Trump vows to double steel and aluminum tariffs on Turkey

Erdogan warns of campaign against Turkey as lira plummets

A financial shockwave ripped through Turkey on Friday as its currency nosedived on concerns about its economic policies and a dispute with the US, which President Donald Trump stoked further with a promise to double tariffs on the North Atlantic Treaty Organisation ally.

Erdogan urged a crowd in the city of Bayburt to exchange dollars and gold for Turkish lira to prop up the plunging currency.

"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".

Then, on Friday, just as the Turkish lira was in a state of free fall, U.S. President Donald Trump helped exacerbate Turkey's problems by announcing dramatically increased tariffs on metal imports from Turkey.

The new US tariffs on Turkey are against the rules set by the World Trade Organization (WTO), the Trade Ministry said on Friday.

Turkey's economy is regarded as fragile because of its high debt, which the worldwide Monetary Fund estimates is 50 percent of its gross domestic product.

Unfortunately, this still isn't a good reason for Trump's latest trade action - because it is an illegal one.

The White House said Trump would use a section of USA law that allows for tariffs on national security grounds to impose the increased duties.

The news comes as tensions between the USA and Turkey continue to grow over the North Atlantic Treaty Organisation ally's continued detainment of Pastor Andrew Brunson.

Turkey's embattled lira on Friday hit new record lows against the USA dollar and euro, losing over seven percent in value as strains with the United States showed no sign of abating and fears grew over the exposure of European banks.

Q: Why is Turkey's currency so weak?

That indicates that people are buying dollars and euros, not selling them off - and that they're not finding buyers in lira, anyway.

Turkey has arrested an American pastor and put him on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago. Brunson is now under house arrest in Turkey while standing trial on terrorism charges. But Israel released that woman last month, and pastor Andrew Brunson of North Carolina remains in a Turkish prison.

"The dollar can not block our path".

Jose Mourinho Tells Officials That He Wants This Frenchman SOLD
I'm sure United would've known of him, certainly Mourinho I imagine would have known of him as well. It's just the late surge of it.

Hurricane heads to Hawaii as lava activity wanes
A Tropical Storm Watch is in effect for Big Island interior, summits, north, east and south, including Kohala and Kona. The National Weather Service says Hector is expected to pass roughly 150 miles south of the Big Island on Wednesday.

First lady Melania Trump's parents have been sworn in as USA citizens
She attended high school in the Slovenian capital, Ljubljana, and changed her name to Melania Knauss when she started modelling. The couple said little, other than Viktor telling a reporter "thank you" when asked how they felt about becoming Americans.

The lira has fallen more than 40 percent this year, fanning worries about a full-blown economic crisis.

"However, I say it once again from here".

"This is a national, domestic battle".

Donald Trump said Friday his administration had doubled steel and aluminum tariffs on Turkey, imposing a 20 percent duty on aluminum and a 50 percent levy on steel.

"There are several campaigns being carried out [against Turkey]. Don't heed them", Erdogan said.

Turkey's lira and the Russian rouble were hit hardest, according to analysts, with the lira hitting a new record low against the USA dollar on Friday.

The Russian ruble this week plummeted to its lowest level against the dollar since 2016 as the U.S. said it was imposing more sanctions on Moscow over a chemical attack in the United Kingdom earlier this year. I refrain from talking about the Central Bank as much as I can and when I have to speak, I use a sensitive language.

"The lira has been weakening since and it's coming to a head today", Wilson said, adding the downward spiral will continue if Turkey insists on a soft landing.

The lira plunged as much as 14 per cent on Friday, as worries about Erdogan's influence over monetary policy and worsening USA relations snowballed into a market panic.

He is a self described "enemy of interest rates" and wants banks to lend cheap credit to fuel growth, something experts are anxious could seriously affect the economy. Rate increases are the central bank's main tool to support the currency and fight inflation.

Where has Erdogan's "economic miracle" gone? .

Erdogan's characteristic defiance in the face of the crisis has further unnerved investors.

Bank shares across Europe fell and the euro slipped to its lowest since July 2017 as the Financial Times quoted sources as saying the European Central Bank was concerned about European lenders' exposure to Turkey.

Related News:



Most liked

BeIN Sports secures MENA Premier League rights until 2022
However, a move did not materialise and Mourinho must now work with the same central defensive setup as he did last season.

Cam Newton confronts Kelvin Benjamin over remarks
Neither will get the opportunity to hash things out since the two teams do not face each other in the upcoming season. Of his impromptu "meeting" with Cam, Benjamin told reporters after the game, "I wasn't even trying to listen".

Liverpool boss Jurgen Klopp still expects players to leave
We can improve everything. "The great thing about Chelsea under Roman Abramovich is whenever you think they have got problems, they are the one club in the top six who can fight back straight away and win a league".

Fosu-Mensah leaves Manchester United for Fulham
The 20-year-old went on tour with Jose Mourinho 's side in the United States but could be set to gain experience elsewhere. In the 2016/17 campaign, Vietto played for Sevilla and a year ago he played the second half of the season for Valencia .

Saudia to suspend Canadian flights
Ottawa has long refused to deepen ties with the Saudi government over the country's track record on human rights. Saudi state airline Saudia said it was suspending flights to and from Toronto, Canada's largest city.

Stokes 'main aggressor' in Bristol episode, court told
Stokes added he "felt under threat of immediate attack from both these men and I did what I did only in order to defend myself". Police constable Stacey Alway, who arrested Stokes at the scene, said he was calm and compliant when she dealt with him.

Lucas Perez closing in on West Ham switch
Financial details of the deal were not disclosed, but local media said West Ham had paid about 4 million pounds for the Spaniard.

Dozens dead in Yemen after school bus carrying children hit by airstrike
They say their missile attacks on the kingdom are in retaliation for air raids on Yemen by the Western-backed coalition. There was a horrifying attack Thursday in Yemen - a Middle Eastern country torn apart by a 3-year-old civil war.

Courtney Smith's lawyer: My client has never been contacted by Ohio State
It is unclear whether or not OSU policy requires a school representative to reach out to the alleged victim in a case like this. Julia Leveridge released a statement Monday that read, in part, that "while The Ohio State University has never contracted Ms.

Red Dead Redemption 2's first gameplay trailer has arrived
The video also reveals that you, the player, get to choose how good or bad the main character is based on your decisions. A large portion of this Red Dead Redemption 2 trailer examined the role camps play in the game.

Najib to be charged under money-laundering act
His is accused of having received 42m ringgit ($10m; £8m) from state fund 1MDB in his personal bank account . He might get a jail term of up to 15 years and a fine of minimum fives times the value of illegal transfers.

The Sinclair & Tribune Merger is Now Dead
Complicating matters is that Pai is under investigation for relaxing FCC rules to allow groups like Sinclair to add more stations. Had the merger with Tribune Media been approved, Sinclair would have completely dominated the local news market.

‘Fahrenheit 11/9’ Trailer: Michael Moore Doc Targets Mid-Term Elections
At the awards ceremony, Moore took the opportunity to speak out against President George W. Hope, and the passivity that comes with it, is what helped get us here to begin with".

Apple Bans Most InfoWars Podcasts Over Hate Speech
Meanwhile on Wednesday 8 August, Alex Jones created a Periscope live stream on Twitter in reaction to Dorsey's comments. Jack Dorsey , CEO of Twitter, has defended the firm's decision to continue to publish tweets from Alex Jones .

Fantasy Cricket: Dream11 tips for 2nd Test-- England v India
Brought in to replace Ben Stokes, who is facing trial in Bristol, all-rounder Chris Woakes has big shoes to fill. However, a leaked playing XI appeared and it suggests that Team India will field an unchanged team.