The president has declared that American importers' reliance on foreign metals poses a national security risk to the United States, and he also has increased the cost of these imports on Japan, Turkey and members of the European Union, the paper reported.
At the end of a "tragic day", Turkish lira lost 20 percent of its value, the biggest one-day fall since a 2001 financial crisis in Turkey.
He declared: "Our relations with Turkey are not good at this time!". While many of Turkey's challenges are specific to that country, there are certain characteristics - a heavy debt load following a prolonged, low U.S. interest-rate driven borrowing binge in dollars - broadly shared throughout emerging markets. Financial upheaval there risks further destabilizing an already volatile region.
Turkey's President Recep Tayyip Erdogan on Saturday accused the U.S. of exchanging its "strategic North Atlantic Treaty Organisation ally with a pastor", remarks that questioned why Washington was seeking to free its citizens detained by Ankara, including Pastor Andrew Brunson who has become the eye of a diplomatic storm between the two nations.
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"Turkey expects other member countries to abide by global rules", the country's trade ministry said in a statement.
"Shame on you, shame on you", he said, directing his remarks at Washington. Immediately give these to the banks and convert to Turkish lira and by doing this, we fight this war of independence and the future.
Markets InsiderAs a result of the ensuing panic, the dollar strengthened sharply against major currencies as global investors sought a safe-haven, something that runs directly against Trump's professed efforts to boost U.S. manufacturing production and exports.
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Brunson has been detained for the past 20 months on accusations that he supported groups the Turkish government deems terrorists. The U.S. responded by filing a complaint against the country with the World Trade Organization. "During this period, Turkey has set records in its exports, production and employment", Erdogan said.
The lira sell-off deepened concern over whether over-indebted Turkish companies will be able to pay back loans taken out in euros and dollars after years of overseas borrowing to fund a construction boom under Erdogan. Turkey was reportedly the sixth largest steel importer to the US.
Brunson was indicted for allegedly having links with the outlawed Kurdistan Workers' Party and Fethullah Gulen, an exiled Turkish preacher who has allegedly masterminded the failed coup attempt in 2016 to topple Erdogan.
The sides held talks in Washington this week but failed to resolve the spat. It is host to a critical part of the Western alliance's missile defence system against Iran.
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But it is Whitmer who, by a considerable margin, will take on Republican Attorney General Bill Schuette in November. Fewer than 30,000 people voted in the primary, which received little mainstream media attention.