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.

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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.

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