Published: Mon, August 13, 2018
Global Media | By Jackie Banks

Trump doubles steel & aluminum tariffs on Turkey

Trump doubles steel & aluminum tariffs on Turkey

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.

But Turkey is not manipulating its currency; the lira is falling because the country is suffering from an economic crisis.

"Hopefully we will overcome this disaster and we will also successfully overcome this economic war", Erdogan said.

Turkish President Recep Tayyip Erdogan warns his country's partnership with the United States might be in "jeopardy" as tensions intensify between the two North Atlantic Treaty Organisation allies.

US President Donald Trump wrote on Twitter late last month that his country "will impose large sanctions on Turkey for their long time detainment of Pastor Andrew Brunson".

The Washington Post newspaper said the USA administration was doing everything to strengthen its hand in the Brunson case, but the decision would do nothing but cause more problems for bilateral relations.

The two governments are at odds over the detention in Turkey of US evangelical pastor Andrew Brunson on terror charges, raising investors' concerns.

The external value of the lira is not a prime concern of Erdogan's core supporters, many of whom have no plans for foreign holidays and readily accept government rhetoric that economic problems are caused by outsiders seeking to weaken Turkey.

Investors are concerned with Erdogan's firm grip on Turkish monetary policy.

"The lira is trading in extreme volatility after having started the day with a sharp fall", a foreign exchange trader at a bank in Istanbul said, as quoted by Reuters on August 10.

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"Our relations with Turkey are not good at this time!" he said in an early morning post.

Among the issues, Turkey has arrested an American pastor and put him on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago.

He added: "If there are dollars under your pillow, take these out".

"They say we will not give this or that".

Trump pointed out on Twitter that the lira was not doing well, but one of Erdogan's economic advisers, Yigit Bulut, responded that the sell-off in the lira had caused $300 billion in losses in the US stock market.

These tensions and tariffs indicate a deterioration of the U.S.

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".

Erdogan said his decision to sanction the retaliation for American sanctions was to convey that Turkey "does not respond to threats". It is host to a critical part of the Western alliance's missile defence system against Iran.

Paul Greer at Fidelity International said dramatic interventions were now needed as Turkey faced a "downward spiral" of investor confidence.

Sanctions and pressure would only serve to harm ties between the two North Atlantic Treaty Organisation allies, Hami Aksoy also said in a statement.

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