Economic turmoil hits Turkey, US bank stocks react

A U.S. Air Force A-10 Thunderbolt II departs Incirlik Air Base Turkey Jan. 20 2018

A U.S. Air Force A-10 Thunderbolt II departs Incirlik Air Base Turkey Jan. 20 2018

The United States is the biggest destination for Turkish steel exports with 11% of the Turkish export volume.

The lira hit a record low of 6.24 per dollar on Friday, before recovering to 5.94, down 7 percent on the day. The lira slid to a fresh record low against the USA dollar. The unorthodox approach of the president, who has dominated Turkish politics for more than 15 years, has unnerved investors who have voiced concerns over Turkey's authoritarian trajectory under Erdogan.

President Tayyip Erdogan told Turks to exchange gold and hard currency into lira on Friday, framing Turkey's currency crisis as a "national battle" against economic enemies. In his speech in the northeastern city of Bayburt, Erdogan added that he would decisively defend the country against economic attacks.

Concerns were intensified on Friday by a report in the Financial Times that the supervisory wing of the European Central Bank had over the past week begun to look more closely at eurozone lenders' exposure to Turkey.

"It is expected that the current account deficit would be balanced at around 4 percent", the ministry said, adding that a saving program in the public sector, which was launched this year, will continue in the medium-term.

Canada's main stock index also fell on Friday.

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Prices for gold and Treasury bonds, investments seen as safe havens during worldwide turmoil, also rose.

Relations are also tense because of new U.S.

The lira's slide came after a US delegation from Washington, D.C., left Turkey without making progress toward the release of Andrew Brunson, an American pastor detained by Erdoğan's government since 2016.

While Turkey and the United States are at odds over a host of issues, the most pressing disagreement has been over the detention of USA citizens in Turkey, notably Christian pastor Andrew Brunson who is on trial on terrorism charges.

President Donald Trump's decision to double USA tariffs on steel and aluminum imports from Turkey is "brutal", director of the European Council on Foreign Relations said.

The lira accelerated its losses after US President Donald Trump said in a tweet he had authorised the doubling of aluminium tariffs on Turkey to 20% and steel tariffs to 50%.

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Turkey's iron, steel and aluminum exports to the USA were $1.1 billion in 2017 - 0.7 percent of the total exports. "Our relations with Turkey are not good at this time!".

"I hate it came to this point, but [Trump] really had no other choice", Sen.

Severe economic and geopolitical troubles that have continued to plague Turkey combined on Friday to cause the exceptionally sharp currency moves.

"Our relations with Turkey are not good at this time!" he said in an early morning post.

More evidence of how nervous investors are about Turkey's economy could be seen in the iShares MSCI Turkey exchange-traded fund, which plunged 18% and saw the most premarket trades ever, according to Bloomberg. Trump and Vice President Mike Pence threatened on July 26 to impose sanctions on Turkey if the pastor is not set free and allowed to return to the United States.

USA lawmakers in both parties have expressed outrage in recent years as Erdogan expands his power over the Turkish government while purging political rivals and journalists.

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