"If they [U.S. manufacturers] are importing from Turkey and they rely on them, then tariffs are going to make it more expensive for them by raising their own costs", said William Jackson, chief emerging markets economist at London-based Capital Economics.
On the morning of August 10, U.S. President Donald Trump intensified these divisions by tweeting that he had authorized a doubling of tariffs on Turkey's steel and aluminum, rising to 20 percent on aluminum and 50 percent on steel.
He declared: "Our relations with Turkey are not good at this time!".
Trump tweeted he had authorized a 20 percent duty on aluminum and 50 percent one on steel.
Indeed, much of the recent concern has been fuelled by President Recep Tayyip Erdogan's economic policy.
Brunson's charges include spying for the PKK - listed as a terrorist group by both the USA and Turkey - and Fetullah Terrorist Organization (FETO). The lira fell further as Erdogan spoke.
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The currency has lost almost a third of its value this week. The sanctions on two officials were announced Wednesday. Thus, Trump's tweet suggests that any country that enters a time of economic turmoil - and consequently, sees the value of its currency fall - is a fair target for punitive trade actions by the United States.
Earlier this week US and Turkish officials met in Washington to discuss issues that have pitted the two North Atlantic Treaty Organisation allies against each other.
It is a Coen brothers-level farce the people of Turkey and every other emerging market that's been caught up in what's now a broader currency sell-off are not laughing at. On Friday, he said the country had to take steps in answer "to those who have waged an economic war against us". Albayrak is the Turkish President Recep Tayyip Erdogan's son-in-law.
In an opinion piece in the New York Times on Friday, Erdogan said Turkey's partnership with the United States could be in jeopardy unless Washington "starts respecting Turkey's sovereignty".
The lira, which had traded at 4 to the dollar as late as April, was being quoted at more than 7 to the dollar at one point Friday before rebounding to about 6.4.
Erdogan, whose typical defiance in the face of the crisis has further unnerved investors, appealed to Turks' patriotism and urged support for their free-falling currency. One economically-illiterate leader is crippling his own economy and blaming everyone else for it, which then turned out to be partially correct when another economically-illiterate leader made a decision to cripple their economy as payback for what they have done to themselves.
On Friday, the euro sagged to a 13-month low against the dollar, down 0.7 per cent to $1.1450, after the Financial Times reported that the European Central Bank was anxious about possible losses at eurozone banks operating in Turkey.
These tensions and tariffs indicate a deterioration of the U.S. The central bank noted that Spain's BBVA, Italy's UniCredit and France's BNP Paribas all have significant exposure to Turkish debt and that a crashing lira could affect repayment of foreign currency loans.