Trump doubles tariffs on Turkey, stoking jitters


The US responded by imposing sanctions on Turkey and threatening more.

The ailing Turkish lira, which had already lost one third of its value this year largely over worries about Erdogan's wider control of the economy, crashed further to a fresh record low, at one point losing 18 percent, its biggest fall since 2001.

Compounding the lira's agony, President Donald Trump said yesterday he had doubled steel and aluminium tariffs on Turkey, noting that relations between the North Atlantic Treaty Organisation allies were "not very good".

I have just authorised a doubling of tariffs on steel and aluminium with respect to Turkey as their currency, the Turkish lira, slides rapidly downward against our very strong dollar!

Turkey's troubles, compounded by a new round of USA sanctions, are unlikely to cause any kind of permanent hit to United States markets or its economy, but it does offer two cautionary tales, one for President Donald Trump and the other for Federal Reserve Chairman Jerome Powell.

Turkey said it would respond to the new US tariff action "without delay" and warned the move would further harm relations between the two countries.

Turkish President Recep Tayyip Erdogan won another term in office in June with expanded powers. Aluminium will now be 20 percent and Steel 50 percent.

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He was always upbeat, positive, kind and caring. "His lovely spirit and his love of life will remain with us", the company said. His employers described him on Facebook as "super outgoing, friendly, and an incredibly smart businessman".

However, the White House later clarified that Trump's announcement "authorized the preparation of documents" to raise the tariffs.

Last week the U.S. government announced sanctions against Turkey's interior and justice ministers, to which Ankara responded by freezing the assets of two American officials in Turkey.

A Turkish delegation met with officials from the departments of State and Treasury earlier this week as both sides sought a way out of the rising tensions.

The president's characteristic defiance in the face of a shaky economy has further unnerved investors.

"Those who have dollars, euros or gold under their pillows should go and exchange them into [Turkish] lira".

"Some countries have engaged in behavior that protects coup plotters and knows no laws or justice", he said.

He added: "Relations with countries who behave like this have reached a point beyond salvaging". Gulen denies the allegation.

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But Julian Evans-Pritchard of Capital Economists said: "Shipments to the U.S. did weaken slightly, which hints at some impact from the tariffs".

Turkey has detained Mr Brunson for almost two years, accusing him of links to the outlawed Kurdistan Workers Party and the Gulenist movement, which Turkey blames for a failed coup in 2016.

Erdogan enjoys the support of many Turks even though rents and food and fuel prices have all surged. "This crisis is created by America", said Serap, a 23-year-old clerk at a clothes store in central Istanbul.

The lira's plummeting value, the potential for debt defaults, the possibility of a balance-of-payments crisis and rising inflation all represent clouds gathering ahead of an economic storm that could batter the country.

"First of all, confidence needs to be regained".

"Those who can't compete with us on the ground have brought online fictional currency plots that have nothing to with the realities of our country, production and real economy", Erdogan told a provincial meeting of his AK Party in the Black Sea coastal town of Rize.

Turkey's sovereign dollar-denominated bonds tumbled with many issues trading at record lows. As the currency drops, Turkish companies and households with debt in foreign currencies see their debts expand. Following the tweet, Turkey responded by imposing duties on $1.8 billion in US goods including coal and paper.

This did nothing to revive the lira.

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Their mission is scheduled for April 2019. "As a test pilot, it doesn't get any better than this", said Mann, a Naval aviator. NASA has announced the first astronauts who will head to the International Space Station on a commercially built spacecraft.

After inconclusive talks this week on solving the spat, Trump took advantage of Turkey's turmoil on Friday to turn the screws on the country. "Albayrak's plan was uninspiring at best". Rate increases are the central bank's main tool to support the currency and fight inflation.