Trump doubles tariffs on Turkish metals

Trump doubles tariffs on Turkish metals

Trump doubles tariffs on Turkish metals

The president has declared that American importers' reliance on foreign metals poses a national security risk to the USA, and he also has increased the cost of these imports on Japan, Turkey and members of the European Union, the paper reported.

The lira, which has lost a third of its value this year, fell on his comments and was trading at around 6.05 to the dollar after he spoke, almost 9 percent weaker on the day.

Here is a look at the situation - what caused the plunge and what impact it might have.

"When it comes to cornering Turkey to extract certain concessions that undermine our sovereign rights, it is a whole another story". Together, that can weigh on the currency. To do that, they have to sell lira - worsening the rout.

Adding to investors' concerns, Erdogan pledged a continuation of his debt-fueled construction policy to boost the economy, which is blamed for Turkey's rampant inflation and has added to currency weakness. "It is a national fight", Mr Erdogan said in comments broadcast on national television.

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"There is zero credibility in the Central Bank of Turkey and zero credibility in Turkish policy making". While it was true US sanctions on a few top Turkish officials over an American pastor being detained had put more pressure on the lira this past week, this was far from the main reason their currency has been falling so fast.

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Friday morning, President Trump tweeted about the situation with Turkey, announcing further tariffs and noting that relations between the USA and Turkey are "not good".

"Before it is too late, Washington must give up the misguided notion that our relationship can be asymmetrical and come to terms with the fact that Turkey has alternatives", he said. In Europe, where exposure to Turkey is far higher, Germany's DAX fell by 1.7% and France's CAC by 1.2%.

Putting a 50 percent tariff on a foreign country's steel exports isn't the most conventional way to secure an imprisoned American's relief.

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Q: How is the fall in the lira a problem?

Turkey's sovereign dollar-denominated bonds tumbled with many issues trading at record lows.

He seems to see Turkey's collapsing currency not as an existential threat to their economy they are trying to forestall, but rather as something they actively want to try to make their exports more competitive. Corporate foreign currency loans total about $250 billion, much of which is due to be repaid in a year. The lowest exchange rate is 6.64 against the greenback set on Friday.

An important emerging market, Turkey borders Iran, Iraq and Syria and has been mostly pro-Western for decades. On Thursday Ergodan said Turkey will withstand the economic pressure. "The total damage from a Turkish recession would be smaller than 0.1 percentage point to the euro zone economy".

"If you have dollars, euros or gold under your pillow, go to banks to exchange them for the Turkish lira". He equated the financial turmoil to the 2016 coup attempt that sought to depose him. Companies were "being unfairly punished for participating in global trade", she said.

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Independent analysts argue the central bank should instead raise rates to tame inflation and support the currency.

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