Turkey's floundering economy exacerbated by Trump tariffs

Turkey's floundering economy exacerbated by Trump tariffs

Turkey's floundering economy exacerbated by Trump tariffs

Relations are also tense because of new U.S.

A slew of unnerving headlines this week from the United Kingdom, Russia, and Turkey has culminated in a wild Friday for global markets.

President Trump said Friday the USA will double tariffs on steel and aluminum for Turkey, noting the relationship between the two states "are not good at this time!"

Q: What impact could the turmoil have outside Turkey?

These fears spilled over into USA markets, with investors shifting their focus away from strong corporate earnings to what was happening across the Atlantic.

In New York, the Dow Jones Industrial Average fell 185.15 points, or 0.73 per cent, to 25,324.08.

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Emerging market currencies are ending the week with a brutal sea of red across the board, with consistent losses throughout Asia, while the South African rand and Turkish lira are leading the way with losses within the EMEA.

Erdogan on Thursday portrayed the run on his currency as a "campaign" to harm Turkey and called on people not to worry.

The added weakness came as disappointment set in after talks between Turkish and United States diplomats in Washington failed to result in a compromise that was likely to ease sanctions. The sanctions on two officials were announced Wednesday.

The euro zone bank sell-off was also exacerbated by a report in the Financial Times that the European Central Bank is increasingly concerned about some lenders, particularly BBVA of Spain, UniCredit of Italy and BNP Paribas of France as they have some of the largest operations in Turkey among euro zone banks.

The lira fell 7% against the dollar to 5.9655 on Friday morning after hitting an all-time low earlier in the session.

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In a tweet, Mr Trump said the currency was weak against "our very strong dollar", adding that "US relations with Turkey are not good at this time".

President Donald Trump administration announced that it would higher the tariffs on Turkish steel and aluminum over the detainment of American evangelical pastor Andrew Brunson, who was arrested in 2016.

The day saw the lira plunge as much as 18% at one point, the biggest one-day drop since Turkey's 2001 financial crisis. And like with the lira, investors found new reasons on Friday to dump the currency.

"The possibility of a no-deal at the moment is uncomfortably high", Bank of England Governor Mark Carney said during a radio interview last week. That makes a loan in dollars that much more expensive to repay. The British sterling desperately requires some positive news around Brexit negotiations, otherwise the negative investor sentiment presents a risk that pound selling could accelerate further down than the 1.20 ladder within a matter of weeks.

"I'm not aware of any prior administration using tariffs in this way, and there's a very simple reason: because they're an incredibly blunt instrument that often can have blowback on American workers and consumers as we've seen in the China context", said Ned Price, a former Central Intelligence Agency officer who also served as a National Security Council spokesman during the Obama administration. The sanctions are sending a loud and clear message to the North Atlantic Treaty Organisation alliance, which President Trump routinely speaks out against. Since the start of the year, it is now down a full 41 percent against the dollar.

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