The latest escalation between Ankara and Washington was denounced by the Turkish press, with pro-government daily Sabah saying "the currency attack" was no different from the attempted coup of July 2016.
President Trump's discarding of the Iran nuclear deal is a point of contention, as well, as almost half of Turkey's oil imports come from Iran, meaning new sanctions against Iran come back and hurt the Turkish economy as well. The U.S. has to rehabilitate its addiction to sanctions & bullying or entire world will unite - beyond verbal condemnations - to force it to.
The lira tumbled 14 percent in one day, to 6.51 per dollar - a massive move for a currency that will make the Turkish poorer and further erode global investors' confidence in the country. Mr. Trump tweeted Friday morning.
In his tweet about the new tariffs, Trump said "Our relations with Turkey are not good at this time!". Financial upheaval there risks further destabilizing an already volatile region. The U.S. responded by slapping sanctions on Turkey and threatening more.
Putting a 50 percent tariff on a foreign country's steel exports isn't the most conventional way to secure an imprisoned American's relief. The White House said he had authorized them under a section of US trade law that allows for tariffs on national security grounds.
Turkey sent a delegation to Washington to discuss the trade crisis, but returned with no clear solution, sparking concerns of a widening rift between the nation and the US.
The detention of Andrew Brunson, who is facing trial on charges related to a failed 2016 coup in Turkey, has caused a major setback in relations between the two North Atlantic Treaty Organisation allies.
The entire Turkish public is against USA policies that disregard Turkey's legitimate security demands. Waves from the crisis spread overseas, with investors selling off shares in European banks with large exposure to the Turkish economy.
"President Erdogan's strengthened powers under the new presidential system have made it increasingly uncertain whether policymakers will be able to act to stabilize the economy", William Jackson, the chief emerging markets economist at Capital Economics in London, said.
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Even before Trump's announcement, President Tayyip Erdogan told Turks to exchange gold and dollars for lira in order to fight "an economic war".
"This is a national, domestic battle".
"Some countries have engaged in behavior that protects coup plotters and knows no laws or justice", he said.
To understand how all of these pieces fit together, we'll start with some basic facts about trade between the United States and Turkey.
The New York Times suggested that Trump could also be trying to offset the effects of Turkey's weakened currency on the existing tariffs.
He also said Turkey had alternatives, "from Iran, to Russian Federation, to China and some European countries". In the article, he said that Washington used 5,000 trucks and 2,000 cargo planes to deliver weapons to the Syrian branch of an "armed group that is responsible for the deaths of thousands of Turkish citizens since 1984 and that is designated a terrorist group by the U.S". Gulen denies the allegation.
After nearly 20 months in a Turkish jail, Mr Brunson was moved to house arrest last month by a court.
His cause resonates with Trump's Christian conservative supporters, who could be influential as Republicans seek to retain control of Congress in midterm elections in November. He offered no further details.
As the crisis has deepened Turkish consumers have faced sharply rising food, fuel and medicine prices.