The Lira has lost almost a third of its value this year, as relations with the United States have become increasingly strained.
Stocks in the US and Europe skidded Friday as investors anxious about the financial stability of Turkey and how it might affect the global banking system.
Turkey's woes also shook world markets, pushing down stock indexes.
The Turkish currency lira tumbled by 7% on August 10 - a historic record against the dollar as strains with the United States intensified.
President Donald Trump said in a tweet Friday that he would hit Turkey with additional tariffs, as their national currency continues to drop.
US manufacturers that import steel from Turkey have been benefiting from the rising value of the dollar against the Turkish lira, which climbed to a fresh all-time high Friday.
In the New York Times, Erdogan warned Washington not to risk its relations with Ankara, saying it would look for "new friends and allies". 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.
"Aluminium will now be 20 percent and Steel 50 percent".
But the trade minister, Ruhsar Pekcan, said: "We implore President Trump to return to the negotiating table". "This is Turkey", he said.
The fallout from Donald Trump's trade war with Turkey - which has sent the country's currency plummeting - may lead to financial turmoil across Europe, experts fear. According to figures from the Turkish Government, for the period of 2002 to October 2017, Turkish direct investments in the United States reached $3.7 billion while USA investments in Turkey amounted to $11.1 billion, second only to the Netherlands' 21.6 billion.
"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks".
In relation to this latter dispute, Turkey's continued detention of American pastor Andrew Brunson, who was jailed 21 months ago in a widespread crackdown over a failed coup in Turkey, has increase hostility between the nations.
Ankara blames for an attempted coup in 2016.
Turkish Presidential Spokesman Ibrahim Kalin earlier wrote in the Daily Sabah newspaper that the U.S. runs the risk of losing Turkey as its ally.
A Turkish court has agreed to move Brunson from prison to house arrest over health concerns, but it still does not allow him to return to the United States.
"It will hurt US manufacturers that import steel and aluminum from Turkey, although that only constitutes a small portion of domestic steel and aluminum consumption", she added.
Observers have noted how fighting for Mr Brunson's cause is likely to be popular with Mr Trump's evangelical base ahead of crucial mid-term elections this November.
Erdogan enjoys the support of many Turks even though rents and food and fuel prices have all surged.
Manigault Newman went on to become Assistant to the President and Director of Communications for the Office of Public Liaison. In a new column, Chait goes out on a limb in defending the savvy of Manigault Newman.
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