giftedviz.com
giftedviz.com August 18, 2018


Trump OKs stiffer tariffs on Turkish metals as lira plummets

11 August 2018, 05:55 | Darnell Patrick

The lira went into free-fall sinking more than 10 percent

The lira went into free-fall sinking more than 10 percent

A widening rift with the United States, its main North Atlantic Treaty Organisation ally, and President Tayyip Erdogan's grip on monetary policy under a new powerful executive presidency have helped to drive the lira down by more than 40 percent this year, a particular vulnerability for Turkish banks as over a third of their lending is in foreign currencies.

Relations between Washington and Turkish President Recep Tayyip Erdogan also have worsened because of the detention of three locally employed United States consular workers, trade matters and differences over Syria. USA stock markets also fell after his tweet. The Nasdaq composite was down more than 0.8 percent as technology stocks also dropped.

The lira, which has lost more than 40 per cent this year, hit a new record low after Trump announced he would punish Ankara in a wide-ranging dispute. Trump wrote. "Aluminum will now be 20% and Steel 50%".

Turkey's lira sank as low as 20 percent against the US dollar Friday before settling at a 15 percent drop.

So, to hike tariffs on Turkey, Trump needed a reason why maintaining America's domestic metal industry required imposing even steeper tariffs on Turkish exports than were already in place.

An important emerging market, Turkey borders Iran, Iraq and Syria and has been mostly pro-Western for decades.

Turkish President Recep Tayyip Erdogan addresses his supporters in Bayburt, Turkey, Aug. 10, 2018.

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. "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".

The Turkish foreign ministry hit back at Trump's comments, saying that the "only result will be harming our relationship" and vowing unspecified retaliation.

Turkey says Trump tariff move will harm ties, vows retaliation
President Erdogan has pressured the central bank to maintain low interest rates by refraining from implementing much-needed hikes. Still, the sell-off may not be over after the government struck a defiant tone on Friday even after Trump's move.


Samsung To Spend $22 Billion On AI, Auto Tech, 5G 08/08/2018
Part of that entails hiring more advanced AI researchers-Samsung wants to have 1,000 of them spread across its global AI centers. The new strategy will entail an overhaul of Samsung's internal venture incubation program, said the company.


Google Acknowledges Epic’s ‘Fortnite’ Isn’t On The Play Store
Epic has to share 30 percent of those purchases made on iOS devices with Apple due to the terms of the App Store. Epic Games and Samsung also provided a list of devices that will be compatible with Fortnite Beta.


"This will be the response to those who have declared an economic war", blaming Turkey's woes on what he described as an "interest rate lobby" seeking to push the country to higher rates.

Last week, the United States imposed sanctions on Turkey's justice minister and interior minister for not releasing US pastor Andrew Brunson.

He added: "Relations with countries who behave like this have reached a point beyond salvaging".

It said it would support steel and aluminium exporters on all worldwide platforms, and the United States remained an important trade partner.

In the New York Times article, Erdogan said: "Attempting to force my government to intervene in the judicial process is not in line with our Constitution or our shared democratic values".

But Turkey is not manipulating its currency; the lira is falling because the country is suffering from an economic crisis. Turkey wants Brunson to stand trial. Gulen denies the allegation.

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

On Friday Turkey's finance minister and Erdogan's son-in-law Berat Albayrak unveiled a new economic approach, but it didn't do much to help the slipping lira. "Turkey will fight economic hitmen just as it fought the coup plotters".



Other News

Trending Now

Employee steals plane from Seattle airport, crashes it shortly
No passengers were onboard during the incident and normal operations have resumed at the airfield, the airport said on Twitter. I want to thank the Air National Guard from Washington and OR for scrambling jets to keep Washingtonians safe.

North Korea rejecting USA proposals in diplomatic standoff
Cheong Wa Dae said "proper steps" will be taken as soon as a government probe into the coal shipments is completed. The North noted that they returned remains of US soldiers who fought in the Korean War to the USA last week.

Man Utd need two deadline day deals - Rooney
As it stands, Alderweireld and Maguire are considered too expensive, while Bayern Munich have knocked back a loan move for Boateng.

Omarosa Claims Trump Repeatedly Used 'N-Word' During 'The Apprentice'
Using the N-word wasn't just the way he talks but, more disturbing, it was how he thought of me and African-Americans as a whole'. Omarosa Manigault Newman claims in her upcoming book that President Donald Trump is a "racist".

Why Entrepreneurs Carry Business Cards
You will have to wait for them to visit your website or store later and this can mean they’ve already forgotten about you. If you succeed in creating a memorable business card, you don’t just connect deeper with the person you gave the card to.

Liverpool finish pre-season by beating Torino
Although new goalkeeper Alisson started the game in goal, he was replaced by Loris Karius in the closing stages. Liverpool boss Jurgen Klopp said Karius' warm reception would be a boost to the club's entire goalkeeping cadre.

Argentina's senate rejects abortion bill
Many women, a lot of them poor, have risky and degrading abortions every year - and activists estimate 3,000 have died since 1983. Only in the Central American trio of El Salvador, Honduras and Nicaragua does it remain totally banned.

Manchester United Unveil Stunning New Dressing Room Before Premier League Opener
Mourinho sounded pessimistic that he would make any last-minute signings when talking to media on Thursday. One game into the season and we've already had two collectors' items - a Luke Shaw goal and a happy Jose.

Washington Redskins rookie running back Derrius Guice out for season
He goes from irrelevant to middle-late-round fodder as a depth running back, but it'll be hard to expect much from him. Rookie Derrius Guice's much-anticipated debut season in the National Football League is already over before it began.

Jose Mourinho sends angry message to board over transfers
Eric Bailly did superbly to deny Iheanacho, and Vardy bundled Shaw off the ball to send in a cross that Gray nearly flicked home. It was the first senior goal for former England and Southampton defender Shaw, on the 23-year-old left-back's 141st appearance.