Trump doubles tariffs on Turkish steel and aluminum, says relations 'not good'


Trump doubles tariffs on Turkish steel and aluminum, says relations 'not good'

The Turkish lira plunged on Friday, raising questions about the country's financial stability, as investors anxious about the president's unorthodox economic policies and a dispute with the United States that has led to sanctions.

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

Banks have exposure to Turkey saw their stocks slide, as worries over economic chaos continued.

Iran has also suffered from a major tumbling of its currency this year partly over reimposition of United States sanctions after Trump abandoned a 2015 nuclear deal.

It has lost 40 percent of its value so far in 2018, and reached record lows following Trump's tweet.

"Before it is too late, Washington must give up the misguided notion that our relationship can be asymmetrical and come to terms with the fact that Turkey has alternatives", he said.

At the U.N. General Assembly past year, Trump called Erdogan a "friend" who got "very high marks" for how he runs the country.

A financial shock wave ripped through Turkey on Friday, when its currency nose-dived on concerns about its economic policies and a dispute with the USA, which President Donald Trump stoked further with a promise to double tariffs on the North Atlantic Treaty Organisation ally. He threatened the USA with an "Ottoman slap" if they continue to stand in the way of the Turkish incursion into northwest Syria.

"Turkey expects other member countries to abide by global rules", the country's trade ministry said in a statement.

Turkey and the United States have been at odds after Washington imposed sanctions last Wednesday on two Turkish ministers over the continued detention of US pastor Andrew Brunson.

Ankara sent a delegation this week to Washington to meet with both the State and Treasury Departments to resolve some of the disputes but those talks showed no signs of breakthrough.

"At a time when evil continues to lurk around the world, unilateral actions against Turkey by the United States, our ally of decades, will only serve to undermine American interests and security", Erdogan said in the article.

Turkish market shares of the total Egyptian exports is about 5%, which is a very modest share, said Mohamed Abu Basha, head of macroeconomic analysis at the Cairo-based investment bank EFG-Hermes, noting that the Turkish Lira slump is a big issue, which Turkish authorities will find huge difficulties to deal with. "This is a domestic and national struggle". "Tariffs on another country", said Rodriguez Valladares.

Erdogan, who was re-elected two months ago, told Turks not to panic - but paradoxically urged them to buy lira to fight an "economic war".

In an op-ed published in New York Times, Erdogan warned Washington not to risk its relations with Ankara, saying otherwise it would look for "new friends and allies".

Mr Erdogan said the U.S. had "repeatedly and consistently failed to understand and respect the Turkish people's concerns".

"The US and Turkey are breaking up". Turkey answered the March tariff announcement by placing its own tariffs on $267 million of US goods. I hope we can soon get Pastor Brunson and other Americans released in a win-win fashion for both the U.S. and Turkey."Trump's move to double tariffs on Turkey was even praised by one of the president's most frequent Democratic critics". Gulen has denied the allegation.

"The United States slapped sanctions on two Turkish officials earlier this month over a detained American pastor who is being tried on espionage and terror-related charges".

His cause resonates with Trump's Christian conservative supporters, who could be influential as Republicans seek to retain control of Congress in midterm elections in November. As of Friday morning, the lira was worth roughly 15 cents. He offered no further details.

Iran's Foreign Minister Mohammad Javad Zarif waded into the mounting row by accusing Washington of having an "addiction to sanctions and bullying".