United States to Increase Tariffs on Turkish Aluminum, Steel
United States to Increase Tariffs on Turkish Aluminum, Steel
The lira went into free-fall sinking more than 10 percent
11 August, 2018, 17:57
On Friday, the Turkish currency plunged to another record low amid concerns over Erdogan's unorthodox economic policies and a diplomatic row with the United States that has led to sanctions.
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. USA stocks were also rattled, with banks again in focus. "Hopefully we will overcome this disaster and we will also successfully overcome this economic war", Erdogan said.
The currency is down 40 percent just this year, shaking global investors' confidence in the country.
Economist Chad Bown, who specialises in trade issues, said Turkey accounted for just over four percent of USA steel imports in 2017, but a very small fraction of the aluminum brought into the country.
Ankara's rocky relations with Washington took a further hit as President Donald Trump lobbed fresh salvoes via Twitter against Turkey, plunging the sagging Turkish lira to new lows against the dollar. "Our relations with Turkey are not good at this time!", the President tweeted.
Turkey accounted for 373 million euros of BBVA's its first half net attributable profit, 14 percent of the group total, suggesting that it may be the most vulnerable to the country's market turmoil. Financial upheaval there risks further destabilising an already volatile region.
"Aluminum will now be 20 percent and Steel 50 percent".
"Section 232 tariffs are imposed on imports from particular countries whose exports threaten to impair national security as defined in Section 232, independent of negotiations on trade or any other matter", she explained.
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But the trade minister, Ruhsar Pekcan, said: "We implore President Trump to return to the negotiating table". The Treasury Department announced fresh sanctions on two Turkish government officials in response to Turkey's refusal to let Brunson go. "This is a national, domestic battle", he said.
What's happening to Turkey's currency right now?
He added: "Relations with countries who behave like this have reached a point beyond salvaging".
Turkey, home to the Incirlik air base which is used by U.S. forces in the Middle East, has been a North Atlantic Treaty Organisation member since the 1950s.
Relations between the United States and Turkey have not been helped by Turkey jailing an American citizen for an alleged attempted coup in 2016. Gulen denies the allegation.
The arrest of USA pastor Brunson since October 2016 has soured already delicate relations with Washington.
The latest escalation came as Turkey's Economy Minister Berat Albayrak, who is Erdogan's son-in-law and a trusted lieutenant, unveiled what was touted as a new economic plan, pledging Central Bank independence, tighter budget discipline and sustainable and healthy growth.
On Friday, they also had to also factor in Turkey's economic crisis.
The Turkish lira dropped as much as 18 per cent at one point after Mr Trump's announcement - the biggest one-day fall since a 2001 financial crisis in the country.
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Mr Erdogan has been putting pressure on the central bank to not raise interest rates in order to keep fuelling economic growth. President Trump and Turkish President Recep Tayyip Erdogan appear in the Roosevelt Room of the White House on May 16, 2017.
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