Turkey ready for trade with partners, including Russian Federation, in national currencies - Erdogan

FOREX-Dollar approaches 13-mth high; rouble, Turkish lira downtrodden

Compounding the lira's agony, President Donald Trump said he had doubled steel and aluminium tariffs on Turkey, noting that relations between the North Atlantic Treaty Organisation allies were "not very good".

Ankara and Washington have been at odds over the detention of the American evangelical pastor Andrew Brunson on terrorism charges, a matter that Trump has discussed directly with Turkish President Recep Tayyip Erdogan over the phone, The New York Times reported.

The White House cited national security grounds as the means by which Mr Trump had authorised a 50% steel tariff and 20% aluminium tariff on Turkey. Turkey is among several nations, including Mexico, Canada and the European Union, to respond with their own tariffs on USA exports.

Trump's announcement came shortly after Turkish President Tayyip Erdogan called on Turks to help defend the country against the US-launched economic war against his nation.

"If there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks", he said during an address to supporters.

USA stocks fell Friday amid the geopolitical concerns that pushed the Turkish lira to the record low against the dollar.

Erdogan said Turkey acted in accordance with the law, saying: "We have not made concessions on justice so far, and we will never make any".

The US on August 1 imposed financial sanctions on its North Atlantic Treaty Organisation ally, blocking Turkey's ministers of justice and interior from doing business with Americans.

Nationalist Movement Party (MHP) leader Devlet Bahçeli said: "Economic terror is being created on the pretext of a pastor".

Albayrak, who formerly served as energy minister, on Friday announced what he has described as a "new economic model" for Turkey but he focused on macro-economic issues and steered well clear of tackling the currency crisis.

He also repeated his call to Turks to sell their dollar and euro savings to shore up the lira.

"This will be the response to those who have declared an economic war".

The Lira touched a historic low versus the U.S dollar.

The diplomatic tension and the failure of Turkish officials to persuade the United States to lift the sanctions plunged the lira to new lows this week.

He went on to say that unilateral actions against Turkey by the U.S. will "only serve to undermine American interests and security" and said that Washington must "give up the misguided notion that our relationship can be asymmetrical and come to terms with the fact that Turkey has alternatives". "This is a national, domestic battle", he told a crowd in the northeastern city of Bayburt, according to Reuters.

Investors are concerned with Erdogan's firm grip on Turkish monetary policy.

One of the hard issues affecting U.S.

The two leaders agreed that they were pleased with the positive direction in their economic and trade ties, a source in Erdogan's office told CNBC.

Relations between the United States and Turkey have not been helped by Turkey jailing an American citizen for an alleged attempted coup in 2016.

Independent analysts argue the central bank should instead raise rates to tame inflation and support the currency.

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