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12 August 2018, 06:45 | Erica Roy
One US dollar bought 5.57 lira during evening trading yesterday
Turkey'spresident Saturday blamed the country's economic problems on the United States and other nations, whom he says are waging an economic war against his country.
A plunge in the Turkishlira rocked global equities and emerging markets on Friday and fear of more turmoil sent investors scurrying for safety in assets like the yen and USA government bonds.
Stocks in the US and Europe skidded Friday as investors anxious about the financial stability of Turkey and how it might affect the global banking system.
Canada's main stock index also fell on Friday.
President Donald Trump said in a tweet Friday that he would hit Turkey with additional tariffs, as their national currency continues to drop.
Turkish lira fell to an all-time low against the dollar yesterday, making it worth about 16 cents.
The currency's drop - 41 percent so far this year - is a gauge of fear over a country coming to terms with years of high debt, global concern over President Recep Tayyip Erdogan's push to amass power, and a souring in relations with allies like the U.S.
Erdogan promised supporters that Turkey was taking the necessary precautions to protect its economy but added "the most important thing is breaking the hands firing these weapons".
Erdogan said Turkey acted in accordance with the law, saying: "We have not made concessions on justice so far, and we will never make any".
In March, the United States had imposed tariffs of 25 percent on steel and 10 percent on aluminum for imports from a variety of countries.
"Interest rates should be kept to a minumum because they are a tool of exploitation that makes the poor poorer and the rich richer", he said.
Jackson said the weakness of the lira would boost competitiveness for Turkey's exports, but the tariffs on steel and aluminum would offset that.
"I'm not aware of any prior administration using tariffs in this way, and there's a very simple reason: because they're an incredibly blunt instrument that often can have blowback on American workers and consumers as we've seen in the China context", said Ned Price, a former Central Intelligence Agency officer who also served as a National Security Council spokesman during the Obama administration.
The detention of Andrew Brunson, who is facing trial on charges related to a failed 2016 coup in Turkey, has caused a major setback in relations between the two North Atlantic Treaty Organisation allies.
"The US runs the risk of losing Turkey as a whole".
"If you have dollars, euros or gold under your pillow, go to banks to exchange them for the Turkish lira".
U.S. support for Kurdish rebel groups fighting Islamic State fighters in northern Syria.is another major difficulty, given Turkey's battle against a Kurdish insurgency in its own country. The US has refused to extradite Fethullah Gulen, who lives in Pennsylvania.
The lira's slide came after a USA delegation from Washington, D.C., left Turkey without making progress toward the release of Andrew Brunson, an American pastor detained by Erdoğan's government since 2016. He offered no further details.
Axios reported that the Turkey is trying to lessen their dependence on Russian Federation, and the increased sanctions will make their goal more challenging to reach.