"I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!" Trump said on Twitter.

“Aluminum will now be 20 percent and Steel 50 percent. Our relations with Turkey are not good at this time!" he added.

Trump's announcement came shortly after Turkish President Tayyip Erdogan called on Turks to help defend the country against the US-launched economic war against his nation.  Erdogan appealed to Turks to exchange dollars and gold for Turkish lira to support the plunging currency.

The lira plunged to as low as 6 against the US dollar on Friday, a day after a Turkish delegation returned from talks in Washington with no apparent solutions to their simmering crisis.