Turkish lira crisis may put the naira at risk — ALERT

Turkish Lira banknotes are seen in this

Turkey, a North Atlantic Treaty Organisation ally, put him on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago.

Turkey's central bank said on August 13 that it would provide liquidity and cut reserve requirements for Turkish banks to stop the slide in its currency.

Doubling the tariffs to 20 percent for aluminum and 50 percent for steel would magnify the impact of the trade restrictions. Trump tweeted. Washington's relations with Ankara "are not good at this time", he added.

"The ATC implores the Trump Administration to reconsider this escalation of a trade war that is without winners and to resolve this dispute at the negotiating table", it said.

It will immediately affect US branches of Turkish steel-makers, such as Borusan Mannesmann, a Turkish-owned manufacturer that imports steel pipes from its parent company and finishes them at its plant in Baytown, Texas.

US President Donald Trump on Friday ramped up his attack on Turkey by doubling USA tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.

U.S. imports of Turkish steel account for 4 percent of total steel imports, according to statistics from 2017.

"President Trump on Friday doubled steel tariffs on Turkey as its government battled the currency collapse".

The president is "not happy with Turkey's decision not to release Pastor [Brunson]", White House press secretary Sarah Sanders said.

The lira has been in turmoil over worries about the country's high debt levels, rising inflation, President Tayyip Erdogan's refusal to consent to an increase in interest rates and tension between the European country and the US.

They will also discuss the development of economic and trade ties, in particular the building of Akkuyu Nuclear Power Plant and the Turkish Stream Gas pipeline, she added.

Turkey also wants the United States to extradite Fethullah Gulen, a Pennsylvania-based Muslim cleric who Turkish authorities say masterminded the coup attempt against Erdogan in which 250 people were killed.

Erdogan appealed to a crowd in the city of Bayburt to exchange dollars and gold for Turkish lira to prop up the plunging currency.

"This is a national, domestic battle".

He appeared to blame foreigners for trying to hurt Turkey, saying: "This will be my people's response against those waging an economic war against us".

Washington has demanded the pastor's release and last month imposed financial sanctions on two Turkish ministers. The currency has fallen 66 percent since the start of the year.

Rather, he is giving voice to a long-held belief that he can play off Turkey's status as a North Atlantic Treaty Organisation member and European Union candidate country against a possible alignment with an anti-American alliance that could include the likes of Russia, China and Iran.

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