Economy

Turkey says Trump tariff move will harm ties, vows retaliation

Turkey says Trump tariff move will harm ties, vows retaliation

President Donald Trump administration announced that it would higher the tariffs on Turkish steel and aluminum over the detainment of American evangelical pastor Andrew Brunson, who was arrested in 2016.

In his tweet about the new tariffs, Trump said "Our relations with Turkey are not good at this time!" 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".

Turkey vowed retaliation "without delay" and warned the move would further harm relations between the two allies.

"Aluminum will now be 20% and Steel 50%".

The lira fell as low as 6.75 to the dollar, down a whopping 14 percent on the day and 41 percent since the start of the year as investors worry about the country's economic policies and a dispute with the United States that has led to sanctions and new tariffs.

Investors dumped euro zone bank shares on Friday on concerns about their exposure to Turkey as the lira fell to yet another record low with a defiant government showing few signs it is ready to take decisive steps to stabilise the currency.

The final gut punch to the lira came after Erdogan's speech, when Trump tweeted that he had "just authorized a doubling of tariffs on steel and aluminum with respect to Turkey".

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Turkey's currency plunged to more than six and a half lira against the dollar, a fall of about 20 percent, overnight and into Friday after a Turkish delegation returned from talks in Washington on Thursday with no apparent solutions to the row. "This is a national, domestic battle", he told a crowd in the northeastern city of Bayburt.

The news didn't help Turkey's fast-depreciating currency, which found a fresh record low on Thursday, falling 4% to 5.49 per U.S. dollar. A Russian government statement said the two discussed economic and trade ties, including the success of several joint projects.

"Don't forget", he said, "if they have their dollars, we have our people, our God".

"Officials are reportedly preparing stimulus measures in a bid to prop up growth, but these would simply exacerbate Turkey's economic vulnerabilities and could ultimately tip the country into a full-blown crisis, " Capital Economics said in a commentary.

He subscribes to the completely backward theory that lower interest rates cause lower inflation, which, now that he's given himself the power to pick the country's top central banker and made his son-in-law the finance minister, is actually being put to the test. Spoiler alert: It is not going well.

"US and Turkey are breaking up", Mr Cook told The National, recommending that Washington instead focuses on "how the tanking of the Lira affects other emerging market currencies, and moving to contain the contagion".

That indicates that people are buying dollars and euros, not selling them off - and that they're not finding buyers in lira, anyway. At one point, it was down as much as 19 percent on the day, before rallying a bit to bring it to "only" a 13.7 percent loss.


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