Trump Doubles Tariffs On Steel, Aluminum From Turkey

Turkish delegation returns home after meeting in US

Trump announced the doubling of aluminum and steel tariffs in a tweet Friday, citing bilateral strains.

Earlier Friday, Trump ramped up his attack on Turkey by doubling United States tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.

Image: Donald Trump claimed 'relations with Turkey are not good at this time!'

The Treasury Department targeted Turkey's justice and interior ministers with financial sanctions last month after the government refused to allow Brunson to return to the U.S.

"It's pretty remarkable how far the Trump administration is willing to go - putting at jeopardy the relationship with a North Atlantic Treaty Organisation ally over a preacher".

Unilateral steps taken by the United States only harm its interests and security, Turkish President Recep Tayyip Erdogan said on Friday in an article he wrote for The New York Times.

The slump is attributed to the tensions with the USA and concerns about President Recep Tayyip Erdogan's control of monetary policy.

Turkey's lira sank as low as 20 percent against the US dollar Friday before settling at a 15 percent drop.

"This is a domestic and national struggle", Erdoğan said, according to The Associated Press.

Erdogan on Saturday repeated a call to Turks to help support the lira to win what he described was a "war of independence".

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

However, a report by Credit Suisse said Turkey remained a risk for Italy's biggest bank by assets as the depreciation of the lira could further hit its core capital - which came in lower than expected at the end of June.

U.S. stock markets also fell after his tweet.

The Turkish lira fell 13 percent to 6.51 per dollar.

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.

Such a stabilisation project would have to involve not just a sharp increase in interest rates, but also a full comprehensive programme of reforms, and - what would probably be a very bitter pill - the shelving of many of Erdogan's expansive infrastructural and defence industry projects, 400 of which were unveiled only a few days ago.

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.

New York | Stocks sold off around the world, with USA equities erasing what would've been a sixth weekly gain as Turkey's economic crisis deepened.

Turkish President Tayyip Erdogan talks to media in the Black Sea city of Ordu, Turkey August 11, 2018. Speaking in the northeastern province of Gumushane, Erdogan said, "Apparently, those who believe they can force us to capitulate don't know [our] people at all". On Friday, he said the country had to take steps in answer "to those who have waged an economic war against us".

"Also completely underestimated is Turkey's capacity to effectively shut down everything that happens in Brussels if they want to, because Brussels works on consensus and nothing, literally nothing happens without consensus", he said.

Investors quickly made up their minds, with the Lira sliding 5pc during his 15-minute speech, and then slumping even further in the afternoon, again signalling the deep concern about the stewardship of the economy under Mr Erdogan and Mr Albayrak, his son-in-law and newly appointed Finance Minister.

"Unless the United States starts respecting Turkey's sovereignty and proves that it understands the dangers that our nation faces, our partnership could be in jeopardy", Erdogan said.

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