Trump authorizes doubling of tariffs on Turkey's steel, aluminum

Trump authorizes doubling of tariffs on Turkey's steel, aluminum

Trump authorizes doubling of tariffs on Turkey's steel, aluminum

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

The Turkish lira plunged on Friday, raising questions about the country's financial stability, as investors anxious about the president's unorthodox economic policies and a dispute with the United States that has led to sanctions.

Turkey's currency crisis spilled loudly on to the global stage Friday as other markets, including USA stocks, took at hit from concern about financial contagion to other countries and banks.

World stock markets fell Friday, particularly in Europe, as investors anxious about the financial stability of Turkey, where the currency has nosedived.

He also condemned as "unacceptable, irrational and ultimately detrimental", the sanctions imposed by the USA on several Turkish cabinet members over the Brunson issue.

Trump's announcement saw the Turkish lira drop even further, crashing to a 19 percent daily loss against the greenback.

"To further reduce imports of steel articles and increase domestic capacity utilization, I have determined that it is necessary and appropriate to impose a 50 percent ad valorem tariff on steel articles imported from Turkey, beginning on August 13, 2018", Trump said in a proclamation released by the White House.

Donald Trump took to Twitter yesterday to boast about the value of the dollar against the lira.

Twitter finally deletes some of Alex Jones, InfoWars videos and tweets
Twitter remains a holdout in this situation, as it hasn't punished or banned Jones or InfoWars like other tech giants have. These are not scarlet letters. "Behaviors of bad faith actors who intend to manipulate the conversation".

"Our relations with Turkey are not good at this time!". -Turkish relationship, a deterioration made worse by Turkey's worsening human rights record and increased cooperation with Russian Federation and Iran in Syria.

In a New York Times article on Saturday, Mr Erdogan warned that Turkey would be forced to seek new friends.

A financial shock wave ripped through Turkey on Friday, when its currency nose-dived on concerns about its economic policies and a dispute with the USA, which President Donald Trump stoked further with a promise to double tariffs on the North Atlantic Treaty Organisation ally.

Ankara and Washington, NATO allies, have been at loggerheads over the detention in Turkey of USA evangelical pastor Andrew Brunson on terrorism charges, prompting United States sanctions on two of Erdogan's ministers and threats of trade restrictions. Ankara and Washington agreed to work together to resolve problems between them, Cavusoglu said after the meeting.

"We know very well that the issue is not dollar, euro or gold".

"This will be my people's response to those who have waged an economic war against us".

Markets InsiderAs a result of the ensuing panic, the dollar strengthened sharply against major currencies as global investors sought a safe-haven, something that runs directly against Trump's professed efforts to boost USA manufacturing production and exports.

Brunson denies both charges and his supporters argue that these accusations were fabricated by the Turkish government.

Paul Pogba explains penalty discussion with Alexis Sanchez during Leicester win
He got that from his team's display at Old Trafford , from the way they started so well to how they saw the game out at the end. It's going to be easier and it makes the team go higher. "I always love the club", he said.

"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.

"Aksoy says Turkey "always backs the resolution of issues through diplomacy, dialogue, goodwill and mutual understanding", but would retaliate for Trump's decision".

In addition to the Brunson case, Washington is seeking the release of three locally employed US embassy staff.

A Turkish delegation visited Washington for talks this week but left with no signs of a breakthrough. As the lira falls in value, the debt becomes harder to pay.

He said high foreign exchange rates were being used as a weapon against Turkey.

The Turkish lira has fallen more than 10 percent since last week when the United States slapped sanctions on two Turkish ministers. It is host to a critical part of the Western alliance's missile defence system against Iran.

"This could be the most expensive pastor in world history", Sekulow said, referring to the harm being done to Turkey's economy.

Prices stable amid high demand, U.S-China trade spat
"A 25 percent import tariff, amid a backdrop of strong government rhetoric against U.S. energy imports, is likely to see U.S. Beijing has stepped up efforts, so far without success, to recruit governments including Germany and France as allies.

Related news