Trump authorizes doubling of tariffs on Turkey's steel, aluminum

Greek lieutenant Aggelos Mitretodis and noncommissioned officer Dimitros Kouklatzis were arrested in Turkey

President Tayyip Erdogan told Turks to exchange gold and dollars into lira as the currency tumbled after President Donald Trump doubled USA tariffs on metals imports from Turkey.

The lira has always been falling on worries about Erdogan's influence over monetary policy and worsening relations with the United States. 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.

The subsequent plunge in the lira has prompted fears in Europe over the exposure to European banks, which have lent heavily to Turkey.

"Repeated efforts to communicate to the USA administration that none of the stated criteria driving America's tariffs are applicable to Turkey have thus far proven fruitless", Trade Minister Ruhsar Pekcan said in a statement. The lira has fallen about 40 percent against the dollar this year.

The Trump administration's original move in March to raise tariffs on most steel and aluminum imports was proposed to safeguard U.S. jobs against overseas rivals.

Trump raised the stakes on Friday when he said that his administration would double its tariffs on Turkish steel and aluminum.

"Our relations with Turkey are not good at this time!" he added.

"Do not worry!" He said Turkey was not afraid of "threats" and added Turkey had "alternatives" for economic cooperation in many places "from Iran, to Russian Federation, to China and some European countries".

Brunson is now on trial in Turkey for espionage and terror-related charges linked to a failed coup attempt in the country two years ago. The U.S. was Turkey's biggest export market for steel a year ago, though exports have fallen since.

However, the White House later clarified that Trump's announcement "authorized the preparation of documents" to raise the tariffs.

England v India: second Test, day two
In his 200 Test matches for his country, he scored 15,921 runs, averaging 53.78 and making 51 centuries in the process. Chris Woakes is expected to replace allrounder Ben Stokes, who is standing trial in Bristol on a charge of affray.

The United States, the world's biggest steel importer, imposed tariffs of 10 percent on aluminum and 25 percent on steel in March for imports from a variety of countries.

Meanwhile, Ankara is wanting the extradition of Fethullah Gulen, a Pennsylvania-based cleric who is blamed by Mr Erdogan for masterminding the 2016 coup.

Prior to Trump's announcement, the Turkish lira fell to its lowest point ever against the US dollar on Friday. Earlier this month, the U.S. slapped sanctions against Turkey's ministers of justice and interior in response to Brunson's detention.

A Turkish man waits to change his USA dollars with Turkish liras inside a currency exchange shop in Ankara, Aug. 10, 2018. This is a national struggle.

He appeared to blame foreigners for trying to hurt Turkey, saying: "This will be my people's response against those waging an economic war against us".

USA officials have said the courts would require sufficient evidence to extradite the elderly Gulen, who has denied any involvement in the coup. It is obvious how it will be done: "since the final decision-maker of all policies in the new regime is the president, the responsibility of regaining confidence is on his shoulders", said Seyfettin Gursel, a professor at Turkey's Bahcesehir University.

Turkey's sovereign dollar-denominated bonds tumbled with many issues trading at record lows.

Should the woes of the lira risk feeding into a widescale economic crisis, the government still has levers at its disposal.

"I don't think foreign banks will be willing to lend to Turkish banks".

After his June 24 election victory, Erdogan put his son-in-law Berat Albayrak in charge of a newly expanded finance ministry while a new presidential system did away with the office of prime minister, whose last incumbent Binali Yildirim had on occasion urged caution in economic policy.

Related news:

Hot News

isis-killer-beheading-video-story-top Hodgson rewarded by Palace for rescue act
Aug 11, 2018 - 20:01
The Netherlands worldwide spent last season on loan at Crystal Palace , where he made 21 appearances in all competitions. Slavisa Jokanovic announced yesterday that he is not Santa Claus but Fulham fans will not mind.

isis-killer-beheading-video-story-top 'Suicidal' mechanic stole empty plane then crashed into island after F15 chase
Aug 11, 2018 - 18:51
The Pierce County Sheriff's Office said on Twitter that preliminary information suggested that a mechanic had stolen the aircraft. Video footage on social media showed the plane flying above the Seattle area with an F15 fighter jet following it.

isis-killer-beheading-video-story-top State Department Calls For Probe Into Deadly Airstrikes In Yemen
Aug 10, 2018 - 15:47
Global rights groups repeated calls for an end to the war and strongly condemned the bus attack and other civilian massacres. A military coalition led by Saudi Arabia and the United Arab Emirates got involved in Yemen's civil war in 2015.

isis-killer-beheading-video-story-top Korea slams U.S. officials for sanctions
Aug 10, 2018 - 15:26
Iranian President Hassan Rouhani delivers a statement after a two day visit in Bern, Switzerland, July 3, 2018. The UN Security Council first imposed sanctions on North Korea after its first nuclear test in 2006.

isis-killer-beheading-video-story-top Former FGCU coach charged for deadly assault in NYC
Aug 10, 2018 - 15:21
Jones is set to begin his second season on Danny Manning's Wake Forest staff after joining in the spring of 2017. His employers described him on Facebook as "super outgoing, friendly, and an incredibly smart businessman".

isis-killer-beheading-video-story-top Pogba still happy at Man Utd, insists Mourinho
Aug 10, 2018 - 14:57
Ahmed Musa and Riyad Mahrez were the two stars who departed the club this summer while no major signing has been made. Jamie Vardy did reunite with the team early as did Harry Maguire and all the players who served their national teams.

isis-killer-beheading-video-story-top Oil prices extend gains after U.S. sanctions against Iran
Aug 10, 2018 - 14:44
The market was moderated by lingering trade tensions between the United States and China , the world's leading economies. U.S. sanctions on Iran's energy sector are set to be re-imposed after a 180-day "wind-down period" ending on November 4.

isis-killer-beheading-video-story-top Melania Trump's parents take USA citizenship oath
Aug 10, 2018 - 14:15
Now that the couple are USA citizens , it's important to note the president's hypocrisy when it comes to immigration policies. Viktor and Amalija Knavs, both in their 70s, took the citizenship oath at a special, private ceremony in New York City.

isis-killer-beheading-video-story-top Tottenham first Premier League team to fail to make one summer signing
Aug 10, 2018 - 13:04
It is important to be professional, to have commitment, with the team, with the club, with yourself, full commitment until the end.

isis-killer-beheading-video-story-top Sunita Williams among 9 astronauts relaunching USA space travel
Aug 08, 2018 - 21:35
He is a colonel in the Air Force, where he was a flight test engineer before being selected as a NASA astronaut in 2009. The first cargo demonstration flight of Dragon occurred in May 2012, and the commercial flights followed shortly.

isis-killer-beheading-video-story-top Chinese People's Daily newspaper attacks US President Donald Trump on trade policies
Aug 08, 2018 - 21:03
The trade policies of US President Donald Trump has been slammed by China which says the measure of "extortion" won't work. That's a negligible amount for China, which imported 17 million tons total past year , according to the US Census Bureau.

isis-killer-beheading-video-story-top Trump’s "man on the Hill" arrested by Federal Bureau of Investigation on securities fraud charges
Aug 08, 2018 - 20:29
Prosecutors say the three avoided over $768,000 in losses by trading ahead of the public announcement of the failed drug trials. Trump for president during the 2016 campaign. "Congressman Collins will have more to say on this issue later today", they added.

Trump administration announces $22b in fresh tariffs on China
Aug 08, 2018 - 18:25
China's exports soared in July, showing little impact from USA tariffs, as Washington finalises more duties on Chinese imports. The latest charge comes after the US said it would implement another round of tariffs on $16 billion worth of Chinese goods.

isis-killer-beheading-video-story-top Newcastle United Players To 'Strike' Over Bonuses Dispute
Aug 07, 2018 - 17:18
Newcastle United have bolstered their attack with the addition of Japan worldwide Yoshinori Muto. The Spaniard later admitted he had no choice but to "wheel and deal" in the transfer market .

isis-killer-beheading-video-story-top Iran sanctions: Trump warns trading partners
Aug 07, 2018 - 16:19
European companies will be protected from the impact of new sanctions imposed by the USA on Iran, Britain has said. The European Union's diplomatic chief Federica Mogherini said the bloc deeply regrets the U.S. move.