Erdogan warns Turkeys partnership with US in jeopardy

Devlet Bahçel urged Turkey not to release the detained American pastor

Erdogan called on Turks to support the struggling Turkish lira by exchanging any foreign currency and gold, saying Turkey faced "an economic war".

The Turkish lira plunged on Friday, raising questions about the country's financial stability, as investors anxious about the president's unorthodox economic policies and a dispute with the United States that has led to sanctions. At one point, it was down as much as 19 percent on the day, before rallying a bit to bring it to "only" a 13.7 percent loss.

The Brunson dispute triggered the collapse in the Turkish currency as investors feared USA financial sanctions. United States stocks were also rattled.

The United States had warned it was reviewing Turkey's duty-free access to its markets, after Ankara imposed retaliatory tariffs on USA goods in response to American tariffs on steel and aluminium.

Trump made his unexpected announcement on Twitter from his golf club in Bedminster, New Jersey, as the Turkish currency, the lira, fell to all-time lows against the US dollar. "Our relations with Turkey are not good at this time!", Trump said on Twitter. Some 4 million displaced people, most them from Syria, are now living in Turkey. Financial upheaval there risks further destabilizing an already volatile region.

Although Erdogan struck a defiant tone and warned of "economic war", his foreign ministry called for diplomacy and dialogue to solve problems with Washington and Trade Minister Ruhsar Pekcan said "we implore President Trump to return to the negotiating table". The U.S. was Turkey's biggest export market for steel previous year, though exports have fallen since.

Turkey's trade ministry said the US tariff moves were against World Trade Organization rules. The sanctions are sending a loud and clear message to the North Atlantic Treaty Organisation alliance, which President Trump routinely speaks out against.

In response, President Trump tweeted in July, "The United States will impose large sanctions on Turkey for their longtime detainment of Pastor Andrew Brunson, a great Christian, family man and wonderful human being".

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"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks".

'This is a national, domestic battle.

A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul, Turkey August 2, 2018.

One economically-illiterate leader is crippling his own economy and blaming everyone else for it, which then turned out to be partially correct when another economically-illiterate leader chose to cripple their economy as payback for what they have done to themselves. -Turkish relations is a dispute over an American clergyman who has been jailed in Turkey since December 2016. Turkey wants Brunson to stand trial.

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

Turkey's sovereign dollar-denominated bonds tumbled with many issues trading at record lows.

The lira's plummeting value, the potential for debt defaults, the possibility of a balance-of-payments crisis and rising inflation all represent clouds gathering ahead of an economic storm that could batter the country.

Albayrak, who formerly served as energy minister, on Friday announced what he has described as a "new economic model" for Turkey but he focused on macro-economic issues and steered well clear of tackling the currency crisis.

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