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Compounding the lira's agony, President Donald Trump said he had doubled steel and aluminium tariffs on Turkey, noting that relations between the North Atlantic Treaty Organisation allies were "not very good".

Turkey has defied the United States on several fronts.

Turkish President Recep Tayyip Erdogan and his newly appointed finance minister, Berat Albayrak, are due to speak at 2 p.m. local time Friday. "On some days, I end the day with a loss".

Zafer Tulus, whose family has owned a butcher shop for more than 200 years, has been forced to close down the business.

The Turkish lira dropped as much as 18 per cent at one point after Mr Trump's announcement - the biggest one-day fall since a 2001 financial crisis in the country.

In New York, the Dow Jones Industrial Average fell 185.15 points, or 0.73 per cent, to 25,324.08. The White House said he had authorized them under a section of US trade law that allows for tariffs on national security grounds.

Stocks sold off around the world, with USA equities erasing what would've been a sixth weekly gain as Turkey's economic crisis deepened.

"We will not lose the economic war", state-run TRT Haber TV quoted Erdogan as saying, according to Agence France-Presse.

The lira sell-off deepened concern over whether over-indebted Turkish companies will be able to pay back loans taken out in euros and dollars after years of overseas borrowing to fund a construction boom under Erdogan.

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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 US embassy staff, trade issues and differences over Syria.

Mr Trump intensified his spat with Turkey by imposing the higher tariffs, putting unprecedented economic pressure on a North Atlantic Treaty Organisation ally and deepening turmoil in Turkish financial markets. Turkey's exceptionally large current account deficit makes the country's potential to fall into a severe debt crisis even greater.

"Today's developments have been very negative: President Erdogan made a belligerent speech with no reference to the need of a change of course".

"The dollar can not block our path".

Pressure on Turkey is also coming from US Congress that moved late last month to block further F-35 deliveries to Turkey until it cancels the S-400 defence system deal with Russian Federation and Brunson is released.

It added that Trump's remarks were "not possible to reconcile with state seriousness".

Canada's main stock index also fell on Friday. The predictable result is this has made inflation get out of control - it is up to 15.9 percent when they are supposedly trying to keep it to 5 percent - because the central bank has been so slow to raise rates, and, in fact, refused to do so at its most recent meeting. Erdogan has promised a new economic model driven by Albayrak, who is also his son-in-law. They are also concerned over the central bank's ability to rein in persistent double-digit inflation with the president repeatedly calling for lower rates.

Turkey's woes have been aggravated by investor worries about the economic policies of Erdogan, who won a new term in office in June with sweeping new powers.

Global markets are in turmoil on Friday, with a historic plunge in the Turkish lira at the center of the chaos.


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