ibusinesslines.com
ibusinesslines.com September 21, 2018


Donald Trump Authorizes More Steel and Aluminum Tariffs on Turkey

11 August 2018, 11:27 | Kelvin Horton

A vendor gets a five Euro bank note from a customer at the central market in Athens Greece

A vendor gets a five Euro bank note from a customer at the central market in Athens

Turkey said it would respond to the new USA tariff action "without delay" and warned the move would further harm relations between the two countries.

Mr Trump said tariffs on aluminium imports would be increased to 20% and the tariff on steel imports will be raised to 50% as the Turkish Lira "slides rapidly downward against our very strong Dollar!". Trump said Friday on Twitter.

Erdogan replied that Turkey will not back down despite Trump's sanctions policy and said he would answer with mirror retaliation.

Turkey is world's sixth-biggest steel producer, and eighth largest steel importer for the U.S. according to the International Trade Administration.

Trump tweeted on Friday that he would be doubling existing tariffs on steel and aluminum imports from Turkey.

USA sanctions against top Turkish government officials and unorthodox economic policies by Turkey's President Recep Tayyip Erdogan have spooked markets.

Garanti and its local peers face a wave of corporate defaults and loan restructurings as the lira's collapse makes it harder for Turkish companies to repay the dollars they have borrowed in recent years.

Prior to Trump's announcement, the Turkish lira fell to its lowest point ever against the USA dollar on Friday. Regulators told industry executives to study the impact of interest- and exchange-rate shocks, with the findings to be discussed at the meeting, the people said. Trump and Vice President Mike Pence threatened on July 26 to impose sanctions on Turkey if the pastor is not set free and allowed to return to the United States.


The slump is attributed to the tensions with the United States and concerns about President Recep Tayyip Erdogan's control of monetary policy. He has urged the central bank to not raise interest rates. Lindsey GrahamLindsey Olin GrahamGOP lawmaker: Every white suburban district in the country will be a swing district this year The Hill's Morning Report - Trump to GOP: I will carry you GOP senator: "Real likelihood" Dems win the House "by 10 or 12 more seats than they need" MORE (R-S.C.) tweeted Friday.

Turkey remains at loggerheads with the U.S. 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.

The new set of economic steps are aimed at securing an economic growth of 3-4 percent in 2019, and decreasing the inflation rate to single digits, the ministry said in a press release on August 9.

The Brunson dispute triggered the collapse in the Turkish currency as investors feared US financial sanctions.

What's happening to Turkey's currency right now?

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 USA embassy staff, trade issues and differences over Syria. A weaker lira means that the taxes will be less impactful.

On Thursday, Erdogan said "If they have their dollar, we have the people, we have Allah".

New Finance Minister Berat Albayrak - Erdogan's son-in-law - rolled out the government's new economic plan on Friday, promising central bank independence and tighter budget discipline, but giving few details to reassure investors. At one point, it was down as much as 19 percent on the day, before rallying a bit to bring it to "only" a 13.7 percent loss.



Other News

Trending Now

'Lock your doors': At least four dead in Canada shooting
CTV said Moore reported that "police escorted people from their homes" after announcing a suspect was in custody. At least four people have been killed in a shooting in eastern Canada , police have confirmed.

Bethenny Frankel’s Boyfriend Found Dead in His Trump Tower Apartment
Bethenny Frankel's ex-boyfriend has died, according to TMZ . "So Dennis , how long have you guys known each other?" she asked. Police responded to a 911 call of an unconscious man inside Trump Tower about 9:19 a.m., officials said in a press release.

Russian Federation accuses United States of waging 'ECONOMIC WAR' and vows to take revenge
Washington subsequently accused Moscow of breaking the 1991 worldwide law against chemical and biological warfare. She said sanctions would take effect on or around 22 August, after a 15-day Congressional notification period.

Kelvin Benjamin & Cam Newton get into it before preseason tilt
However, the players will finally get a chance for live action as they face the Buffalo Bills in the first preseason game. When Benjamin left Newton hanging, Newton asked for privacy and had an apparent argument with his former teammate.

Bernard reveals why he rejected Blues for Everton
The Colombia worldwide was also linked with a switch to Manchester United , but he has opted for a move to Goodison Park. I worked hard during my holiday and now I am ready to play and do important things with the Club.

Derrius Guice tears ACL in Redskins preseason opener, out for 2018 season
Washington took Guice with the 59th overall pick after the running back fell on draft night over concerns about his maturity. Guice injured the knee on an impressive 34-yard run that was ultimately called back because of a holding penalty.

Spacewatch: Firing up for a close encounter with the sun
Scorching, yes? But if all works as planned, the inside of the spacecraft should stay at just 85 deg F (29 deg C). With a carbon heat shield, the probe will travel to within six-point-one million kilometers of the sun's surface.