Erdogan warns Turkey's partnership with U.S. 'in jeopardy'

The euro has dropped today after the Turkish lira ad Russian rouble plummeted

It comes as US President Donald Trump doubled tariffs on Turkish steel and aluminium, further hurting the lira.

Mr Erdogan also wrote in the New York Times that unless the United States changed course, Turkey would look for new friends and allies.

The two 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 is on trial in Turkey on terrorism charges.

"It's pretty remarkable how far the Trump administration is willing to go - putting at jeopardy the relationship with a North Atlantic Treaty Organisation ally over a preacher".

Trump intensified the alarm on financial markets with a new tweet on the Turkey row.

The lira tumbled about 10 per cent on Friday to another record low as investors worry about Erdogan's unorthodox economic policies and U.S. sanctions.

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Erdogan said during an address to supporters: "Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks. Don't worry", Erdogan told a crowd in the northeastern city of Bayburt.

"This will be my people's response to those who have waged an economic war against us", he said.

Turkey's troubles, compounded by a new round of USA sanctions, are unlikely to cause any kind of permanent hit to U.S. markets or its economy, but it does offer two cautionary tales, one for President Donald Trump and the other for Federal Reserve Chairman Jerome Powell.

Adding to investors' concerns, Erdogan pledged a continuation of his debt-fueled construction policy to boost the economy, which is blamed for Turkey's rampant inflation and has added to currency weakness.

A new bout of selling Friday on increased strains with the USA forced the lira over six against the United States dollar for the first time, with the currency at one point shredding a quarter of its value in a single day. Trump said in a post on Twitter.

Erdogan said high foreign exchange rates were being used as a weapon against Turkey.

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The nominally independent central bank has defied pressure over the last few weeks to hike interest rates in the face of high inflation and the collapsing currency.

New Finance Minister Berat Albayrak - Erdogan's son-in-law - acknowledged that the central bank's independence was critical for the economy, promising stronger budget discipline and a priority on structural reforms. Furthermore, consternation in the U.S. Congress has led to a nascent bill that could limit Turkey's ability to obtain loans from any U.S. -based financial institutions. "The dollar does not bind us", he told.

The lira has always been falling on worries about Mr Erdogan's influence over monetary policy and worsening relations with the United States.

On Saturday he repeated his call to Turks to help support the lira to win what he described as a "war of independence".

Addressing for the first time on Friday to a rally of his supporters, he said, "If they have dollars, we have our people, we have our right and we have Allah!" 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.

Foreign investors could be spooked and try to pull their money out, reinforcing the currency drop and potentially leading to financial instability.

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Far worse than that, though, is this has also sent Turkey's currency on a downward spiral that threatens to destroy its entire economy.

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