Trump doubles tariffs on Turkish metals

Donald Trump has today announced massive increases to tariffs against Turkey as its currency the lira continues to plummet.

Trump tweeted he had authorized a 20 percent duty on aluminum and 50 percent one on steel.

The United States, the world's biggest steel importer, imposed tariffs of 25 percent on steel and 10 percent on aluminum in March for imports from a variety of countries, in a move that provoked counteraction from trade allies.

The Turkish lira has always been falling on worries about Erdogan's influence over monetary policy and worsening relations with the United States. "If they have their dollar, we have the people, we have Allah".

President TrumpDonald John TrumpKobach agrees to recuse himself from vote counting in Kansas GOP primary NFL players kneel during national anthem before first preseason game Schiff blasts GOP for Russian Federation probe conduct: "That's how you obstruct an investigation, not how you conduct one" MORE said Friday that the US will also double tariffs on steel and aluminum imported from Turkey as relations between the North Atlantic Treaty Organisation allies worsen. The lira slid to a fresh record low against the US dollar.

The sudden announcement turned a run on the Turkish lira into a rout; it crashed more than 18 percent to a new record low against the dollar.

Alan Madison, a spokesman for Borusan Mannesmann's U.S. subsidiary, said the company and its Turkish parent were still studying Trump's new proposal and declined to comment further.

The collision results from inflexibility over two policies, the first being Erdogan's firm belief (against conventional economic theory) that high interest rates cause, rather than curb, inflation.

President Recep Tayyip Erdogan on Thursday portrayed the currency drop as a "campaign" to harm Turkey.

This weekend, watch for the Perseid Meteor Shower
The meteor shower will peak overnight into Monday, with 70 meteors visible each hour, according to the Royal Astronomical Society. The moon light won't fade them out either, because there will only be a sliver left in as it approaches the new moon stage.

Betts homers to complete the cycle
Toronto's second run came across after Grichuk hit into a fielder's choice. "All you can hope is they get themselves I guess". Red Sox: LHP Eduardo Rodriguez (right ankle sprain) threw effectively in a simulated game, with positive results.

Sports Direct buys House of Fraser out of administration for £90 million
House of Fraser is appointing administrators after giving up the fight to save the business, putting thousands of jobs at risk. The firm added: "Significant progress has been made towards completing a sale of the group's business and assets".

President Trump's discarding of the Iran nuclear deal is a point of contention, as well, as almost half of Turkey's oil imports come from Iran, meaning new sanctions against Iran come back and hurt the Turkish economy as well.

The president's characteristic defiance in the face of a shaky economy has further unnerved investors. Erdogan has frequently blamed an "interest rate lobby" and Western credit ratings agencies for trying to bring down Turkey's economy.

He railed against "those waging economic war" against Turkey.

"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks".

The Turkish president on Friday dismissed such concerns and called for people to defend the currency.

"Our relations with Turkey are not good at this time!" he wrote.

The Canadian dollar weakened to a more-than two-week low against its USA counterpart as geopolitical risk rattled global financial markets, offsetting stronger-than-expected domestic jobs data. "But if the United States can't handle relations with Turkey ... then a further deepening of relations with Moscow is an option". For one, the 2016 detention of an American evangelical pastor named Andrew Brunson, has aggravated tensions.

Erdogan replied that Turkey will not back down despite Trump's sanctions policy and said he would answer with mirror retaliation. "Turkey will fight economic hitmen just as it fought the coup plotters".

A statement from the Kremlin said the two leaders discussed economic and trade ties. Mario Ritter was the editor.

Related News:

  • Fake Trump Hollywood Stars Plastered All Over Walk of Fame

    Fake Trump Hollywood Stars Plastered All Over Walk of Fame

    The Democrat mayor of Los Angeles is surprisingly against the decision to remove President Trump's star from Hollywood Boulevard. After being destroyed on several occasions, President Donald Trump's Hollywood Walk of Fame star multiplied overnight.
    Heavy rains continue to pound Kerala; red alert issued in Idukki

    Heavy rains continue to pound Kerala; red alert issued in Idukki

    At least 22 people have died in Kerala due to incessant rainfall and flooding in the past two days, the Home Ministry said today. Officials said 60 relief camps have been opened in Ernakulam district after the dam water reached Aluva and surrounding areas.
    Ford NASCAR Mustang for Monster Energy Cup Series

    Ford NASCAR Mustang for Monster Energy Cup Series

    Soon after, it began a racing legacy in SCCA Trans-Am, IMSA, NHRA, Formula Drift and NASCAR Xfinity - NASCAR's second tier series. Ford would have you believe that the 'stang's NASCAR Cup series debut is one designed purely to boost the pony car's profile.
  • Congo President Won’t Run Again in Long-Delayed Election

    Congo President Won’t Run Again in Long-Delayed Election

    Hours after his candidacy was announced he told reporters that "the people need peace". Millions of Congolese have been displaced by various internal conflicts.
    Messi succeeds Iniesta, named new FC Barcelona captain

    Messi succeeds Iniesta, named new FC Barcelona captain

    Messi's elevation to captain comes 14 years after he made his senior debut for the club, as a 17-year-old in 2004. Lionel Messi has been named as the new captain of Barcelona following Andres Iniesta's departure from Camp Nou.
    You can watch every Marvel movie in Imax this month

    You can watch every Marvel movie in Imax this month

    In celebration of a decade of the Marvel Cinematic Universe , all 20 features will return to IMAX theaters across the United States and Canada for the Marvel Studios 10th Anniversary Film Festival.
  • Chris Smalling: Manchester United are eyeing Premier League glory this season

    Chris Smalling: Manchester United are eyeing Premier League glory this season

    Every team is a good team, forget the name, forget the history, forget the shirt. I think we are more the head coach than the manager".
    Want healthier sperm? Wear this type of underwear

    Want healthier sperm? Wear this type of underwear

    So don't run out and buy a pack of boxers because you're anxious about your sperm counts, Kawwass added. More information The Mayo Clinic has more about low sperm counts.
    Manchester United transfer woes summed up by Gary Neville's old tweet

    Manchester United transfer woes summed up by Gary Neville's old tweet

    You have to try your best to get points and even with the difficulties that we had with our pre-season, now I don't think is the time to be speaking about that.
  • Higher US tariffs increase pressure on Turkish economy

    Higher US tariffs increase pressure on Turkish economy

    Minutes before Ankara learned about the higher tariffs , the lira had already hit an all-time low of 6.87 against the dollar. The lira fell further after Mr Trump's tweet. "This is a domestic and national struggle", Erdogan said according to CNBC .
    Samsung’s Note 9 is a welcome return to obscene specs

    Samsung’s Note 9 is a welcome return to obscene specs

    And several smartphones - including some Samsung sells in China - already have a battery as large as the Note 9′s, or even larger. Samsung lists a number of phones from Samsung , LG, Apple, and Google that they'll accept for hundreds of dollars off.

    As US and Turkey break up, experts warn of unsafe ramifications

    The White House followed through on that threat on August 1 and sanctioned two top Turkish officials linked to Brunson's ordeal. The day saw the lira plunge as much as 18% at one point, the biggest one-day drop since Turkey's 2001 financial crisis.


Most liked

Arsenal coach Unai Emery: Stan Kroenke takeover of club is 'positive'
This comes as good news to gunners because he is an experienced midfielder and his services will be needed on Sunday . Koscielny will serve as "No 1 captain" but is likely to be out of action until the new year because of injury.

What does Stan Kroenke's takeover of Arsenal mean for the Gooners future?
They have not won the title since 2004 and previous year finished sixth, 37 points behind champions Manchester City. Change seems to be the order of the day at north London club Arsenal.

Google Play Store warns users about potential fake Fortnite downloads
Epic Games is releasing the mega-popular Fortnite for Android in an unconventional way: it is bypassing the Google Play Store . Eventually, when the game is officially offered to Android users, they will have to sideload Fortnite through Epic's website.

#2018ZimElections: Chamisa files court challenge to election result
The MDC must prove that any irregularities were grave enough to change the outcome of the vote. Mr Mnangagwa won 50.8% of the vote compared with Mr Chamisa's 44.3%.

NASA poised to launch first Sun-skimming spaceship
The NASA launch window is scheduled for exactly 3.33am EDT (8.33am BST), on Saturday, August 11. The craft is meant to orbit the Sun 24 times until late 2025, each orbit taking 88 days.

Partial Solar Eclipse 2018
The last partial solar eclipse appeared on July 13, although it was only visible over the ocean between Australia ad Antarctica. According to the American Astrological Society (AAS), partial solar eclipses can be very risky to look at with the naked eye.

Fearing legal action, emulation hub EmuParadise is removing all of its ROMs
What is different now is that Nintendo is wielding a heavy legal hammer and is actively looking to smash ROM sites with it. MasJ added: " We'll still have our emulators database, the community, and everything that comes along with that ".

Doom Eternal: 11 Things You Missed From The QuakeCon Gameplay
At the time Bethesda promised that the first gameplay footage would be at Quakecon and, well... guess what starts today. Martin and Stratton shared some concept illustrations showcasing the Doomslayer's new armor.

Judge Halts Deportation, Warns Jeff Sessions
Asylum seekers previously had to show that the government in their native country was "unable or unwilling" to protect them. The attorney for the US DOJ, Erez Reuveni, could not confirm where Carmen and her daughter actually were at the time.

Further cryptocurrency price falls, as SEC decision delay sparks heavy losses
Issues identified in [the SEC's previous] disapproval order have been resolved. The agency can determine fate of the proposals 240 days after the publication.

Manchester United, Tottenham and Chelsea All Ready For Big Signings
United had been hoping to sign a centre-back before the deadline but hope has faded in recent days. Jerome Boateng was another option but Bayern Munich have not been keen to sanction a loan move.

When to watch the Perseid meteor shower in Manitoba this weekend
Unfortunately, there's always the chance that bad weather like fog or rain will create unfavorable viewing conditions. Perseids meteor shower 2018: What is it? The Perseids started in July 17 and will continue up to 24th August 2018.

What you need to know about NASA's mission to touch the sun
The spacecraft and its suite of delicate instruments will be protected from the sun's extreme heat by a carbon fiber heat shield . EDT, the Parker Solar Probe will launch from Space Launch Complex 37 on Florida's Cape Canaveral Air Force Station.

Michael Ball gives verdict on Everton’s summer transfer business
Michael Ball has taken to social networking site Twitter to give his reaction to Everton's activity in the summer transfer window. While Brands landed Everton's main targets the club were less successful in reducing an already over-sized squad.

Drake postpones tour … again. So KC, you have to wait a bit
Paul got kicked to the curb, a turn of events that apparently stems from the fact that the rapper is already in KC rehearsing. The Drake concert, which was scheduled to stop at the Xcel Energy Center this weekend, has been postponed . again.