Friday, 19 October, 2018

Trump vows to double steel and aluminum tariffs on Turkey

Euro vs US Dollar Chart- 5min Economic turmoil hits Turkey, US bank stocks react
Laurie Berry | 11 August, 2018, 11:27

But the souring in U.S. -Turkey relations could give new strength to Russia-Turkey ties, already a source of concern among Turkey's Western allies.

The President said he had authorised higher tariffs on imports from Turkey, imposing duties of 20 percent on aluminium and 50 percent on steel.

"This innocent man of faith should be released immediately", Trump previously wrote on Twitter when it became clear Turkey would not release the evangelist, who was ordered to be held under house arrest.

The United States is the biggest destination for Turkish steel exports with 11% of the Turkish export volume.

Trump also declared, "Our relations with Turkey are not good at this time!".

The Trump administration's original move in March to raise tariffs on most steel and aluminum imports was proposed to safeguard U.S. jobs against overseas rivals.

The Turkish president called on Turks to exchange dollars, euros and gold for Turkish lira.

The move against President Recep Tayyip Erdogan's government also highlights the disconnect between Turkey and the U.S.as they fail to negotiate their way out of an array of conflicts.

However with president Erdogan now pursuing the growth policy which got him re-elected, he favours keeping rates low to stoke domestic growth. Trump and Vice President Mike Pence threatened on July 26 to impose sanctions on Turkey if the pastor is not set free and allowed to return to the United States.

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But Mr Erdogan is famously averse to interest rate rises, and there are fears he may be pressuring the central bank not to act. Lindsey GrahamLindsey Olin GrahamGOP lawmaker: Every white suburban district in the country will be a swing district this year The Hill's Morning Report - Trump to GOP: I will carry you GOP senator: "Real likelihood" Dems win the House "by 10 or 12 more seats than they need" MORE (R-S.C.) tweeted Friday.

Trump last month threatened to slap "large sanctions" on Turkey if it did not release American pastor Andrew Brunson, who faces charges of espionage for allegedly supporting a failed coup attempt in 2016.

The tumble in Turkey's currency on Friday signaled deepening pessimism about the country's economy after months of market declines.

Erdogan on Thursday portrayed the currency drop as a "campaign" to harm Turkey and called on the people not to worry. He subscribes to the completely backward theory that lower interest rates cause lower inflation, which, now that he's given himself the power to pick the country's top central banker and made his son-in-law the finance minister, is actually being put to the test. Spoiler alert: It is not going well.

Turkish outlets reported that Mr Erdogan is seeking the release of Mehmet Hakan Atilla, a Turkish banker serving a 32 months sentence in NY for evading Iran sanctions.

The lira was trading at 6.47 to the dollar at 1900 GMT, a loss on the day of 16.6 percent. "If they have their dollar, we have the people, we have Allah".

High-level meetings in Washington between US and Turkish officials over Brunson ended this week, apparently without a resolution.

Treasury and Finance Minister Berat Albayrak has vowed to execute Turkey's new economic model together with "all national and worldwide stakeholders", while stressing that a "decisive" approach and the Central Bank's independence would be maintained.

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