'On some days, I end the day with a loss'. Earlier it had fallen as much as 22 percent.
The Dow Jones Industrial Average fell 196.09 points, or 0.77 percent, to 25,313.14.
"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks. It is a national fight", he said. "This will be my people's response to those who have waged an economic war against us". "Repeated efforts to communicate to the USA administration that none of the stated criteria driving America's tariffs are applicable to Turkey have thus far proven fruitless", he said.
Meanwhile, investors are anxious about the economic policies of President Recep Tayyip Erdogan, who won a new term in office in June with sweeping new powers.
While Turkey and the United States disagree over a host of issues, the most pressing disagreement has been over Brunson and the detention of other USA citizens in Turkey.
When Brunson was remanded from prison to house arrest, Trump tweeted that Brunson was "a great Christian family man and wonderful human being" who was "suffering greatly".
Meanwhile the cost of insuring exposure to Turkey's sovereign debt through five year credit defaults swaps has spiraled to the highest level since March 2009, topping levels seen for serial defaulter Greece, which has three bailouts in the last decade.
"Having said that, what's happening in emerging markets is leading to risk-free rates being bid for and that includes Treasuries, Bunds and gilts".
Canadian police say at least 4 dead in shooting
The Fredericton resident said he heard a series of "firecracker" sounds around 7 a.m. "Doors are locked and everybody's inside". Another police tweet said one person was taken into custody but gave no immediate details on where the incident occurred.
But President Erdogan brushed off any concerns during a speech in the northeastern city of Bayburt on Friday, saying: 'The dollar can not block our path.
A statement from the Kremlin said the two leaders discussed economic and trade ties. It did not disclose details, but suggests Turkey might gravitate further away from its North Atlantic Treaty Organisation allies toward co-operation with Russian Federation, whose relations with the West are at their lowest since the Cold War.
It added that Trump's remarks were "not possible to reconcile with state seriousness".
Get up to 5% more foreign exchange for worldwide payments by using a specialist provider to get closer to the real market rate and avoid the gaping spreads charged by your bank when providing currency. With central banks holding down interest rates, currency traders are the new economic enforcers, as Friday's volatile markets showed.
European shares and a gauge of global equity markets closed down more than 1 percent, while Wall Street also fell, though not as much.
And it remains unclear if the bank would be willing to sharply lift rates, with analysts saying the nominally independent institution is under the influence of Erdogan, who wants low rates to keep growth humming.
Turkish outlets reported that Mr Erdogan is seeking the release of Mehmet Hakan Atilla, a Turkish banker serving a 32 months sentence in NY for evading Iran sanctions. Erdogan has promised a new economic model driven by Albayrak, who is also his son-in-law.
In his tweet about the new tariffs, Trump said "Our relations with Turkey are not good at this time!" They include BBVA, UniCredit, and BNP Paribas, and the exposure to those lenders is being closely watched, the Financial Times reported.