTANBUL, Aug 11 (Reuters) - President Tayyip Erdogan denied on Saturday that Turkey is in a currency crisis, dismissing a plunge in the lira as "fluctuations" which have nothing to do with economic fundamentals.

Markets have been deeply concerned about the direction of domestic economic policy under Erdogan with inflation hovering around 16% as the central bank refuses to raise interest rates in response.

The Turkish lira TRYTOM=D3 has always been falling on worries about Erdogan's influence over monetary policy and worsening relations with the United States.

Amid the dispute, foreign investors could be spooked and try to pull their money out, reinforcing the currency drop and potentially leading to financial instability.