Energy executives lament Trump tariffs as costs rise on pipeline projects

Economic turmoil hits Turkey, US bank stocks react

On March 1, Trump had announced global tariffs of 10 percent on all aluminum to the USA and 25 percent on all steel imports.

Trump said he had authorized higher tariffs on imports from Turkey, imposing a 20 percent duty on aluminum and 50 percent one on steel.

"Our relations with Turkey are not good at this time!" he said in an early morning post.

Relations between Ankara and Washington have sunk to their lowest point in decades over a number of issues, including the detention of American pastor Andrew Brunson on terror-related charges, and the depreciation of the Turkish lira to hit record lows against the dollar.

It did not disclose details, but suggests Turkey might gravitate further away from its North Atlantic Treaty Organisation allies towards co-operation with Russian Federation, whose relations with the West are at their lowest since the Cold War.

Trump's tweet caused a further drop in the Turkish currency, which is now down 13 percent on the day.

"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks".

All decisions about the way forward rest with Erdogan, and thus far, he seems undaunted. The U.S. responded by slapping sanctions on Turkey and threatening more.

Erdogan called on Turks to support the struggling Turkish lira by exchanging any foreign currency and gold, saying Turkey faced "an economic war".

The lira, which had traded at 4 to the dollar as late as April, was being quoted at more than 7 to the dollar at one point Friday before rebounding to about 6.4. The weakened currency's value has helped increase inflation and anxious worldwide investors. In the past, Trump has threatened to impose trade barriers on countries that deliberately push down the value of their currencies, so as to make their goods cheaper for American consumers (and thus, more competitive than the wares of USA manufacturers).

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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.

Erdogan said that Washington had always "failed to understand and respect the Turkish people's concerns".

Erdogan's "tight grip" on the central bank and the fact "higher interest rates do no fit with Turkey's economic growth strategy" meant that the central bank has kept interest rates on hold, Nora Neuteboom, economist at ABN Amro, told AFP.

Turkey's President Recep Tayyip Erdogan addresses his supporters in Bayburt, Turkey, Friday, Aug. 10, 2018. Rate increases are the central bank's main tool to support the currency and fight inflation.

"If they have their dollar, we have the people, we have Allah, " he said.

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.

Albayrak, who formerly served as energy minister, on Friday announced what he has described as a "new economic model" for Turkey but he focused on macro-economic issues and steered well clear of tackling the currency crisis.

Far worse than that, though, is this has also sent Turkey's currency on a downward spiral that threatens to destroy its entire economy. That is because a trade war would make it even harder for Turkey to get the dollars it needs, so the lira would be even less valuable.

But analysts say that while there may be losses at some banks, Turkey's economic problems do not pose a big threat to Europe or other big economies like the United States.

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