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

One US dollar bought 5.57 lira during evening trading yesterday

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%".

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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".

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