WASHINGTON – President Donald Trump said on Friday that he has authorisedthe doubling of steel and aluminium tariffs “with respect to Turkey.”
Trump said via a tweet that the tariff on aluminium imports will beincreased to 20 per cent and the tariff on steel imports will be raised to50 per cent as the Turkish Lira “slides rapidly downward against our verystrong Dollar!”
Trump is also declaring that, “Our relations with Turkey are not good atthis time!”
The United States slapped sanctions on two Turkish officials earlier thismonth over a detained American pastor who is being tried on espionage andterror-related charges.
Turkey vowed retaliation “without delay” and warned the move would furtherharm relations between the two allies.
Trump’s tweet caused a further drop in the Turkish currency, which is nowdown 13 percent on the day.
Turkish President Recep Tayyip Erdogan is appealing for calm as thecountry’s currency plunges, urging people to change foreign money intolocal lira.
The lira tumbled about 10 per cent on Friday to another record low asinvestors worry about Erdogan’s unorthodox economic policies and USsanctions.
Erdogan said during an address to supporters: “Change the euros, thedollars and the gold that you are keeping beneath your pillows into lira atour banks. This is a domestic and national struggle.”
He appeared to blame foreigners for trying to hurt Turkey, saying: “Thiswill be my people’s response against those waging an economic war againstus.” The lira fell further as Erdogan spoke.
President Recep Tayyip Erdogan says his government “will not lose theeconomic war.”
Turkish newspaper Hurriyet and other media reports quote Erdogan as makingthe comment to a group of worshippers following traditional Muslim Fridayprayers during a visit to the northern city of Bayburt.
On Friday, the Turkish currency plunged to another record low amid concernsover Erdogan’s unorthodox economic policies and a diplomatic row with theUnited States that has led to sanctions.
The lira hit a record low of 6.24 per dollar on Friday, before recoveringto 5.96, down more than 7 per cent on the day. – APP/AFP