Turkish lira slumps to new record low as Donald Trump doubles tariffs


Fears over contagion even pushed global equity markets lower, with some European banks coming under heavy selling pressure due to their exposure to Turkey.

Turkey also warned there would be retaliation against the US' imposition of the tariffs.

The lira tumbled 13% in one day, to 6.51 per USA dollar, a massive move for a currency that will make the Turkish poorer and further shake global investors' confidence in the country.

Turkish president Tayipp Erdogan today hit back at US President Donald Trump, saying it was "wrong" to double tariffs on Turkish metal imports.

Erdogan has cast the recent slide in the lira as a war and without naming countries said supporters of a failed military coup two years ago, which Ankara says was organized by a USA -based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago.

Sharing a picture of how his country sees the crisis with the Trump's, Mr. Erdogan wrote in the American newspaper that unless the U.S. changed course, Turkey would look for new friends and allies. Financial upheaval there risks further destabilising an already volatile region.

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"President Erdogan's strengthened powers under the new presidential system have made it increasingly uncertain whether policymakers will be able to act to stabilise the economy", said William Jackson, chief emerging markets economist at Capital Economics in London.

Turkey came in sixth place among the countries the US imported steel from previous year, while Turkish steel's share was 7 percent of total USA steel imports.

"Investors said "Here we go again".

The dollar rose as exposure to Turkey could impact European banks and spark a domino effect throughout Europe as people begin to pull out of those banks and into the USA, said Gregan Anderson, macroeconomic strategist at brokerage Bulltick LLC.

Turkey and the United States squabbled last week over Turkey's failure to free a US pastor named Andrew Brunson from house arrest while he awaits his trial on terrorism charges. He denies the charges.

The prospect of a deal for Brunson's release appeared high as Turkish officials traveled to Washington this week, but the deal apparently fell apart over last-minute Turkish demands.

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Erdogan on Saturday repeated a call to Turks to help support the lira to win what he described was a "war of independence".

U.S. support for Kurdish rebel groups fighting Islamic State fighters in northern Syria.is another major difficulty, given Turkey's battle against a Kurdish insurgency in its own country. "This is a national, domestic battle", he told a crowd in the northeastern city of Bayburt. "Tariffs on another country", said Rodriguez Valladares.

In Rize, Erdogan said the USA would pay a price by challenging Turkey for the sake of "petty calculations", denouncing Washington for declaring "economic war on the entire world" and holding countries "for ransom through sanction threats". Ankara and Washington agreed to work together to resolve problems between them, Cavusoglu said after the meeting.

Reuters Turkey's president, Recep Tayyip Erdogan, listens during a news conference with British Prime Minister Theresa May in London, U.K., May 15, 2018.

Erdogan, with his article in the New York Times, said that Ankara might seek new allies.

The U.S. exported $9.75 billion worth of goods-mostly cotton, scrap iron, steel, civilian aircraft parts, coal, and petroleum gases-to Turkey, and imported $9.42 billion worth of goods from them.

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