This week was interesting also because, after several months, banking stocks showed some life, particularly SBI and ICICI Bank. The lira, which has been losing ground in recent days in part due to the US tensions, plunged as much as 20 percent on Friday to record low levels against the dollar.
Prior to Trump's announcement, the Turkish lira fell to its lowest point ever against the US dollar on Friday. Financial upheaval there risks further destabilising an already volatile region.
Turkish aluminum will now be taxed at 50% and steel at 20%, essentially pricing Turkish metals out of the USA markets.
When the lira crashed, Iran threatened Mr Trump and said that the "entire world would unite" and use "force" the U.S. to scrap the sanctions.
Marcus Chenevix, Middle East analyst at TS Lombard said that Turkey's economy is fragile.
One of the triggers of the turmoil has been a standoff with the US over a detained American pastor that Turkey, a North Atlantic Treaty Organisation ally, has put on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago.
The Turkish financial crisis set off a wave of selling across emerging markets, reviving the spectre of contagion that has been the sector's Achilles heel for decades.
On Friday, Erdogan asked Turkish citizens to sell off their gold and dollars and exchange them for the lira, in an attempt to prop up the currency.
"This is a national, domestic battle".
This is a very bad rationale for hiking tariffs on a country's exports.
In Rize, Erdogan said the U.S. would pay a price by challenging Turkey for the sake of "petty calculations", denouncing Washington for declaring "economic war on the entire world" and holding countries "for ransom through sanction threats".
Calling on the US, Erdogan said: "It is a shame".
"Our relations with Turkey are not good at this time!" he added.
"Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies".
It's an awkward triangle, given that Turkey is a Nato member, Russian Federation is Nato's number one threat and the organisation is obliged to defend any member that is attacked.
And he brushed off the tariffs.
Trump said in a post on Twitter. Gulen has denied the allegation.
He had already spent almost two years in jail on charges of espionage and supporting terror groups when he was arrested following an attempted military coup in Turkey.
Observers have noted how fighting for Mr Brunson's cause is likely to be popular with Mr Trump's evangelical base ahead of crucial mid-term elections this November. He offered no further details. And under Turkey's new executive presidential system, Erdogan pretty much calls all the shots.
Erdogan enjoys the support of many Turks even though rents and food and fuel prices have all surged.