Trump Doubles Tariffs on Turkish Steel, Aluminum Imports

Turkey fails to resolve disputes with US

Turkey fails to resolve disputes with US

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

The US president revealed the action on Friday as he noted how the Turkish lira "slides rapidly downward" against the "very strong" US dollar.

Turkish President Recep Tayyip Erdoğan struck a defiant note in a series of Twitter messages shortly before Trump's announcement.

Putting a 50 percent tariff on a foreign country's steel exports isn't the most conventional way to secure an imprisoned American's relief.

Turkey's imports from the USA were worth $1.3 billion in 2017, the ministry added.

Turkey is world's sixth-biggest steel producer, and eighth largest steel importer for the United States according to the International Trade Administration.

"As he stated, the President has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey", said White House spokesperson Lindsay Walters.

Last week, he called on Turks to convert their foreign currency and gold into Turkish lira to help the currency.

The Turkish lira has lost 13 per cent of its value against the dollar since midnight, pushing the battered currency further into crisis.

Erdogan said that there were "various campaigns being carried out" against the country. The US responded by imposing sanctions on Turkey and threatening more.

Securing the release of Brunson, arrested in 2016, is a top priority for the United States, and it is also tussling with Turkey over the detention of three locally employed US embassy staff, trade issues and differences over Syria.

The diplomatic tension and the failure of Turkish officials to persuade the United States to lift the sanctions plunged the lira to new lows this week.

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

Turkey's economic woes worsened after US President Donald Trump escalated a feud with Turkey by doubling tariffs on metals imports.

Turkey's embattled lira on Friday hit new record lows against the USA dollar and euro, losing over seven percent in value as strains with the United States showed no sign of abating and fears grew over the exposure of European banks.

"This is a domestic and national struggle", Erdoğan said, according to The Associated Press.

Below is a daily chart of the US dollar against the Turkish lira spanning a time frame of one year.

"Don't forget, if they have their dollars, we have our people, our God", he said.

The latest escalation came as Turkey's Economy Minister Berat Albayrak, who is Erdogan's son-in-law and a trusted lieutenant, unveiled what was touted as a new economic plan, pledging Central Bank independence, tighter budget discipline and sustainable and healthy growth. He is a self described "enemy of interest rates" and wants banks to lend cheap credit to fuel growth, something experts are anxious could seriously affect the economy. Hard currency debt issued by Turkish banks suffered similar falls. "On some days, I end the day with a loss".

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