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

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

Without naming countries, Erdogan said supporters of a failed military coup two years ago, which Ankara says was organized by a USA -based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago to a new executive presidency.

He said he had authorized higher tariffs on imports from the United States' NATO ally, imposing duties of 20 percent on aluminum and 50 percent on steel.

"This innocent man of faith should be released immediately", Trump previously wrote on Twitter when it became clear Turkey would not release the evangelist, who was ordered to be held under house arrest. Import taxes for aluminum will be 20 percent.

"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.

The United States is the biggest destination for Turkish steel exports.

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

Turkish President Recep Tayyip Erdogan is appealing for calm as the country's currency plunges, urging people to change foreign money into local lira.

"If you have dollars, euros or gold under your pillow, go to banks to exchange them for Turkish lira".

It all started with Turkey's own mistakes - or, more accurately, with Turkish President Recep Tayyip Erdogan's.

Brunson, who denies the accusations, could spend the rest of his life in prison if convicted.

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Erdogan on Thursday portrayed the currency drop as a "campaign" to harm Turkey and called on the people not to worry.

Whether or not further declines in the Rand occur now depend largely on the fate of the Lira. U.S. stock markets also fell after his tweet.

High-level meetings in Washington between US and Turkish officials over Brunson ended this week, apparently without a resolution.

"The situation of Turkey can not go on for much longer - I think they will have to intervene", Cristian Maggio, head of emerging markets strategy at TD Securities, adding that the intervention needed to be "drastic".

The currency turbulence coincides with the most bitter dispute with the United States since the 1974 Turkish invasion of Cyprus, which so far shows no sign of abating.

The Lira touched a historic low versus the U.S dollar. One economically-illiterate leader is crippling his own economy and blaming everyone else for it, which then turned out to be partially correct when another economically-illiterate leader chose to cripple their economy as payback for what they have done to themselves.

And some Turkish banks are already under USA scrutiny for transactions with Iran.

President Trump's discarding of the Iran nuclear deal is a point of contention, as well, as almost half of Turkey's oil imports come from Iran, meaning new sanctions against Iran come back and hurt the Turkish economy as well. The first one was Erdogan gave a speech doubling down on his failed policies, saying once again all their problems were the result of an "economic war" being waged against Turkey. The central bank noted that Spain's BBVA, Italy's UniCredit and France's BNP Paribas all have significant exposure to Turkish debt and that a crashing lira could affect repayment of foreign currency loans.

Analysts suggest Erdogan could have Washington in mind, given Ankara is demanding the extradition of US -based Turkish cleric Fethullah Gulen, who is blamed for masterminding the botched 2016 military takeover.

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