A Beleaguered Erdogan Threatens to Pull Out of North Atlantic Treaty Organisation

An investor looks at an electronic board showing stock information at a brokerage house in Shanghai China. Aly Song Reuters  File

Also on Friday, relations between the United States and Turkey have worsened over the fundamentalist Muslim-majority country's detention of American pastor Andrew Brunson, who was arrested by authorities during a post-military coup attempt in 2016.

A meeting on Friday unveiling a new economic approach by Turkey's finance minister Berat Albayrak, Erdogan's son-in-law, did little to offer support for the free-falling lira as investors sought concrete steps such as an interest rate increase to restore confidence.

On Friday, Turkey's currency, the Lira, fell as much as 14%, causing the global financial markets to shudder.

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.

Turkey also warned there would be retaliation against the US' imposition of the tariffs.

President TrumpDonald John TrumpKobach agrees to recuse himself from vote counting in Kansas GOP primary NFL players kneel during national anthem before first preseason game Schiff blasts GOP for Russian Federation probe conduct: "That's how you obstruct an investigation, not how you conduct one" MORE said Friday that the USA will also double tariffs on steel and aluminum imported from Turkey as relations between the North Atlantic Treaty Organisation allies worsen.

Erdogan has cast the recent slide in the lira as a war and without naming countries said supporters of a failed military coup two years ago, which Ankara says was organized by a USA -based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago.

"Our relations with Turkey are not good at this time!" he added.

"Aluminum will now be 20% and Steel 50%".

Colbert Has A Guess Where Trump's Space Force Idea Came From
Alongside the US Army, Navy, Air Force, Marine Corps and Coast Guard, it will comprise the sixth arm of the US armed forces. In an interview with MSNBC, former astronaut, Mark Kelly, echoed Schatz's opinion that Space Force is a "dumb idea".

While Fed officials are quick to stress they are focused on the domestic economy, any emerging market slump large enough to spill over into Europe or the United States would be significant enough to give policymakers pause about ongoing monetary tightening. "This is Turkey", he said.

A financial shockwave ripped through Turkey on Friday when its currency nosedived over concerns about the country's economic policies and a deepening row with the US.

"The U.S. runs the risk of losing Turkey as a whole".

Turkey's President Recep Tayyip Erdogan in Rize spoke of Turkey's plans to trade in local currencies with some countries.

He reiterated his call on citizens to change US Dollars and Euros for the Turkish Lira in the face of a sharp plunge his country's currency witnessed in financial markets this week.

He also repeated his call to Turks to sell their dollar and euro savings to shore up the lira. The US has refused to extradite Fethullah Gulen, who lives in Pennsylvania. Thus, Trump's tweet suggests that any country that enters a time of economic turmoil - and consequently, sees the value of its currency fall - is a fair target for punitive trade actions by the United States.

Erdogan has blamed outside forces for trying to bring down Turkey's economy.

According to Jacob Funk Kirkegaard, a senior fellow at the Peterson Institute for International Economics, "The administration seems to be willing to accept a scenario in which Turkey - as the economic crisis escalates and the nationalist rhetoric we've heard come out of Erdogan escalates - that Turkey is no longer a strategic ally".

Related news:

Hot News

isis-killer-beheading-video-story-top Federal judge halts mother-daughter deportation
Aug 12, 2018 - 17:27
The attorney for the US DOJ, Erez Reuveni, could not confirm where Carmen and her daughter actually were at the time. She also says four of her five co-workers were killed by a gang over the previous year , and she fears she's next.

isis-killer-beheading-video-story-top Virginia Declares State of Emergency Amid Anniversary of Charlottesville Riots
Aug 12, 2018 - 16:27
The violence culminated with a man driving a auto into a crowd of counter-protesters, killing a woman and injuring 19 people. His apparent refusal to condemn neo-Nazis and violent white nationalist groups elicited strong bipartisan pushback .

isis-killer-beheading-video-story-top How to watch Premier League clash live online
Aug 12, 2018 - 15:15
And history says it would be a massive one given that the Hammers have won just one of their last 45 top-flight starts at Anfield. We beat Manchester City in the league and the Champions League last season so I think we can beat anyone in the world.

isis-killer-beheading-video-story-top Chelsea blank Huddersfield in Sarri's debut
Aug 12, 2018 - 14:57
MF N'Golo Kante, 8 - Given licence to play further forward than under Conte, Kante was well placed to fire home the opening goal. The Spaniard delicately chipped the ball over the goalkeeper and into the back of the net.

isis-killer-beheading-video-story-top Tesla board of directors evaluate Musk's privatisation plan
Aug 12, 2018 - 12:01
The rule was an extension to a 2008 SEC ruling that allowed public companies to make important announcements to investors. Musk, who normally doesn't shy away from social media, didn't tweet about the subject Thursday.

Premier League results: Chelsea, Tottenham, Bournemouth, Crystal Palace & Watford win
Aug 12, 2018 - 09:00
Then in the second half the opponents were a bit exhausted and it was easier". And then [after that] it will be hard , especially with the national teams.

isis-killer-beheading-video-story-top Chris Smalling: Manchester United will cope better with high-pressure situations this season
Aug 12, 2018 - 08:29
Former Chelsea boss Ruud Gullit believes Liverpool will win the Premier League title this season. Tottenham did provide the most players to the World Cup semi-finalists.

isis-killer-beheading-video-story-top Woakes and Bairstow grind India into the Lord's dirt as England dominate
Aug 12, 2018 - 07:55
Anderson finished with five for 20, but he hailed the contribution of Chris Woakes , who took two wickets including the key... Chris Woakes hit his maiden Test century as England hammered home their advantage over India in the second Test at Lord's .

isis-killer-beheading-video-story-top Anderson does the damage as India rolled out for 107
Aug 12, 2018 - 04:05
Bairstow looked set to follow Woakes to his hundred before he edged a flat-footed drive at Hardik Pandya behind. England were then forced to wait more than three hours before getting a third crack at India at 5.10pm.

isis-killer-beheading-video-story-top Argentina´s senate rejects bill to legalise abortion
Aug 12, 2018 - 00:00
Pope Francis , a native of Argentina, also largely stayed on the sidelines, except for a strong denunciation of abortion in June. A few supporters of abortion rights threw missiles and rocks at police, who retaliated by firing tear gas and water cannon.

isis-killer-beheading-video-story-top Jury awards $289 million to man who said Roundup gave him cancer
Aug 11, 2018 - 23:49
A terminally ill man has been awarded $289 million in the first cancer-related trial against agricultural giant Monsanto . They said he even once contacted Monsanto after developing a rash, and wasn't told of any risk, the AP reported.

isis-killer-beheading-video-story-top Photos Of This Star Golfer’s Girlfriend Going Viral During PGA Championship
Aug 11, 2018 - 22:29
Key statistic: Tiger Woods is the only player to win the PGA Championship back-to-back in stroke play. If nothing else, Johnson pointed out Tuesday that he'll have plenty of extended family in the crowd.

isis-killer-beheading-video-story-top Idris Elba is close to finally winning the role of James Bond
Aug 11, 2018 - 22:16
HuffPost reached out to Elba , Fuqua and Broccoli to confirm the report, but none of their camps immediately commented. In Pacific Rim , Idris Elba displayed the commanding presence required of James Bond .

isis-killer-beheading-video-story-top This weekend, watch for the Perseid Meteor Shower
Aug 11, 2018 - 21:56
Nichols says to drive about 60 to 70 miles outside of the city for the best chance of seeing the Perseid Meteor. Locally, Natural Bridge is offering an opportunity to watch the meteor shower between 8:30 p.m. and 10:00 p.m.

isis-killer-beheading-video-story-top FC Barcelona To Wait For Manchester United Star Paul Pogba?
Aug 11, 2018 - 19:14
Yerry Mina was offered by Barcelona to United and a number of other clubs before the World Cup for €11m in an attempt by the Spanish champions to get their money back on a player they signed in January.