Trump doubles steel and aluminium tariffs on Turkey as lira nosedives

Trump doubles steel and aluminium tariffs on Turkey as lira nosedives

Ankara's rocky relations with Washington took a further hit as President Donald Trump lobbed fresh salvoes via Twitter against Turkey, plunging the sagging Turkish lira to new lows against the dollar.

The Turkish lira has lost about 40 percent this year alone, largely over worries about Erdogan's influence over the economy, his repeated calls for lower interest rates in the face of high inflation and deteriorating ties with the United States.

The embattled lira tumbled 16% against the dollar on Friday, falling further when US President Donald Trump said he had doubled steel and aluminium tariffs on Turkey.

Turkey's currency crisis has lurched on to the global stage, denting European and United States stocks as fears of contagion rise. Turkey's energy minister announced on August 8 that Turkey will keep buying liquid natural gas from Iran in violation of USA sanctions.

The Lira has lost almost a third of its value this year, as relations with the United States have become increasingly strained.

With the currency diving, Trump authorized higher tariffs on Turkish imports on aluminum and steel of 20% and 50% respectively.

Washington in response sanctioned two Turkish ministers and Trump on Friday announced it was doubling the tariffs on steel and aluminum imports from Turkey, saying relations with Ankara were "not good at this time". The U.S. exported $9.75 billion worth of goods-mostly cotton, scrap iron, steel, civilian aircraft parts, coal, and petroleum gases-to Turkey, and imported $9.42 billion worth of goods from them.

Erdogan promised supporters that Turkey was taking the necessary precautions to protect its economy but added "the most important thing is breaking the hands firing these weapons".

Turkey has arrested an American pastor and put him on trial for espionage and terrorism-related charges linked to a failed coup attempt in the country two years ago. On Friday, Trump announced he would double aluminum and steel tariffs on the North Atlantic Treaty Organisation ally.

On March 1, Trump had announced global tariffs of 10 percent on all aluminum to the USA and 25 percent on all steel imports.

Turkey's trade ministry said the tariffs were against World Trade Organisation rules.

Stolen plane crashes near Sea-Tac International Airport; no passengers onboard
After the plane approached Ketron Island, Waldron saw a thick column of smoke followed by a loud explosion, he said. Pierce County Sheriff Paul Pastor described the incident at a press conference as a "joyride gone terribly wrong".

Money Dispute Might Force Star Trek Chrises Out Of Franchise
The Marvel , DC and Star Wars movies all regularly pull in north of $700 million if they don't reach $1 billion worldwide. Leonard "Bones" McCoy in the Kelvin timeline Star Trek films, responded to Spiner, taking the overly-literal approach.

Union urges police to return their Miami Dolphins tickets after anthem protest
President Donald Trump and others have criticized the players, saying their protests are unpatriotic and disrespect the military. Numerous players, from different teams, wanted to show their "outrage" at something that a lot of them are unable to define.

Concerns mounted Friday after a report in the Financial Times that the supervisory wing of the European Central Bank had over the last weeks begun to look more closely at eurozone lenders' exposure to Turkey. The sides held talks in Washington this week but failed to resolve the spat.

The Turkish financial crisis set off a wave of selling across emerging markets, reviving the spectre of contagion that has been the sector's Achilles heel for decades.

US lawmakers in both parties have expressed outrage in recent years as Erdogan expands his power over the Turkish government while purging political rivals and journalists. Erdogan has frequently blamed an "interest rate lobby" and Western credit ratings agencies for trying to bring down Turkey's economy.

U.S. investment bank Goldman Sachs alarmed investors with an assessment that a further drop in the lira to 7.1 to the dollar "could largely erode" the excess capital of Turkish banks.

"Some countries have engaged in behaviour that protects coup plotters and knows no laws or justice", he said. On Friday, he said the country had to take steps in answer "to those who have waged an economic war against us".

"Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies".

Washington "must give up the misguided notion that our relationship can be asymmetrical", he said in the opinion piece.

The Canadian dollar weakened to a more-than two-week low against its USA counterpart as geopolitical risk rattled global financial markets, offsetting stronger-than-expected domestic jobs data.

The currency turbulence coincides with the most bitter dispute with the United States since the 1974 Turkish invasion of Cyprus, which so far shows no sign of abating. "It is a national fight", he said. The sanctions are sending a loud and clear message to the North Atlantic Treaty Organisation alliance, which President Trump routinely speaks out against. The US has refused to extradite Fethullah Gulen, who lives in Pennsylvania.

His cause resonates with Mr Trump's Christian conservative supporters.

Related:

  • Jamie Redknapp sends direct message to Man United boss Jose Mourinho

    Jamie Redknapp sends direct message to Man United boss Jose Mourinho

    Lukaku then passed up a golden chance when Schmeichel spread himself well to turn the Belgian's effort over the bar. United will be back in action next Sunday when they travel to Falmer Stadium to take on Brighton & Hove Albion.
    Premier League Top 5 Summer Transfers

    Premier League Top 5 Summer Transfers

    With transfer business now done and dusted, clubs are now well poised to settle down to the task of posting a good outing in the Premier League this season.
    Pogba gives cryptic response on United future

    Pogba gives cryptic response on United future

    Pogba who joined the Manchester United setup just four days before the match, never looked like he missed pre-season friendlies. The Englishman had a fine game in the Premier League's first match of the season and played his part in the 2-1 win.
  • Huddersfield 0-3 Chelsea: Premier League highlights and recap

    We made a mistake in our frontline that led to the second goal which can not happen. We made too many mistakes and you have to be clinical and use your chances.
    Ford Mustang Hits Major Milestone with 10-millionth Unit

    Ford Mustang Hits Major Milestone with 10-millionth Unit

    But Mustangs soon will be one of only two passenger cars from Ford - along with a crossover Focus - sold in North America. Ford is celebrating a massive milestone after its 10,000,000th Mustang rolled off the production line in MI yesterday.
    Tesla's board might not know where Elon's 'secure' funding is coming from

    Tesla's board might not know where Elon's 'secure' funding is coming from

    No evidence has been presented by either side to prove or disprove that funding had been secured to take the company private. Such investors have always been an irritant for Musk, who has sometimes used Twitter to criticize them.
  • Wolves' Owners Set Target Of Winning Premier League By 2025

    Wolves' Owners Set Target Of Winning Premier League By 2025

    Michael Keane rose highest the ball pinballed off a defender before allowing Richarlison to bang home into an empty net. Cenk Tosun and Jimenez exchanged missed efforts before Everton regained the initiative after 67 minutes.
    Jose Mourinho: Signings have not improved Man United

    Jose Mourinho: Signings have not improved Man United

    There's a real sense of disappointment in the red half of Manchester with the title seemingly nowhere near. But get the players in. "I am very pleased for Luke Shaw ".

    How Home-based Business Can Benefit from Coworking Spaces

    More so, it can encourage productivity by being able to lessen boredom since you will be surrounded by people you can talk to. It Fits the Bill According to statistics, self-employment is on the rise, increasing by as much as 40% in the U.S . by 2020.
  • Tottenham lucky in Newcastle win, says Vertonghen

    Tottenham lucky in Newcastle win, says Vertonghen

    Spurs earn the three points in their aqua jerseys to start the season. It sounds insane but we defended well with the ball.
    News Corp tops estimates as Foxtel, books unit drive gains

    News Corp tops estimates as Foxtel, books unit drive gains

    Digital revenues represented 30% of News and Information Services segment revenues in the quarter, compared to 26% a year ago. The growth was partially offset by lower print advertising revenues at the news and information services segment.
    Former staffer Omarosa says Trump was like 'dog off the leash'

    Former staffer Omarosa says Trump was like 'dog off the leash'

    The White House has a tanning bed, although the Post reports that other White House aides have said they have not seen it. Elsewhere in the book, Manigault Newman paints an unflattering portrait of Ivanka Trump, the president's elder daughter.

Comments

Latest news

Adam Scott two shots behind leader Brooks Koepka at US PGA Championship
Both his 66s were compiled in the same fashion, shooting 31 for the front nine and 35 blows for the inward half. He hit his approach 20 feet above the hole and didn't know a record was at stake - until after he missed.

Tourist on bike struck and killed by vehicle in Manhattan
Her latest stop had brought her along with friends to NYC , in what was presumably supposed to be the trip of a lifetime. A witness told New York Daily News that the Lyden did not appear to be wearing a helmet when she was struck by the truck.

Blade Runner's Sean Young wanted for questioning by NYPD
She is best known, in addition to " Blade Runner ", for her roles in " Dune " and " Ace Ventura: Pet Detective ". Actress Sean Young could be in trouble with the NYPD - they want to question her about a brazen daytime robbery.

Bairstow & Woakes put England in strong position at Lord’s
On the stroke of lunch, the impressive Shami picked up his second wicket with a ball that kept low and cannoned into Root's pads. England bowled India all out for 107 in its first innings on a rain-interrupted second day.

Authorities Probe How 'Suicidal' Employee Could Steal Plane
Two F-15 jets were scrambled in response to the stolen plane from the Oregon Air National Guard in Portland, Oregon. Sea-Tac operations have resumed as normal, airport officials said; flights had been grounded during the incident.

PGA Championship: Jordan Spieth loses his cool
I made an adjustment over at 17, I wanted to make sure I got this to the hole and then I blow it by 4 feet and then miss it. I said to my caddie a couple of holes before it was the most fun I'd ever had and then that happened.

Sarri not aiming to repeat Napoli formula at Chelsea
When asked how long it could take for his players to be at their best, Sarri surprised many with his response. Jorginho will clearly be the key, the expert at quickly shifting the ball that Sarri knows well from Napoli.

Trump has choice words for ex-aide Omarosa
Manigault Newman also describes Trump as a man who "loved conflict, chaos and confusion; he loved seeing people argue or fight". Chait points to the a Politico story in which White House staffers say they are unwilling to take her on.

Scientists concerned about endangered orca still pushing body of her calf
In addition, since J35 has just given birth, she "may have extra lipid stores built up" that were preparing her body for nursing. While he is part of the core veterinarian team trying to save the whale, it was the first time he'd seen the animal in person.

Changes to ICBC premiums would see bad drivers pay more
Discounts for seasoned drivers will be extended to reflect up to 40 years of experience, up from the current limit of nine years. It is built around ensuring the vehicle rather than the driver and allows discounts to drivers despite multiple crashes.

Discord Targets Steam With New Online Game Store
However, the new store will be different from Steam's , which has become a platform where nearly anyone can sell a game. Discord has launched a beta for what's being called the Discord Store, a place where users can purchase games directly.

Derby sign Malone from Huddersfield
And the impressive victory was achieved with 10 of the same players who could not get Leeds into a top half finish last season. Leeds, after two incredible wins under Bielsa, are now favourites to win the league themselves.

Jordan Ayew joins Crystal Palace from Swansea City
It is his third club in the United Kingdom , having also played for Aston Villa who brought him from France. The Ghana global was accompanied by his star father, Abedi Pele, in completing the move.

The Essentials of Being an Eco-Friendly Hotel
Conserve Energy Lights, water heaters, and air conditioning units, among other things, consume the most electricity in hotels. Through these actions, the hotel can build a better name by showing its clients how it values environmental sustainability.

Money Saving Tips for Business Owners
JJBender.com is a trustworthy and reputable source of used office equipment that offers a wide variety of products. And in today’s economy, every small business owner is looking for ways to save money and reduce expenses.

Other news