In July, US President Donald Trump threatened to impose large sanctions on Turkey if he refused to free Brunson, and on 1 July announced economic punishments against Turkish Justice Ministers Abdulhamit Gül and Interior Minister Suleyman Soylu.
Iran's Foreign Minister Mohammad Javad Zarif waded into the mounting row between Turkey and the United States, accusing Washington of an "addiction to sanctions and bullying". The economy's nosedive comes as President Trump doubled tariffs on Turkish steel and aluminium, further hurting the lira.
What's happening to Turkey's currency right now?
Last Friday, Turkish Foreign Minister Mevlut Cavusoglu and his USA counterpart Mike Pompeo met in Singapore on the sidelines of the Association of Southeast Asian Nations foreign ministers' meeting.
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While the numbers tell one story, trade relations and politics tell another.
Erdogan signaled he was not looking to offer concessions to the United States, or financial markets. The United States sanctioned Turkey for imprisoning an American priest on bogus charges. After allegedly participating in a failed coup in 2016, Brunson is facing espionage and terrorism charges.
"You impose sanctions on our Halkbank. and then you expect different treatment from Turkey?" said Erdogan, in a second speech in the same city. He is suffering greatly.
He also condemned as "unacceptable, irrational and ultimately detrimental", the sanctions imposed by the USA on several Turkish cabinet members over the Brunson issue.
High level meetings in Washington between US and Turkish officials ended this week without an apparent resolution.
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The currency is currently down 13.5% against the USA dollar, after a brief 20% fall, resulting from a Trump tweet that declared, "Aluminum will now be 20% and Steel 50%", and concluded: "Our relations with Turkey are not good at this time!".
Washington imposed the metals tariffs on national security grounds, claiming the glut of steel and aluminum harmed U.S. companies and the economy. The U.S. -listed shares of Germany's Deutsche Bank lost 4.7 percent to $11.82 and Spanish Banco Santander fell 4.7 percent to $5.19. -Turkish relationship, a deterioration made worse by Turkey's worsening human rights record and increased cooperation with Russian Federation and Iran in Syria.
President Trump's discarding of the Iran nuclear deal is a point of contention, as well, as almost half of Turkey's oil imports come from Iran, meaning new sanctions against Iran come back and hurt the Turkish economy as well.
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