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The embattled Turkish lira tumbled nearly 20 percent to new record lows against the dollar on Friday as strains with the United States intensified, but President Recep Tayyip Erdogan defiantly proclaimed Turkey would emerge victorious in an "economic war".

The Lira has lost almost a third of its value this year, as relations with the United States have become increasingly strained.

The day saw the lira plunge as much as 18% at one point, the biggest one-day drop since Turkey's 2001 financial crisis.

Turkey's currency crisis has lurched on to the global stage, denting European and U.S. stocks as fears of contagion rise.

Canada's main stock index also fell on Friday. Turkey's national tender has already fallen more than 40% in the past year, and this is the first time ever that it took more than 6 lira to buy a dollar.

Trump said Friday on Twitter that he authorized the doubling of tariffs, noting that "aluminum will now be 20% and steel 50%".

Turkish lira fell to an all-time low against the dollar yesterday, making it worth about 16 cents.

Mr Erdogan also wrote in the New York Times that unless the U.S. changed course, Turkey would look for new friends and allies. -Turkish relationship, a deterioration made worse by Turkey's worsening human rights record and increased cooperation with Russian Federation and Iran in Syria.

"President Erdogan's strengthened powers under the new presidential system have made it increasingly uncertain whether policymakers will be able to act to stabilise the economy", said William Jackson, chief emerging markets economist at Capital Economics in London.

I hope we can soon get Pastor Brunson and other Americans released in a win-win fashion for both the USA and Turkey."Trump's move to double tariffs on Turkey was even praised by one of the president's most frequent Democratic critics.

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"Investors said "Here we go again". He has denied the charges.

High-level meetings in Washington between US and Turkish officials over Brunson ended this week, apparently without a resolution.

Since then, its relationship with Turkey, the sixth-largest steel importer to the United States, has deteriorated, prompting Ankara to send a delegation this week to Washington to meet with both the State and Treasury Departments. "This is a national, domestic battle", he told a crowd in the northeastern city of Bayburt.

This is a very bad rationale for hiking tariffs on a country's exports. On Friday, he said the country had to take steps in answer "to those who have waged an economic war against us".

"Shame on you, shame on you", he said, directing his remarks at Washington.

In the New York Times, Erdogan warned Washington not to risk its relations with Ankara, saying it would look for "new friends and allies". "Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies", Erdogan said.

Turkey, home to the Incirlik air base which is used by USA forces in the Middle East, has been a North Atlantic Treaty Organisation member since the 1950s. 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 US manufacturers).

Erdogan said Turkey is not afraid of outside "threats".

Meanwhile, Ankara is wanting the extradition of Fethullah Gulen, a Pennsylvania-based cleric who is blamed by Mr Erdogan for masterminding the 2016 coup. -Turkish relations, on account of the States' demand for the release of Pastor Andrew Brunson from Turkish prisons where he has been detained since October 2016 and now is under home arrest.

His cause resonates with Trump's Christian conservative supporters, who could be influential as Republicans seek to retain control of Congress in midterm elections in November.


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