Thursday, 16 August, 2018

Trump authorizes doubling of steel, aluminum tariffs on Turkey

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Nellie Chapman | 12 August, 2018, 16:14

The lira has always been falling on worries about Mr Erdogan's influence over monetary policy and worsening relations with the United States.

The lira dropped by over 11 percent in value in one day on Friday morning to almost six lira per dollar.

The president has declared that American importers' reliance on foreign metals poses a national security risk to the U.S., and he also has increased the cost of these imports on Japan, Turkey and members of the European Union, the paper reported.

Earlier on Friday, Trump ramped up his attack on Turkey by doubling U.S. tariffs on Turkish aluminium and steel imports to 20 percent and 50 percent, respectively.

Donald Trump took to Twitter yesterday to boast about the value of the dollar against the lira.

In a Friday opinion piece for the New York Times, though, he used a milder tone to restore ties before it is too late, reminding of long-standing relations the United States established with Turkey over half a century ago upon its accession into North Atlantic Treaty Organisation.

Turkey's financial crisis and further USA pressure spurred more concern among investors as fears appeared to spread to American markets.

In the New York Times, Erdogan warned Washington not to risk relations with Ankara, saying his country would otherwise look for "new friends and allies".

"Aluminum will now be 20% and Steel 50%", President Trump wrote.

It came as a Turkish delegation returned from the United States, reporting no progress on negotiations involving a US pastor imprisoned in Turkey.

Turkey's trade ministry said the tariffs were against World Trade Organisation rules.

"Shame on you, shame on you", he said in remarks directly addressed to Washington.

His tone echoed that of a speech given on Thursday when he told supporters that "if they have dollars, we have our people, our righteousness, and our God".

Recent diplomatic engagements - first between Turkish Foreign Minister Mevlut Cavusoglu and his US counterpart Mike Pompeo in Singapore last Friday, followed by a visit by Turkish Deputy Foreign Minister Sedat Onal and his entourage to Washington on Wednesday - seemed to have failed to resolve the deadlock.

Brunson has been detained for the past 20 months on accusations that he supported groups the Turkish government deems terrorists. "It just shows the importance of the evangelical vote in the U.S.as it heads to midterms".

Harsher US tariffs were likely to punish Turkey's already faltering steel exports to the United States.

Erdogan Friday held telephone talks with Russian President Vladimir Putin, discussing economic and trade issues as well as the Syria crisis. The lira fell further after Trump's tweet.

Turkey is also ready to establish a similar system - to not use dollar in trade - with European countries, Erdogan noted. "Because this is the language they understand", he said.

"This treatment by America of its strategic partner has annoyed us, it has upset us", Mr Erdogan said.

-Turkish relations is a dispute over an American clergyman who has been jailed in Turkey since December 2016.