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Trump authorizes doubling of tariffs on Turkey's steel, aluminum
11 August 2018, 11:27 | Austin Hogan
On Friday, Trump announced he would double aluminum and steel tariffs on the North Atlantic Treaty Organisation ally.
In the first three months of 2018, Turkish steel exports to the United States fell almost 50 percent over the same period in 2017, making it the only top-10 source of US steel imports to see a decrease, according to the US Commerce Department.
Turkey is world's sixth-biggest steel producer, and eighth largest steel importer for the USA according to the International Trade Administration.
Last week, the U.S.
Earlier this week USA and Turkish officials met in Washington to discuss issues that have pitted the two North Atlantic Treaty Organisation allies against each other. And so he announced he is going to double the steel and aluminumtariffs on them to make up for the fact "their currency" has slid so "rapidly downward against our very strong Dollar!"
It had already fallenmore than 40% in the past year.
Investors quickly made up their minds, with the Lira sliding 5pc during his 15-minute speech, and then slumping even further in the afternoon, again signalling the deep concern about the stewardship of the economy under Mr Erdogan and Mr Albayrak, his son-in-law and newly appointed Finance Minister. The Turkish currency shed about 17% of its value in a single day.
Investors are concerned with Erdogan's firm grip on Turkish monetary policy.
Meanwhile, investors are anxious about the economic policies of President Recep Tayyip Erdogan, who won a new term in office in June with sweeping new powers. But experts argue that the central bank should instead raise interest rates to ease inflation and to support the currency.
"Also completely underestimated is Turkey's capacity to effectively shut down everything that happens in Brussels if they want to, because Brussels works on consensus and nothing, literally nothing happens without consensus", he said.
Despite mounting pressure to reassure investors, president Erdogan yesterday remained defiant, stating that Turkey would prevail in an "economic war" while calling on Turks not to panic or "bow in front of economic threats".
Last week, he called on Turks to convert their foreign currency and gold into Turkish lira to help the currency. And of course, Brunson and the other detainees, including local staff of the U.S. diplomatic mission and various persons thought in some cases to be Gulenist Turkish-Americans, would have to be released.
Erdogan replied that Turkey will not back down despite Trump's sanctions policy and said he would answer with mirror retaliation.
The diplomatic dispute with the U.S. was one of the triggers for the turmoil this week. "But if the United States can't handle relations with Turkey ... then a further deepening of relations with Moscow is an option".
Timothy Ash, senior emerging markets strategist at Bluebay Asset Management told CNBC that Brunson's detention proves how valuable the Christian vote is in America. Brunson is on trial and faces up to 35 years in prison if he is found guilty.
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.
Andrew Craig Brunson, an evangelical pastor from Black Mountain, North Carolina, arrives at his house in Izmir, Turkey, Wednesday, July 25, 2018. "Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies", Erdogan said.
He added: "Relations with countries who behave like this have reached a point beyond salvaging". These include places "from Iran, to Russian Federation, to China and some European countries", he said.
A statement from the Kremlin said the two leaders discussed economic and trade ties.
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