Trump doubles steel and aluminium tariffs on Turkey as lira nosedives

11 Agosto, 2018, 04:55 | Author: Arnold Perez
  • Turkey fails to resolve disputes with US

Trump said he had authorized higher tariffs on imports from Turkey, imposing a 20 percent duty on aluminum and 50 percent one on steel.

"Normally, Turkey might be able to shrug off this kind of story; however, right now the Turkish economy is already in the terminal stages of a descent into crisis".

White House spokeswoman Lindsay Walters later clarified, "As he stated, the president has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey".

Fears over contagion even pushed global equity markets lower, with some European banks coming under heavy selling pressure due to their exposure to Turkey. It fell yet further to 6.2 to the dollar at 1254 GMT, almost 12 percent weaker on the day.

The lira briefly fell as much as 14.6 percent - its biggest one-day drop since early 2001 - before paring losses.

Turkish President Tayyip Erdogan has remained defiant despite the lira being in free fall.

In New York, the Dow Jones industrial average was down 180.59 points at 25,328.64. The White House said he had authorized them under Section 232 of USA trade law, which allows for tariffs on national security grounds.

Turkey's currency slumped to a new record low as Donald Trump compounded the country's economic crisis by doubling steel and aluminium tariffs.

"If they have their dollar, we have the people, we have Allah", he said, as the lira continued to fall. I hope we can soon get Pastor Brunson and other Americans released in a win-win fashion for both the United States and Turkey."Trump's move to double tariffs on Turkey was even praised by one of the president's most frequent Democratic critics".

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Turkey's woes shook world markets, pushing down stock indexes and lifting the dollar, which traders around the world typically buy in times of concern.

But Erdogan said Turks should not be alarmed by exchange rate movements.

Erdogan on Thursday portrayed the run on his currency as a "campaign" to harm Turkey and called on people not to worry. He claims higher rates lead to higher inflation - the opposite of what standard economic theory says.

It added that Trump's remarks were "not possible to reconcile with state seriousness".

The lira has been falling on worries about Erdogan's influence over monetary policy and worsening relations with the United States.

What's happening to Turkey's currency right now?

But since adopting increased powers, Mr Erdogan appears to have greater control over the bank as well.

The report said the situation is not yet seen as "critical" but Spain's BBVA, Italy's UniCredit and France's BNP Paribas are regarded as particularly exposed.

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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