Trump Doubles Tariffs On Steel, Aluminum From Turkey


US President Donald J. Trump and Turkeys President Recep Tayyip Erdogan (R) arrive for a family picture of Nato Summit in Brussels, Belgium, 11 July 2018.

White House spokeswoman Lindsay Walters later clarified, "As he stated, the president has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey".

The lira "is falling so fast that a parachute is the first thing that comes to mind to prevent the lira smashing into the ground", Bart Hordijk, a market analyst at Monex Europe, told Business Insider.

The lira, he noted on Twitter, "slides rapidly downward against our very strong Dollar!" But this seems less likely as Erdogan and his mouthpieces in the media cast the United States' moves as some kind of epic battle to wreck Turkey, and Trump just gave them fresh ammunition.

Ash continued: "I don't think you can understate the geopolitical significance".

"We have not made concessions on justice so far, and we will never make any".

"If they have their dollar, we have the people, we have Allah, " he said.

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Radmanish said at least 60 Taliban fighters were also killed in clashes at the base and elsewhere in the district. The insurgents have also so far ignored an offer by Ghani in February of unconditional peace negotiations.

He said: "If there are dollars under your pillow, take these out". If there are euros, take these out.

The lira tumbled 14 per cent in one day, to 6.51 per dollar, a massive move for a currency that will make the Turkish poorer and further erode worldwide investors' confidence in the country.

And in the New York Times?

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.

More evidence of how nervous investors are about Turkey's economy could be seen in the iShares MSCI Turkey exchange-traded fund, which plunged 18% and saw the most premarket trades ever, according to Bloomberg.

"Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies". "Hopefully we will overcome this disaster and we will also successfully overcome this economic war", Erdogan said.

What are the other issues of disagreement?

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Hordijk said in an email: "President Erdogan is the elephant in the room ..." Brunson was among many foreign nationals detained by Turkish President Erdogan in the wake of a failed 2016 coup attempt.

Analysts suggest Erdogan could have Washington in mind, given Ankara is demanding the extradition of US -based Turkish cleric Fethullah Gulen, who is blamed for masterminding the botched 2016 military takeover.

USA support for Kurdish rebel groups fighting Islamic State fighters in northern another major difficulty, given Turkey's battle against a Kurdish insurgency in its own country.

The United States and Turkey are already at loggerheads over trade, defense deals, the future of the US mission in Syria and Ankara's warming ties with Russian Federation.

Has the moment finally arrived when political and economic ties between Turkey and the United States snap, ending what was a very close partnership dating back to the late 1940s?

Turkey says doubled tariffs on Turkish steel and aluminium announced by US President Donald Trump are against the rules of the World Trade Organisation (WTO).

"The Turkish Lira is in a state of crisis, as a result of investor confidence in Turkish assets remaining at alarmingly low levels", said Jameel Ahmad, Global Head of Currency Strategy & Market Research at FXTM. But Israel released that woman last month, and pastor Andrew Brunson of North Carolina remains in a Turkish prison.

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