Erdogan: Lira crash political plot against Ankara

A vendor gets a five Euro bank note from a customer at the central market in Athens

The Turkish lira took a massive hit against the dollar on Friday following Trump's decision to double tariffs on aluminum and steel imports from Turkey to 20 percent and 50 percent.

"The United States should know that the only result such sanctinos and pressure will bring... will be harming our relationship as allies", the Turkish foreign ministry said in a statement.

Since then, its relationship with Turkey, the sixth largest steel importer to the U.S., the world's biggest steel importer overall, has deteriorated, prompting Ankara to send a delegation this week to Washington to meet with both the State and Treasury Departments.

Referring to the recent US tariffs on iron and steel, he said that Turkey is a member of the World Trade Organization (WTO) and there was no such thing in WTO rules.

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LMoreover, El-Diwany said that the Turkish market gets an advantage in the exportation markets, which both Egypt and Turkey export the same products for, explaining, "Egypt can not well compete with Turkey in exporting textiles to the same markets, as the Lira is now down, hence prices will be lower than before".

"Together with our banks, we prepared our action plan regarding the situation with our real sector companies, including Small and Medium-sized enterprises (SMEs), which is the sector that is affected by the fluctuation the most", the minister said.

Turkish President Recep Tayyip Erdogan said in a speech that the drop was part of a "campaign" led by foreign powers against the nation. As the currency continued to fall, United States President Donald Trump announced on Friday he had doubled steel and aluminum tariffs on his North Atlantic Treaty Organisation ally before admitting that relations between Washington and Ankara were "not very good". It had already fallen more than 40% in the past year.

Prior to Trump's announcement, the Turkish lira fell to its lowest point ever against the USA dollar on Friday. The White House said the newly imposed sanctions would take effect from August 13. Trump said on Twitter.

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"They have been trying to achieve what they failed to do through provocations and a coup attempt with money now", he said.

Erdogan also hit back at United States authorities for convicting Mehmet Hakan Atilla, 47, deputy director general of Turkish lender Halkbank on charges of helping Iran evade U.S. sanctions on billions of dollars of oil proceeds. "We are knowledgeable with justice and law", Erdogan said in his address in the Black Sea province of Ordu on Saturday. Gulen has denied the allegation.

Jay Sekulow, an attorney for Trump who is also representing Brunson's family, told talk-show host and political commentator Sean Hannity's radio program on Friday: "We're close to getting a resolution in that case".

Last week, a Turkish delegation went to Washington and met American counterparts but there was no breakthrough.

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Brunson has been detained for the past 20 months on accusations that he supported groups the Turkish government deems terrorists.

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