"Germany would like to see an economically predictable Turkey, this is in our interests," Merkel told reporters adding that "no one is interested in economic destabilization of Turkey."
The chancellor went on to say that the European Union needs a "stable background" in the economy of neighboring states.
READ MORE: German Lawmaker Warns Trump May Use Turkish Devaluation to Promote Protectionism
US President Donald Trump said Friday that he had authorized the doubling of steel and aluminum tariffs on Turkey, up to 50 and 20 percent respectively. The Turkish lira briefly fell 20 percent against the US dollar, reaching a record low amid the news.