"All the steps taken against Turkey will be given a befitting response as they have been given before", he vowed. USA stocks were also rattled. "It is time for Erdogan to face reality".
A slew of unnerving headlines this week from the United Kingdom, Russia, and Turkey has culminated in a wild Friday for global markets.
Oil prices rose more than 1 percent as US sanctions against Iran looked set to tighten supply, but futures remained lower for the week as investors anxious that global trade disputes could slow economic growth and hurt demand for energy.
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!"
Q: What impact could the turmoil have outside Turkey?
These fears spilled over into United States markets, with investors shifting their focus away from strong corporate earnings to what was happening across the Atlantic.
The tumult also affected Wall Street, which finished the week on a sour note, with the Dow Jones, S&P 500 and Nasdaq all finishing down on Friday. "On some days, I end the day with a loss".
Here is what you need to know.
It argued that the country accounted for less than 2 percent of group revenues and a 10 percent fall in the lira would affect its CET1 ratio - capital that must be set aside as a buffer against financial shocks - by only around 2 basis points.
On June 21, Turkey's retaliatory tariffs went into effect on 4 to 70 percent of more than $1 billion worth of US goods. The sanctions on two officials were announced Wednesday.
"A US-induced crisis in Turkey will create a new martyr in the region, with far-reaching consequences which American congressmen and President Trump do not foresee", Bulent Gultekin, a professor at the Wharton School of the University of Pennsylvania and the former Turkish Central Bank governor, told MEE.
Turkey has had this sort of experience - a disastrous currency collapse shrinking its economy and impoverishing its citizens - several times before, most recently in February 2001. According to a source in Erdogan's office, the two said they were pleased with the positive direction in their economic and trade ties and with the ongoing cooperation in the energy and defense sectors. Congress is pushing for a slew of separate sanctions, including halting delivery of F-35 fighter jets and blocking funding to Turkey from the World Bank and the International Monetary Fund.
The pound also nosedived this week. His comments did nothing to shore up the lira currency. The dollar index, which measures its strength against a basket of other developed-nation peers, hit its highest level since June 2017 on Friday.
Investors were already grappling with what a no-deal Brexit would mean for the continent.
Turkey was facing artificial financial volatility, Erdogan said, and people should not pay close attention to foreign exchange prices, and should instead focus on the "big picture". "Look at what we were 16 years ago and look at us now".
The announcement intensified fears that United States sanctions on Russian Federation may not recede anytime soon.
The lira's value fell about 13 percent against the dollar on Friday.
In a televised speech on Friday, he referred to the diplomatic standoff as an economic war.
"I'm not confident", he said. "Nothing will happen before the transfer window shuts?" But he was quick to point out his United side were closest to runaway leaders Manchester City last season, even if they finished 19 points adrift.
Both of the Brooklyn Nets' games in Mexico City a year ago against the Oklahoma City Thunder and Miami Heat aired on ESPN. The contest will be held at the Arena Ciudad de Mexico in Mexico City as part of the NBA Mexico City Games 2018.
Malware can also come bundled with the actual official Android version of the game downloaded from an unofficial third-party. Additionally, to download files outside of Play Store requires users to tinker around with security permissions.
Commenting on the research, some experts said uncontrolled warming is still uncertain but not implausible. People must immediately change their lifestyle to be better stewards of the Earth, the researchers said.
The delay also comes at the heels of reports that Drake's tour bus was towed away yesterday morning in Kansas City. Minnesota fans should hang onto their tickets for the rescheduled date, whenever that happens.
The club insist the 25-year-old Frenchman is not for sale at any price amid concerns that he has fallen out with Jose Mourinho . United said they were happy to be kept informed. "I asked for five players and they did not bring me any".
The decision came just days after the city announced an agreement with Bird to allow them to operate no more than 500 scooters. Since the interim operating agreement was signed last month, the city authorized Bird's request to add 250 more scooters.
Perseid Meteor Shower peaks this weekend
The best way to see the meteor shower is to find a constellation like Cassiopeia, and look just below it and to the left. On the evening of Aug.12 to the morning of Aug.13, stargazers will see the best show the meteor shower has to offer.
Mookie monster! Betts homers in 9th to complete cycle
Borucki (2-2) gave up four runs off nine hits over five innings, doing enough to keep his team and earn his second big-league win. It took until August, but Major League Baseball has its first cycle, courtesy of Boston Red Sox outfielder Mookie Betts .
Whitmer wins Democratic nomination for MI governor
Debbie Stabenow in November, and several Democrats were vying for the congressional seat that was vacated by John Conyers. Other states such as Illinois, California and Montana have seen high number of voters this year, too.
The first IKEA store opened in India and it was intense
It also has a 1,000-seater restaurant, which is the biggest for IKEA in its global network, offering Swedish and Indian cuisine. Furniture store IKEA on Thursday opened its first store in Hyderabad and witnessed a huge response from the customers.
Hurricane Hector to skirt south of Hawaii as it weakens
Hurricane Hector was formed far out in the Pacific Ocean on 2 August with maximum sustained winds of 85 miles per hour (140 kph). Hurricane force winds can extent up to 35 miles (55 km) from the center and tropical storm-force winds up to 105 miles (165 km).
McDonald's mobile customers get chance to win food for life
Too good to be true? Since then, there have been various rumors of celebrities and businesspeople getting free food for life. At a ceremony introducing The Gateway Arch in 1965, McDonald's gave out the first McGold Card to the mayor of St.