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"Aluminum will now be 20 percent and Steel 50 per cent.

Saying that the business relationship between Turkey and the United States has "historically been based on mutual respect and cooperation", the ATC also implored the Trump administration "to reconsider this escalation of a trade war" and "resolve this dispute at the negotiating table", warning that there will be no winners in this war.

The 2 governments have been at odds over a wide range of topics from diverging interests in Syria, to Turkey's ambition to buy Russian defense systems, and the case of evangelical pastor Andrew Brunson, who being heald Turkey on terrorism charges.

In response, the Turkish Foreign Ministry vowed to "retaliate" against U.S. "aggression" over the case of Brunson "without any delay", and called on Washington to reverse its decision.

Turkey's currency plunged Friday - accelerated by a hostile tweet from President Donald Trump - causing financial markets to tremble and showing that the country is as much a risk to the world economy as it is a geopolitical flash point.

Turkish President Recep Tayyip Erdogan on Thursday also dismissed concerns over the tumbling lira and called on his nation to "have no worries".

Erdogan urged Turks to combat the lira's slide by selling any dollars they have stashed away - advice few Turks are likely to take since hard currency is their best insurance against soaring prices.

Experts have been questioning the real intention of USA tariffs, which are based on Section 232 of the Trade Expansion Act of 1962, a domestic legislation that justifies the imposition of duties over national security concerns. "This will be my people's response to those who have waged an economic war against us".

Turkish President Tayyip Erdogan makes a speech during a meeting of his ruling AK Party in Ankara, Turkey August 4, 2018.

Turkish newspaper Hurriyet and other media reports quote Erdogan as making the comment to a group of worshippers following traditional Muslim Friday prayers during a visit to the northern city of Bayburt.

The euro's fall comes as investors try to come to grips with how big a threat the troubles in Turkey might pose for the currency union.

The currency drop is particularly painful for Turkey because the country finances a lot of its economic growth with foreign money.

The White House and Turkish government had been in discussions for weeks about what it would take to return Brunson to the United States.

In the context of the impact of the Turkish crisis, Euro sank to its lowest levels in over a year on Friday, as anxious investors scrambled towards safe currencies such as the dollar, the yen and the Swiss franc.

The diplomatic dispute with the US was one of the triggers that turned market jitters into a full-blown route this week.

"Don't forget, if they have the dollar, we have our people, our Allah", Erdogan told a crowd of supporters in Guneysu, a town in the northern province of Rize, where his parents are from.