Friday, 21 September 2018
Latest news
Main » Higher US tariffs increase pressure on Turkish economy

Higher US tariffs increase pressure on Turkish economy

13 August 2018

The lira extended its losses to trade at 6.2 to the dollar, a loss of 11.5 percent on Friday.

In a bit of a "risk off" move, it makes sense that the Euro would fall against the greenback of all currencies, as it has been strengthening anyway.

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".

Trump tweeted Friday that he authorized raising tariffs on Turkish steel to 50 percent and aluminum to 20 percent as the country's currency falls rapidly against the USA dollar.

Mr Trump has insisted that Mr Brunson, who has lived in Turkey for more than 20 years, be released "without delay"; Mr Erdogan insists his government can not interfere with the judicial process. "He has done nothing wrong, and his family needs him!"

Last week, Erdogan called on Turks to convert their foreign currency and gold into Turkish lira to help the currency.

Turkey was facing artificial financial volatility, Erdogan said, and people should not pay close attention to foreign exchange prices, and should instead focus on the "big picture".

People change money at a currency exchange office in Istanbul, Turkey, Aug. 10, 2018. The president, who says a shadowy "interest rate lobby" and Western credit ratings agencies are attempting to bring down Turkey's economy, appealed to his countrymen's patriotism. Our relations with Turkey are not good at this time!'

President Trump said Friday the USA will double tariffs on steel and aluminum for Turkey, noting the relationship between the two states "are not good at this time!"

Nintendo Announces Four New Characters For "Super Smash Bros. Ultimate'"
Players will have 28 hours worth of music tracks to pick from, but you won't be able to play just any theme music on any stage . There are actually only two *brand* new pugilists, plus three extra "Echo" fighters - altered clones of existing characters.

"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".

US channel CNN also said the White House "did not offer any explanation as to how USA national security is threatened" in the statement made regarding the topic.

"Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies", he said, noting that the relationship between the two North Atlantic Treaty Organisation member states "could be in jeopardy" unless the USA changes course.

"The US and Turkey are breaking up".

Mr Brunson was moved to house arrest in July after spending nearly 20 months in a Turkish jail.

It did not disclose details, but suggests Turkey might gravitate further away from its North Atlantic Treaty Organisation allies towards co-operation with Russian Federation, whose relations with the West are at their lowest since the Cold War.

The United States hit two high-ranking Turkish officials with sanctions after the Turkish government refused to release imprisoned Christian pastor Andrew Brunson. "The tweet is mightier than the Turkish sword", Cristian Maggio, head of emerging markets strategy at TD Securities, said in a note to clients.

A statement from the Kremlin said the two leaders discussed economic and trade ties.

Higher US tariffs increase pressure on Turkish economy