Iran, Russia, Turkey to hold Syria summit next week

Erdogan urges Turks to fight economic war from AS

Erdogan urges Turks to fight economic war from AS

U.S. trade sanctions against Turkey could destabilize the region and ultimately bolster regional terrorism and the refugee crisis, Turkish Finance Minister Berat Albayrak warned on Monday.

The Turkish lira weakened 3 percent against the dollar on Monday after a week-long holiday, hit by persisting concern about a diplomatic rift with Washington over a detained USA pastor.

The lira dropped 3.5% to 6.2964 against the dollar around 8:45 a.m. ET.

Turkish President Tayyip Erdogan will visit Iran on September 7, his office said on Monday, on a trip expected to include a three-way summit with Russian and Iranian leaders.

Late last month, US President Donald Trump said Washington would impose "large" sanctions on Turkey for the long detainment of the pastor, and earlier this month ordered to double the US tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.

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Investors will turn their attention in the afternoon to a meeting between Finance Minister Berat Albayrak and his French counterpart in Paris, after which they are scheduled to make a statement at 1330 GMT.

"The exchange rate sensitivity created by the tension between us and the United States continues", said Seda Yalcinkaya Ozer, an analyst at brokerage Integral.

The United States has expressed concern that North Atlantic Treaty Organisation member Turkey's planned deployment of the Russian-made S-400 could risk the security of some US -made weapons and other technology used by Turkey, including the F-35 jet.

The Turkish lira has tumbled about 35 percent since the start of this year, in what Erdogan called an "economic war" from the United States.

Ankara's deal to purchase the advanced weapons has emerged as one of many flashpoints in its relationship with Washington, spurring U.S. lawmakers to pass legislation delaying the delivery of F-35 fighter jets to Turkey.

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