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11 August 2018, 11:27 | Kelvin Horton
Turkey said it would respond to the new USA tariff action "without delay" and warned the move would further harm relations between the two countries.
Mr Trump said tariffs on aluminium imports would be increased to 20% and the tariff on steel imports will be raised to 50% as the Turkish Lira "slides rapidly downward against our very strong Dollar!". Trump said Friday on Twitter.
Erdogan replied that Turkey will not back down despite Trump's sanctions policy and said he would answer with mirror retaliation.
Turkey is world's sixth-biggest steel producer, and eighth largest steel importer for the U.S. according to the International Trade Administration.
Trump tweeted on Friday that he would be doubling existing tariffs on steel and aluminum imports from Turkey.
USA sanctions against top Turkish government officials and unorthodox economic policies by Turkey's President Recep Tayyip Erdogan have spooked markets.
Garanti and its local peers face a wave of corporate defaults and loan restructurings as the lira's collapse makes it harder for Turkish companies to repay the dollars they have borrowed in recent years.
Prior to Trump's announcement, the Turkish lira fell to its lowest point ever against the USA dollar on Friday. Regulators told industry executives to study the impact of interest- and exchange-rate shocks, with the findings to be discussed at the meeting, the people said. 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.
The new set of economic steps are aimed at securing an economic growth of 3-4 percent in 2019, and decreasing the inflation rate to single digits, the ministry said in a press release on August 9.
The Brunson dispute triggered the collapse in the Turkish currency as investors feared US financial sanctions.
What's happening to Turkey's currency right now?
Securing the release of Brunson, arrested in 2016, is a top priority for the United States, and it is also tussling with Turkey over the detention of three locally employed USA embassy staff, trade issues and differences over Syria. A weaker lira means that the taxes will be less impactful.
On Thursday, Erdogan said "If they have their dollar, we have the people, we have Allah".
New Finance Minister BeratAlbayrak - 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. At one point, it was down as much as 19 percent on the day, before rallying a bit to bring it to "only" a 13.7 percent loss.
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