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Trump vows to double steel and aluminum tariffs on Turkey

13 August, 2018, 19:24 | Author: Ted Wilson
  • Turkish delegation returns home after meeting in US

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

President Donald Trump on Friday tweeted that he had authorized the doubling of steel and aluminum tariffs on Turkey.

Last week, the U.S.

The two allies have been at odds for months over an American pastor detained in Turkey, the Syrian civil war and other diplomatic issues. In the past, Trump has threatened to impose trade barriers on countries that deliberately push down the value of their currencies, so as to make their goods cheaper for American consumers (and thus, more competitive than the wares of USA manufacturers).

Earlier on Friday the lira plunged as much as 14 percent on as worries about Erdogan's influence over monetary policy and worsening US relations snowballed into a market panic that also hit shares of European banks.

President Recep Tayyip Erdogan vowed on Saturday to defy United States "threats" over a detained pastor, showing no signs of concessions in a bitter row that has caused the Turkish lira to crash.

A plunge in the Turkish lira rocked global equities and emerging markets yesterday and fear of further fallout sent investors scurrying for safety in assets like the yen and USA government bonds.

President Trump has doubled United States tariffs on Turkish steel and aluminium, as the precipitous fall of the Turkish lira accelerates.

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Trump announced the punitive doubling of tariffs on Twitter, with the White House saying the sanctions would take effect from Aug 13.

Turkey is now under a 25 percent tariff on imported steel and 10 percent on aluminum, which went into effect in March.

Erdogan also warned that Turkey could start looking for new allies if Washington damaged its relations with Ankara.

The United States had warned it was reviewing Turkey's duty-free access to its markets, after Ankara imposed retaliatory tariffs on USA goods in response to American tariffs on steel and aluminium.

The United States is the biggest destination for Turkish steel exports with 11% of the Turkish export volume. But those talks on Thursday showed no signs of breakthrough.

Ankara blames for an attempted coup in 2016. Turkey retaliated with Erdogan ordering authorities to freeze the assets of the USA justice and interior ministers in Turkey - "if there are any".

But the pastor is only one of a number of issues dividing the two North Atlantic Treaty Organisation allies, including policy on Syria and Mr Erdogan's growing ties with Russian Federation.

U.S. President Donald Trump and Turkish President Tayyip Erdogan gesture as they talk at the start of the North Atlantic Treaty Organisation summit in Brussels, Belgium July 11, 2018. Gulen denies the allegation. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only and should not be taken as investment advice.

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