Amid the dispute, foreign investors could be spooked and try to pull their money out, reinforcing the currency drop and potentially leading to financial instability.ISTANBUL (AP) - Turkey's president on Saturday blamed the country's economic downturn on the United States and other nations that he claims are waging "war" against his country.
"Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies", he said, noting that the relationship between the two North Atlantic Treaty Organisation member states "could be in jeopardy" unless the U.S. changes course.
The Turkish lira has lost about 40 percent this year alone, largely over worries about Erdogan's influence over the economy, his repeated calls for lower interest rates in the face of high inflation and deteriorating ties with the United States.
The diplomatic dispute with the U.S. was one of the triggers for the turmoil this week.
Turkey has detained Mr Brunson for almost two years, accusing him of links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup in 2016.
On June 21, Turkey's retaliatory tariffs went into effect on 4 to 70 percent of more than $1 billion worth of US goods.
On Friday, Turkey's currency, the Lira, fell as much as 14%, causing the global financial markets to shudder.
Trump said via a tweet that the tariff on aluminium imports will be increased to 20 per cent and the tariff on steel imports will be raised to 50 per cent as the Turkish Lira "slides rapidly downward against our very strong Dollar!"
"Before it is too late, Washington must give up the misguided notion that our relationship can be asymmetrical and come to terms with the fact that Turkey has alternatives", he said.
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Saudi Arabia's media ministry is investigating the incident, which came as tensions between the two countries escalated. The U.S. also said it continued to encourage the Saudi government to "ensure all are afforded due process".
In March, the United States had imposed tariffs of 25 percent on steel and 10 percent on aluminum for imports from a variety of countries.
"This innocent man of faith should be released immediately", Trump previously wrote on Twitter when it became clear Turkey would not release the evangelist, who was ordered to be held under house arrest. He said this during a speech in the town of Unye (Turkey).
Erdogan has been putting pressure on the central bank not to raise interest rates in an attempt to help borrowers.
But Erdogan said Turks should not be alarmed by exchange rate movements.
The Turkish strongman also lashed out at interest rates, denounced them as a "tool of exploitation" which should be kept as low as possible.
After winning a June election with revamped powers, he tightened his control over the central bank and appointed his son-in-law Berat Albayrak to head a newly-empowered finance ministry.
Mr Erdogan also remained defiant, as he urged the Turkish people to exchange foreign currency or gold for lira.
"This is a national, domestic battle".
On Saturday, Turkish president Recep Tayyip Erdogan warned the United States that it could lose a "strategic partner", declaring a rally: "We only bow before God". Turkey has, without success, requested that the USA extradite Fethullah Gulen, who lives in Pennsylvania.