U.S. tariffs hike adds to Turkey's economic problems

13 Août, 2018, 04:39 | Auteur: Anatole Charbonneau
  • The Turkish government has promised to announce a “new economic model” today amid fears that the International Monetary Fund would have to be called

In a New York Times article on Saturday, Mr Erdogan warned that Turkey would be forced to seek new friends. United States stocks were also rattled.

A slew of unnerving headlines this week from the United Kingdom, Russia, and Turkey has culminated in a wild Friday for global markets.

On Friday the currency dropped as much as 18% at one point, the biggest one-day fall since a 2001 financial crisis in Turkey.

This prompted yet another tweet from President Trump, this time announcing the actual authorization of the doubling of tariffs on steel and aluminum for Turkey.

These fears spilled over into U.S. markets, with investors shifting their focus away from strong corporate earnings to what was happening across the Atlantic.

The meetings came as Turkey seeks to stanch an economic meltdown amid fallout from USA sanctions imposed last week over the continued detention of the pastor, Andrew Brunson, who was jailed on espionage and terrorism suspicions more than two years ago and recently released to house arrest.

"You impose sanctions on our Halkbank. and then you expect different treatment from Turkey?" said Erdogan, in a second speech in the same city.

"Their currency, the Turkish lira, slides rapidly downward against our very strong dollar!"

Turkey's currency has nosedived amid concerns about the country's economic policies and its dispute with the US.

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Erdogan has further attempted to bolster the nation against this "economic war", calling for citizens to exchange foreign currency and gold for lira as part of the "domestic and national struggle".

The White House said Mr Trump had authorised them under a section of USA trade law that allows for tariffs on national security grounds.

In a statement the White House clarified that Trump had authorized the preparation of documents to raise steel and aluminum tariffs.

"This could be the most expensive pastor in world history", Sekulow said, referring to the harm being done to Turkey's economy.

The pound also nosedived this week.

Mr Erdogan appealed for calm and renewed a call on people to change foreign money into local lira. It is obvious how it will be done: "since the final decision-maker of all policies in the new regime is the president, the responsibility of regaining confidence is on his shoulders".

"In the 1970s, the Turkish government stepped in to prevent massacres of ethnic Turks by the Greek Cypriots despite Washington's objections", he said, warning that unilateral action against Turkey will hurt American interests in the region. The dollar eased against the safe haven yen to 110.65, but was a shade firmer against a basket of currencies at 96.388.

Iran has also suffered from a major tumbling of its currency this year partly over reimposition of U.S. sanctions after Trump abandoned a 2015 nuclear deal.

The announcement intensified fears that USA sanctions on Russian Federation may not recede anytime soon. The ruble has lost 17% of its value against the dollar this year.

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