While Trump's tariff announcement added fuel to the crisis, many investors say the $US900 billion ($1.2 billion) economy was already headed toward a cliff.
We look the issue straining relations between the United States and Turkey.
Turkey has vowed to take measures later today to calm market fears sparked by the precipitous plunge in the lira's value as its president accused Washington of spearheading an "underhand plot" against his country.
The lira plunged to a fresh record low of 7.24 against the dollar during in Asia Pacific trade, where markets were opening for Monday morning.
"Turkey expects other member countries to abide by global rules", the country's trade ministry said in a statement.
During a speech at the ruling Justice and Development Party's (AKP) meeting in the Black Sea province of Trabzon on Sunday, Erdogan said the United States "is making an operation against Turkey".
President Recep Tayyip Erdogan vowed Saturday to defy USA "threats" over a detained pastor, showing no signs of concessions in a bitter row that has caused the Turkish lira to crash.
The case of Andrew Brunson, an evangelical Christian, is one of a series of disputes that lies at the heart of deteriorating ties between the two North Atlantic Treaty Organisation allies.
The development comes after US President Donald Trump said on Friday he would be imposing a 20 per cent duty on aluminum and 50 per cent one on steel.
Sark preparing to see meteor shower
Rupinder Brar says the annual Perseid meteor shower will be visible Saturday night, early Sunday morning and Sunday night. Others are brighter and can appear to sail across our sky for several seconds, leaving a glowing smoke trail.
Sterling shines on Manchester City return
Going forward, things were made particularly hard for him by the absence of a natural left-back to lend him support. Manchester City kicked off the defence of their title with a classy 2-0 victory over Arsenal on Sunday afternoon.
According to the Wall Street Journal, the fall in the TRY in the face of increased United States tariffs on aluminum and steel raises uncertainty for investors in emerging markets. "With God's permission we will overcome this", he added. "Relations with countries who behave like this have reached a point beyond salvaging", said Erdogan, who warned of "economic war".
Erdogan appeared unworried by the punitive measures imposed by the USA, saying Turkey could turn to other partners and again terming the crisis an "economic war".
Brunson was arrested in October 2016 on charges of being an American spy and terrorist complicit in the failed coup attempt against Erdogan in the summer of 2016.
The two governments have been at odds over a wide range of topics - from diverging interests in Syria, to Turkey's ambition to buy Russian defence systems and the case of evangelical pastor Andrew Brunson, who is on trial in Turkey on terrorism charges.
Albayrak also said a plan has been prepared for banks and the real economy sector, including small to mid-sized businesses, which are most affected by the foreign exchange fluctuations.
Erdogan called the tariffs "missiles" in an economic war being waged against Turkey.
He also branded interest rates as a "tool of exploitation" which should be kept as low as possible.
Erdogan renewed his call for Turks to sell dollars and buy lira to boost the currency, while telling business owners to not stockpile the American currency.
City were then nearly gifted a comedic second when Cech's attempted pass to Mustafi rolled past his post and out for a corner. Ederson is expected to replace Claudio Bravo in goal after the Chilean started City's Community Shield win over Chelsea .
The Kiwi sits in a tie for 28th at four-under through three rounds after carding a two-under round of 68 on Sunday (NZ time). Woodland's 36-hole score broke the PGA record by one shot, most recently set by Jimmy Walker and Robert Streb at Baltusrol.
Burck vetted the initial documents from the Bush Library, the documents were sent only to the Senate Judiciary Committee members. And just because it's an election year, it does not mean that Judge Kavanaugh can not - or should not - be confirmed.
Killer whales have been known to carry dead calves for a week, but scientists believe this mother "sets a record". "I am sobbing. After carrying her deceased baby for at least 17 days and 1,000 miles, an orca mother has shown signs of returning to normal.
The 100 came up in just 40 balls, making it the fastest ever CPL T20 century that also contained a record 13 sixes. The rest is history. (2) Trinbago Knight Riders v St Kitts & Nevis Patriots (8pm), Queen's Park Oval.
Nationally, Statistics Canada says the country added 54,100 jobs in July and the national unemployment rate fell to 5.8 per cent. Camrose-Drumheller is sitting at an unemployment rate of 4.5 per cent up from June's 4.4 per cent.
The legal status of the Caspian Sea has remained unresolved for almost 30 years since the collapse of the Soviet Union in 1991. Under this binding legislation, any country can access the natural resources in the ocean.
However, Wanderers will be disappointed it was not more having played against 10 men for the majority of the game. Gray did note that Emery needs time to adjust, but based on that performance Arsenal are way off the pace .
Le lieu, surnommé la "piscine" et popularisé par la série "Le bureau des légendes", est hautement protégé, classé secret-défense. Il a immédiatement été interpellé et remis au commissariat du XIXe arrondissement où il a été placé en garde à vue.
No shots were more important than a four-hole stretch he played in 2 over that turned Sunday into what could be a free-for-all. He made a sloppy par at the par-5 17th but was still in cruise control as Scott missed a short birdie putt to move within one.
But he said his son and one of his daughters had become "overly concerned" with the idea of people becoming possessed. Commenting on being named an unindicted co-conspirator, Wahhaj argued he was one of 172 people put on a list by U.S.
The biggest Academy Awards audience on record came in 1998 when the blockbuster " Titanic " was named best picture. In 2009, it expanded the number of best picture nominees from five to 10 in a bid to open up the competition.
Dwyane Wade clowns ex-teammate Kendrick Perkins
Wade said there is "no clock" on his decision. "If I play the game of basketball this year it will be in a Miami uniform. But there are other things that come into play that I have to talk about and I'm sure UD has to talk about on his own.
What Brooks Koepka said after winning the 2018 PGA Championship
Woods and Koepka played nine holes of a practice round on Wednesday, and the 14-time major champion knew what he was up against. Eastern tee time, begins the day at 8-under and is one of 10 golfers within range of Brooks Koepka , the leader at 12-under.
Hundreds injured in anti-government protest in Romania
Several journalists, including an Austrian public television ORF cameraman, said they were attacked with tear gas by riot police. People shine the lights of their mobile phones during a protest outside the government headquarters in Bucharest .
Unai Emery confirms new Arsenal captain
Manchester City and Arsenal faced off in the final fixture of the opening game week of the new Premier League season as Unai Emery was pitted against Pep Guardiola in his first ever competitive game as Arsenal manager.
Grieving Orca Whale Releases Dead Calf After More Than Two Weeks
But on Saturday experts confirmed she had dropped the calf. "Her tour of grief is now over and her behavior is remarkably frisky". But by the time a team from the Centre for Whale Research arrived to take pictures of the newborn, it sadly was no longer alive.