The Turkish economic woes and the USA sanctions were sparked by a diplomatic row between the two countries over the detention of an American pastor in Turkey. Sanctions and pressure would only serve to harm ties between the two North Atlantic Treaty Organisation allies, Hami Aksoy also said in a statement.
Trump's announcement came as Turkey's embattled lira hit new record lows against the U.S. dollar and euro, losing almost nine percent in value as strains with the United States showed no sign of abating and fears grew over the exposure of European banks.
The lira tumbled about 10 per cent on Friday to another record low as investors worry about Erdogan's unorthodox economic policies and U.S. sanctions.
That turned into a rout on Friday, with the lira diving more than 18 percent on the day and more than 40 percent this year to a new record low after Trump took steps to punish Turkey in a wide-ranging dispute.
Economic experts believe the sharp fall of the lira is mainly because of concerns about the government's economic policies. Trump said in a post on Twitter.
President Donald Trump said in a tweet Friday that he would hit Turkey with additional tariffs, as their national currency continues to drop.
The Dow Jones Industrial Average had lost more than 270 points by 2:45 p.m. Friday, a 1 percent loss, while falling bank stocks dragged the S&P 500 index down roughly 0.9 percent. The weakened currency's value has helped increase inflation and anxious worldwide investors.
The White House also cited currency movements in China last week when Trump called for a possible increase in tariff rates on Chinese imports. A delegation of Turkish officials held talks with their counterparts in Washington this week but there was no sign of a breakthrough. 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.
The new set of economic steps are aimed at securing an economic growth of 3-4 percent in 2019, and decreasing the inflation rate to single digits, the ministry said in a press release on August 9.
Turkey's President Recep Tayyip Erdogan addresses his supporters in Bayburt, Turkey, Friday, Aug. 10, 2018. The predictable result is this has made inflation get out of control - it is up to 15.9 percent when they are supposedly trying to keep it to 5 percent - because the central bank has been so slow to raise rates, and, in fact, refused to do so at its most recent meeting.
Turning to the economic effects of the diplomatic row, Mr Erdogan said: "If they have the dollar, we have Allah". Minutes before Ankara learned about the higher tariffs, the lira had already hit an all-time low of 6.87 against the dollar.
This situation has led the European Central Bank to sound alarm bells warning that Turkey's currency problems could infect Europe's banks.
The latest escalation came as Turkey's Economy Minister BeratAlbayrak, who is Erdogan's son-in-law and a trusted lieutenant, unveiled what was touted as a new economic plan, pledging Central Bank independence, tighter budget discipline and sustainable and healthy growth.
Canada's main stock index also fell on Friday. "Threats, sanctions and bullying against Turkey will not work", he said.
Workers with heavy machinery are searching the rubble of homes, schools and mosques, with hope of finding any survivors fading. The Indonesian Red Cross said it had set up 10 mobile clinics in the north of the island.
She said in another instance, Manafort maintained that there were no mortgages on a separate NY property when there actually were. Rick Gates , the star witness in Paul Manafort's fraud trial, concluded his testimony Wednesday with high drama.
Collins' son Cameron and Stephen Zarsky, the father of Cameron Collins' fiancée, were also listed as defendants. When the drug trials failed, the public announcement caused the stock price of Innate to plunge 92 percent.
It is believed that Melania Trump , who is a United States citizen , has sponsored her parents for permanent residency. The idea that family-based immigration could be labeled as "dirty" might have a lot to do with the Knavs' son-in-law.
But a tip forwarded to Georgia detective last week set off a series of events that led to a raid at the New Mexico compound . It was unclear how or why they ended up in New Mexico , Hogrefe said. "I had no probable cause to go onto this property".
The club has had to deny the claim that Pogba sent a text message to Woodward demanding he be allowed to leave. An impressive showing at the World Cup under Didier Deschamps raised more debate over his United form too.
Authorities are bracing for the anniversary of last year's white nationalist rally in Charlottesville, Virginia. Murphy also chose to close the City Market Aug. 11 due to public safety concerns in the downtown area.
He looks to be somewhat similar to King Dedede in fighting style, but he can also fire off cannonballs at opponents. Ultimate Direct by revealing a brand-new character: Simon Belmont from the Castlevania series.
A Chinese Foreign Ministry spokesman had earlier called on Washington to "come to its senses" and settle the dispute. Trump has threatened tariffs on over $500 billion in Chinese goods, covering virtually all USA imports from China.
Gates said that these loans were actually income. "In reality, it was basically money moving between accounts", Gates said. For most of his testimony, Gates did not look at Mr Manafort, while the defendant stared intently at his former partner.
Even worse, the actress is reportedly claiming that the heartthrob is not paying " meaningful child support ". Angelina Jolie has reportedly accused her estranged husband, Brad Pitt , of shirking child support payments.
Omarosa recorded John Kelly firing her
It is the same amount that a few others who have departed the White House under inauspicious circumstances are receiving. In a statement to ABC News, Pierson said, "Omarosa is being intentionally dishonest in order to sell her new book".
When and where to watch IND v ENG Test match?
In his 200 Test matches for his country, he scored 15,921 runs, averaging 53.78 and making 51 centuries in the process. Incessant rain didn't allow any play and washed out the entire day without a ball being bowled at the historic venue.
Backed candidates in Ohio, Kansas locked in tight races
In Michigan, three mainstream Democrats in suburban Detroit were among those vying for a chance at retiring Republican Rep. Democrats hoped to turn the 12th, the last special election ahead of the November 6 midterms, into a referendum on Mr.