Trump doubles steel and aluminium tariffs on Turkey as lira nosedives

Economic turmoil hits Turkey, US bank stocks react

The lira fell 7% against the dollar to 5.9655 on Friday morning after hitting an all-time low earlier in the session.

Investors have become increasingly concerned with the faltering Turkish economy, its central bank's willingness to respond to the downturn and the impact it could have on global financial markets, according to multiple reports.

Turkey is also ready to establish a similar system - to not use dollar in trade - with European countries, Erdogan noted. At one point during the day, it had fallen more than 20 percent.

President TrumpDonald John TrumpKobach agrees to recuse himself from vote counting in Kansas GOP primary NFL players kneel during national anthem before first preseason game Schiff blasts GOP for Russian Federation probe conduct: "That's how you obstruct an investigation, not how you conduct one" MORE said Friday that the USA will also double tariffs on steel and aluminum imported from Turkey as relations between the North Atlantic Treaty Organisation allies worsen.

Turkey says doubled tariffs on Turkish steel and aluminium announced by US President Donald Trump are against the rules of the World Trade Organisation (WTO).

"In that sense, the Turkey situation can be a contagion not only in Europe but across emerging markets", Anderson said.

The US is the biggest destination for Turkish steel exports, at 11% of the Turkish export volume.

He did not offer an explanation for the tariff hike, which raises the tariffs to 20 percent on aluminum and 50 percent on steel, though there are a couple of possibilities.

In a statement, the White House said the president had authorized the preparation of documents to raise tariffs, citing national security concerns.

Sanctions had already been put in place when Turkey continued to trade with Iran regardless of a sanction on the country put in place by the American to halt their nuclear weapons programme.

South Korea firms caught importing coal, iron from North: Seoul
The Korean Peninsula is still technically in a state of war because the fighting ended with a cease-fire, not a peace treaty. Security Council could discuss loosening sanctions on Pyongyang after the June 12 Singapore meeting between Trump and Kim.

Turkey also wants the United States to extradite Fethullah Gulen, a Pennsylvania-based Muslim cleric who Turkish authorities say masterminded the coup attempt against Erdogan in which 250 people were killed.

A delegation of Turkish officials held discussions with their counterparts in Washington this week but there was no sign of a breakthrough.

In Rize, Erdogan said the U.S. would pay a price by challenging Turkey for the sake of "petty calculations", denouncing Washington for declaring "economic war on the entire world" and holding countries "for ransom through sanction threats".

"Those who have dollars, euros or gold under their pillows should go and exchange them into [Turkish] lira".

Erdogan said Turkey acted in accordance with the law, saying: "We have not made concessions on justice so far, and we will never make any".

A new bout of selling Friday on increased strains with the U.S. forced the lira over six against the dollar for the first time, with the currency at one point shredding a quarter of its value in a single day. Following the tweet, Turkey responded by imposing duties on $1.8 billion in USA goods including coal and paper.

Erdogan spoke briefly Thursday night and alluded to problems with the currency, saying "various campaigns" were underway, adding: "If they have dollars, we have our people, our righteousness and our God".

Unfortunately for the South African Rand, it appears that their own currency might now be in the hands of Turkish President Erdogan.

The Turkish strongman also said his country's partnership with the United States may be in jeopardy, warning Ankara could start looking for new allies in an op-ed in the New York Times.

"This is a national, domestic battle", he said. Trump and Vice President Mike Pence threatened on July 26 to impose sanctions on Turkey if the pastor is not set free and allowed to return to the United States.

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