Trump doubles tariffs on Turkey, stoking jitters

10 August, 2018, 19:34 | Author: Eric Barnett
  • Turkish US talks end at State Department

President Trump's announcement Friday morning that he has authorized the doubling of tariffs on steel and aluminum imports coming from Turkey came in a tweet that noted, "Our relations with Turkey are not good at this time!"

That turned into a rout on Friday, with the lira diving more than 18 percent on the day and more than 40 percent this year to a new record low after Trump took steps to punish Turkey in a wide-ranging dispute.

The Turkish lira has lost 13 per cent of its value against the dollar since midnight, pushing the battered currency further into crisis. U.S. President Donald Trump introduced a round of sanctions on August 1, preventing the Turkish justice an interior ministries from doing business with U.S. businesses.

Ankara blames for an attempted coup in 2016.

A Kremlin source said they talked about projects such as energy, just hours after Donald Trump weighed in on the economic crisis by declaring more Turkish sanctions via Twitter.

Turkey's unfolding economic crisis has deepened further after Donald Trump announced a doubling of United States import tariffs on Turkish steel and aluminium, deepening the country's currency freefall and rattling financial markets. Our relations with Turkey are not good at this time!'

Still, analysts said the lira's plunge which took it down almost 20 percent against the dollar on the day in the European afternoon, was dramatic, with analysts trying to recall when they last saw anything like it. The lira fell further after Trump's tweet. On Thursday Ergodan said Turkey will withstand the economic pressure.


The 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. He says higher interest rates lead to higher inflation, the opposite of what standard economic theory says.

And it remains unclear if the bank would be willing to sharply lift rates with analysts saying the nominally independent institution is under the influence of Erdogan, who wants low rates to keep growth humming. But since adopting increased powers, Erdogan appears to have greater control over the bank as well.

Turkey's currency, the Lira, plunged on Friday sparking concerns about the country's financial stability as investors anxious about Turkey's president's economic policies and a dispute with the U.S.

"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks. This is a national, domestic battle", he told a crowd in the northeastern city of Bayburt.

"If they have their dollars, we have our people, our God".

Albayrak, who formerly served as energy minister, is on Friday expected to announce what he has described as a "new economic model" for Turkey but markets remain skeptical.

"Another of our main principles is to establish full independence of monetary policy".

Recommended:



Popular

Samsung unveils Note 9, taking aim at iPhone X
The Note9 will notify you when the S Pen is running out of power and make a clicking noise when the charge is completely depleted. Of course, if you just want a powerhouse (something you could use as a work phone, for example) then the Note 9 has you covered.

Chelsea starlet being eyed by Premier League giants as deadline edges closer
Set to don the red of Manchester United? Fred, Diogo Dalot and Lee Grant have been their only new signings so far this summer. Chelsea , however, do not appear too keen to sell to an immediate rival and it remains to be seen how the deal moves forward.

Tom Brady to have contract adjusted with big incentives
The top five quarterbacks that have the highest guarantees in salary are all signed through at least the 2022 season. He threw for 4,577 yards and 32 touchdowns a year ago, leading the Patriots to the Super Bowl.

NASA Will Launch New Mission to Study Closely the Sun's Atmosphere
Temperatures in the corona are up to 500,000 degrees celsius and, for an unknown reason, far exceeds the heat of the sun's core. There is also a white light imager, taking pictures of what the spacecraft is about to "plow through", said Fox.

Idris Elba Reportedly Still In Running For James Bond
(Current star Daniel Craig is 50.) This January, Elba suggested the Bond role could one day be played by a woman. There has been a bonafide grassroots movement to get Elba a role as Bond .

Hear Dave Grohl's New 23-Minute Instrumental, "Play"
Dave Grohl has shared his new documentary, Play , and it's pretty incredible. Hover over "Choose Video" and click to select to view only one instrument.

Dez Bryant on Browns visit: WR says he's coming to Cleveland
As for Bryant, the veteran emerged after Dorsey's comments to tweet: "I'm going to play. just whenever I get ready". Some reports have said Bryant had no interest in Cleveland, other reports said the Browns weren't sure.

Record low interest rate rolls into its second year
Household income has been growing slowly and debt levels are high. "This should see some further reduction in spare capacity". That was an improvement on the previous call of 5.25 percent, but still a glacial decline from the current 5.4 percent.

U.S. To Impose New Sanctions On Russia For Nerve Agent Attacks
He said the new sanctions amount to "inflicting a punishment in the absence of a crime, in the tradition of lynch law". After a two-week congressional notification period, the sanctions are set to take effect on August 22, 2018.

Courtney Smith's lawyer: My client has never been contacted by Ohio State
Smith, who was also Ohio State's recruiting coordinator, was sacked on July 23, just days after reports surfaced that an order of protection had been filed against him by Courtney Smith .