Erdogan tells US: Turkey will find new friends

Turkish President Recep Tayyip Erdogan arrives at the 2018 NATO Summit at NATO headquarters in Brussels Belgium

"Making a speech like Albayrak's in the midst of a currency free fall without a single concrete measure shows utter lack of comprehension about what's happening and what's required", tweeted Harvard economist Dani Rodrik.

The US has demanded the release of Andrew Brunson and on Friday doubled tariffs on steel and aluminum imports. Import taxes for aluminum will be 20 percent. That is two times the level announced earlier this year in March.

Investors piled into "safe" government debt, with German yields hitting three-week lows and the yield on the benchmark US 10-year Treasury note falling to 2.88822 percent. "We care about the law, the language of the law", he said about the U.S. policy during a rally in the Black Sea city of Ordu hit by floods that harmed hundreds of homes and businesses.

Trump tweeted that the latest tariff decision came as Turkey's currency, the lira, "slides rapidly downward against our very strong Dollar".

BBVA, owner of nearly 50 per cent of Istanbul-based Turkiye Garanti Bankasi AS, fell more than 5 per cent. 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.

His chief advisor and spokesperson Ibrahim Kalin pointed out more blatantly that the U.S. might lose Turkey for good.

Exchange-rate volatility not only complicates loan repayments, it also drives inflation higher and erodes the value of existing loans in the local currency.

Turkey's President Recep Tayyip Erdogan in Rize spoke of Turkey's plans to trade in local currencies with some countries. "This is Turkey", he said.

Markets are deeply concerned over the direction of domestic economic policy under Erdogan with inflation at almost 16 percent but the central bank reluctant to raise rates in response. Erdogan has appealed to the people to convert their dollars to liras, saying Turkey is in the midst of an "economic war" with the West. He returned to his familiar refrain of urging Turks to use their reserves of dollars, euros and gold to buy up lire.

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According to central bank data, Turkey's non-financial companies' foreign currency liabilities now exceed their foreign exchange assets by more than $200bn. Following the tweet, Turkey responded by imposing duties on $1.8 billion in US goods including coal and paper.

One of the hard issues affecting U.S.

Much of the tensions between the two countries centre on an American cleric, jailed in Turkey on terrorism charges. Brunson is on trial and faces up to 35 years in prison if he is found guilty.

Relations between the two North Atlantic Treaty Organisation allies have sunk to their lowest point in decades over a number of issues including the detention of United States pastor Andrew Brunson on terror-related charges, prompting the Turkish lira to hit record lows against the dollar.

The president, who says a shadowy "interest rate lobby" and Western credit ratings agencies are attempting to bring down Turkey's economy, appealed to his countrymen's patriotism.

He added: "Relations with countries who behave like this have reached a point beyond salvaging".

In the worst case scenario of the collapse of a European bank, there could be "contagion" - other countries and banks, including those in Britain, may be imperilled - raising the spectre of the economic turmoil that followed the 2008 global banking crisis.

Erdogan had on Friday held a phone call with Russian President Vladimir Putin to discuss economic and trade issues as well as the Syria crisis.

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