The currency is currently down 13.5% against the USA dollar, after a brief 20% fall, resulting from a Trump tweet that declared, "Aluminum will now be 20% and Steel 50%", and concluded: "Our relations with Turkey are not good at this time!".
Turkish President Recep Tayyip Erdogan is continuing his pushback against United States actions that now have investors concerned as the nation inches closer to a financial crisis, according to Bloomberg. It's down 40 percent this year against the dollar.
On Sunday, he said the lira's free-fall was the result of a plot and did not reflect Turkey's economic fundamentals. The weakened currency's value has helped increase inflation and anxious worldwide investors.
Mr. Erdogan on Friday called on Turks to support their struggling currency.
In an article in the New York Times, Erdoğan said Trump's sanctions against Turkey over the Brunson's detention were "unacceptable, irrational and ultimately detrimental to our longstanding friendship". But some investors fear the Turkish economy is growing too quickly and could face problems.
Erdogan has been putting pressure on the central bank to not raise interest rates in order to keep fueling economic growth.
Erdogan signaled he was not looking to offer concessions to the United States, or financial markets.
In Rize, Erdogan said the United States would pay a price by challenging Turkey for the sake of "petty calculations", denouncing Washington for declaring "economic war on the entire world" and holding countries "for ransom through sanction threats". He urged Turkish citizens to immediately exchange their gold and dollars for lira.
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The White House has said the newly-imposed sanctions would take effect from August 13.
Turkey also warned there would be retaliation against the US' imposition of the tariffs.
Andrew Brunson, an American pastor, living in Izmir, Turkey.
Brunson and his wife Norine were imprisoned in October 2016, three months after that coup attempt in Turkey, for their alleged links to the movement of religious leader Fethullah Gulen and the Kurdistan Workers' Party.
Ankara has ruled out releasing Brunson, although he was granted house arrest in July.
Tensions have risen between the two North Atlantic Treaty Organisation allies over Ankara's detention of an evangelical pastor alongside other diplomatic issues. "Don't heed them", Erdogan said.
Turkey is also ready to establish a similar system - to not use dollar in trade - with European countries, Erdogan noted.
Erdogan Friday held telephone talks with Russian President Vladimir Putin, discussing economic and trade issues as well as the Syria crisis.
Ankara had already taken measures to respond and will continue doing so, he added.
This story is based in part on wire service reports.