Trump Doubles Tariffs on Turkish Steel, Aluminum Imports

11 Août, 2018, 04:56 | Auteur: Auguste Feret
  • Turkey to reveal 'new economic model' on Friday

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

Aluminium will now be 20 per cent and Steel 50 per cent. Import taxes for aluminum will be 20 percent.

Washington has demanded the pastor's release and imposed financial sanctions on two Turkish ministers and warned of additional measures.

That is unlikely to mollify investors who are also anxious by the growing dispute with the United States. Turkey answered the March tariff announcement by placing its own tariffs on $267 million of USA goods.

Trump tweeted that the latest tariff decision came as Turkey's currency, the lira, "slides rapidly downward against our very strong Dollar".

The lira dropped by over 11 percent in value in one day on Friday morning to almost six lira per dollar. The lira has fallen about 40 percent against the dollar this year.

The Turkish lira is in a state of crisis, as a result of investor confidence in Turkish assets remaining at alarmingly low levels.

The currency has fallen more than 35 percent this year after losing almost a quarter of its value in 2017.

Turkish President Recep Tayyip Erdoğan struck a defiant note in a series of Twitter messages shortly before Trump's announcement. "Don't worry", Erdogan told a crowd in the northeastern city of Bayburt.

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Others feared this would drive Turkey closer to Russian Federation, and possibly affect US-Turkish cooperation in Syria.

Erdogan's characteristic defiance in the face of the crisis has further unnerved investors.

More evidence of how nervous investors are about Turkey's economy could be seen in the iShares MSCI Turkey exchange-traded fund, which plunged 18% and saw the most premarket trades ever, according to Bloomberg.

"The surge in Turkish inflation, bond yields and the even more dramatic plunge in Turkey's exchange rate in 2018 suggest that the country could now be in danger of heading for a bust", Berenberg economist Carsten Hesse said. Last week, Erdogan called on citizens to convert their hard currency and gold into lira in order to prop up the plunging currency with a "domestic and national stance".

Bank shares across Europe fell and the euro slipped to its lowest since July 2017 as the Financial Times quoted sources as saying the European Central Bank was concerned about European lenders' exposure to Turkey.

Relations are also tense because of new U.S.

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

Turkey has accused Andrew Craig Brunson of spying and "committing crimes on behalf of terror groups without being a member".

Turkish Deputy Foreign Minister Sedat Onal (2nd-L) leaves after a meeting with U.S. Deputy Secretary of State John Sullivan at State Department in Washington, U.S., August 8, 2018, without reaching an agreement.

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