Trump doubles steel and aluminum tariffs on Turkey

13 August, 2018, 13:59 | Author: Diane Mills
  • Berat Albayrak

President Donald Trump broke the news on social media that he authorized the doubling of existing steel and aluminum duties on imports from Turkey.

Speaking after U.S. President Donald Trump doubled tariffs on Turkish steel and aluminum imports, Erdogan described Friday's 18 percent fall in the lira to a record low as the "missiles" of an economic war waged against Turkey.

Trump said via a tweet that the tariff on aluminium imports will be increased to 20 per cent and the tariff on steel imports will be raised to 50 per cent as the Turkish Lira "slides rapidly downward against our very strong Dollar!" "China spat a well established one, but concerns over the European Union, Britain and Turkey also in the air", said Bart Wakabayashi, branch manager for State Street Bank and Trust in Tokyo.

In an opinion piece in the New York Times on Friday, Erdogan said Turkey's partnership with the United States could be in jeopardy unless Washington "starts respecting Turkey's sovereignty".

The lira dropped 11 percent against the USA dollar Friday as Turkish President Recep Erdogan warned of a global economic war against his country.

Turkey exported $1.04 billion (€0.91 billion) worth of steel and $60 billion worth of aluminum to the United States in 2017, according to the Hurriyet newspaper.

Washington imposed the metals tariffs on national security grounds, claiming the glut of steel and aluminum harmed USA companies and the economy.

-Turkish relationship, a deterioration made worse by Turkey's worsening human rights record and increased cooperation with Russian Federation and Iran in Syria.

The Turkish financial crisis set off a wave of selling across emerging markets, reviving the spectre of contagion that has been the sector's Achilles heel for decades.

On Friday, as the Lira plunged and the US imposed its higher sanctions on Turkey, Turkish President Erdogan and Russian President Vladimir Putin spoke on the phone.

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Trump announced the action Friday on Twitter.

"Don't forget, if they have their dollars, we have our people, our God", he said.

Turkey remains at loggerheads with the United States in one of the worst spats between two North Atlantic Treaty Organisation allies in years over the detention of American pastor Andrew Brunson and a host of other issues.

Securing the release of Brunson, arrested in 2016, is a top priority for the United States, and it is also tussling with Turkey over the detention of three locally employed US embassy staff, trade issues and differences over Syria.

Erdogan has blamed outside forces for trying to bring down Turkey's economy.

Concerns over Turkish President Erdogan's tight grip on the countries monetary policy, failed plans to release an American citizen held in Turkey, and shifts in global power prompted the continued plunge of the Turkish economy.

But Erdogan, who had remained unusually silent until now as the lira crisis mounted, urged Turks to take matters into their own hands. Earlier it had fallen as much as 22 percent. The U.S. responded by filing a complaint against the country with the World Trade Organization.

Erdogan has been putting pressure on the central bank not to raise interest rates in an attempt to help borrowers. He claims higher rates lead to higher inflation - the opposite of what standard economic theory says.

The United States and Japan on Thursday began what the two sides call "free, fair and reciprocal" negotiations on trade, with the discussions due to continue on Friday.

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