Markets

Trump authorizes doubling of steel, aluminum tariffs on Turkey

Trump authorizes doubling of steel, aluminum tariffs on Turkey

Turkish President Tayyip Erdogan on Saturday said it was wrong of the United States to try to bring Turkey into line with threats, a day after President Donald Trump doubled tariffs on Turkish metal imports as the row between the two North Atlantic Treaty Organisation allies deepened.

"As with all measures taken against Turkey, the necessary response will be given", it said, adding the move "disregarded" rules of the World Trade Organisation (WTO).

Trump announced Friday on Twitter that the tariff on aluminum imports will be increased to 20 percent and the tariff on steel imports will be raised to 50 percent as the Turkish Lira "slides rapidly downward against our very strong Dollar!"

The ailing Turkish lira, which had already lost one third of its value this year largely over worries about Erdogan's wider control of the economy, crashed further to a fresh record low, at one point losing 18 percent, its biggest fall since 2001.

The NATO allies are at odds over the detention in Turkey of American evangelical pastor Andrew Brunson on terrorism charges.

Earlier this month, the US slapped sanctions on Turkey's justice and interior ministers over Brunson's imprisonment.

Relations with Washington worsened further Friday when Trump tweeted that he had authorized a 20 percent duty on aluminium and 50 percent duty on steel.

Erdogan framed Turkey's currency crisis as a "national battle" against economic enemies, namely the USA, saying "if they have their dollar, we have the people, we have Allah".

President Recep Tayyip Erdogan says his government "will not lose the economic war".

"If they have their dollar, we have the people, we have Allah", he said.

"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks". In an example of his increased role, he has resisted calls for a rise in interest rates to curb inflation and to ease pressure on the lira.

Glorious Leader: Only Most Of The Media Is The Enemy
In the Axios interview, Ivanka also said she doesn't agree with her father's characterization of the media as the "enemy of the people".


"We implore President Trump to return to the negotiating table - this can and should be resolved through dialogue and cooperation", he said in a statement.

The euro sagged to a 13-month low against the dollar amid worries about the impact of financial market turmoil in Turkey.

Erdoğan said the "waves of artificial financial instability" Turkey is being subjected to ignore its economic strength, as it faces "not a single problem" in macroeconomic data, producing power, or its banking system.

Investors fear that banks in Asia and Europe could suffer because they have invested in Turkish assets like stocks, bonds or the currency itself.

"There is zero credibility in the Central Bank of Turkey and zero credibility in Turkish policy making".

Criticizing what he called the "interest lobbies", he reiterated that they can not defeat Turkey. Turkey was reportedly the sixth largest steel importer to the US.

Jackson said the weakness of the lira would boost competitiveness for Turkey's exports, but the tariffs on steel and aluminum would offset that.

Treasury and Finance Minister Berat Albayrak - who is Erdogan's son-in-law - was scheduled later on Friday to outline a 'new economic model'.

'The price of the food that I buy increases day by day, the fuel that I put in my auto to distribute lunches is more expensive, but I can not raise my prices from one day to the next, ' she said. "On some days, I end the day with a loss".

The major European markets also moved to the downside on the day.


loading...
  • Sky Sports man makes revelation over late transfer deal

    Mourinho did confirm that Alexis Sanchez, who was a highlight for United over pre-season, is fit and firing though. For the first time since the summer transfer window was introduced 15 years ago, one team spent nothing: Tottenham.
    Mina’s Move To Man United Collapses

    Mina’s Move To Man United Collapses

    It is also claimed Mina has agreed a five-year deal with the Premier League club and is closing in on a switch to Goodison Park. They believe that the deal is "practically closed" and that a contract will be signed before the end of business on Monday.
    Moto Z3 debuts with fingerprint scanner on the side, 5G mod

    Moto Z3 debuts with fingerprint scanner on the side, 5G mod

    As far as the design of the phone is concerned, the new Moto Z3 , which is the successor to the Z2 - looks a lot like the Z3 Play. The flagship is crammed with a 3000mAh battery but the 5G Moto Mod delivers an extra 2,000mAh battery power when connected.
  • Musk explains why he thinks taking Tesla private is 'best path forward'

    Musk explains why he thinks taking Tesla private is 'best path forward'

    It would be one of the biggest go-private deals on record with a price tag of about $72 billion, based on $420 per share. When asked on Twitter whether he was serious, Musk replied: "Yes.It saves a lot of headaches".
    Trump Administration Proposes Freezing Obama-Era Vehicle Fuel Economy Requirements

    Trump Administration Proposes Freezing Obama-Era Vehicle Fuel Economy Requirements

    It called its plan a "50-state fuel economy and tailpipe carbon dioxide emissions standard for passenger cars and light trucks". In the years before California's extremely strict clean air rules, there were smog-filled skies that were fairly common.
    Grieved families of MH370 victims hope for answers from official

    Grieved families of MH370 victims hope for answers from official

    And a second, private search by US company Ocean Infinity that finished earlier this year also found no sign of the wreckage. He said he had spoken to each of the Australian families and acknowledged the "sense of loss" they lived with every day.
  • USA Basketball, NBA 'blindsided' by new NCAA agent rule

    USA Basketball, NBA 'blindsided' by new NCAA agent rule

    Now college basketball players can work with an NCAA-certified agent while testing the waters of declaring for the NBA draft. Agents will have at least a limited place within the NCAA structure when it comes to college basketball.
    Israel navy intercepts activist boat trying to break Gaza blockade

    Israel navy intercepts activist boat trying to break Gaza blockade

    While many foreign powers have censured Israel's handling of Gaza, the United States has echoed its blaming of Hamas. It was only in 2008 when two boats carrying 40 people successfully managed to reach the coast of Gaza.
    JUST IN: SA court overturns immunity for Grace Mugabe in assault case

    JUST IN: SA court overturns immunity for Grace Mugabe in assault case

    In papers filed in the High Court, Ms Engels said Ms Nkoana-Mashabane had "misconstrued her powers". The court ruled that the decision had been inconsistent with provisions in the constitution.
  • Perseid Meteor Shower 2018 Weather Forecast: Smoke May Screen Out Western US

    Perseid Meteor Shower 2018 Weather Forecast: Smoke May Screen Out Western US

    The meteors can appear anywhere in the sky, but they look the brightest against the darkest sky, which is straight up. Scientists from NASA also said that camping out in the country can triple the amount of visible meteors.
    South Korea: North Korean coal entered its ports illegally

    South Korea: North Korean coal entered its ports illegally

    Despite burgeoning diplomatic efforts to disarm North Korea, the global community has maintained maximum pressure on the North. North Korea has in the past expressed anger over comments made by administration officials in the media, especially Bolton.
    Samsung accidentally leaked the Galaxy Note 9

    Samsung accidentally leaked the Galaxy Note 9

    Samsung is including AKG tuned stereo speakers and the Galaxy Note9 will have an IP68 rating for water and dust protection. Someone in New Zealand got really excited about Samsung's "most powerful phone yet" and has published a pre-order page.