Trump Doubles Tariffs On Steel, Aluminum From Turkey

Collapsing Turkish Lira Shakes World Stock Markets

Collapsing Turkish Lira Shakes World Stock Markets

Erdogan urged Washington to give up the misguided notion that bilateral relations could be "asymmetrical" and realise that Turkey had alternatives "before it is too late". The debt problem in Turkey is also a bad omen, and could pressure other emerging markets. Financial upheaval there risks further destabilising an already volatile region.

Erdogan said those who plotted against Turkey in a failed coup attempt in July 2016 were now trying to target the country through its economy, and pledged to fight back.

Tariffs on Turkish aluminum are to be increased to 20 percent and steel tariffs are to be moved up to 50 percent, according to Trump. The US responded by imposing sanctions on Turkey and threatening more.

Turkey's trade ministry said the tariffs were against World Trade Organisation rules.

The prospect of a deal for Brunson's release appeared high as Turkish officials traveled to Washington this week, but the deal apparently fell apart over last-minute Turkish demands.

Lira tested an all-time low of 6.95 in value against the Dollars, in a sign of a further economic crisis.

Erdogan said high foreign exchange rates were being used as a weapon against Turkey. "Those who think they will make us kneel via economic manipulation do not know us at all", he said. "Tariffs on another country", said Rodriguez Valladares.

Relations between Washington and Turkish President Recep Tayyip Erdogan also have worsened because of the detention of three locally employed USA consular workers, trade matters and differences over Syria. Turkey retaliated with Erdogan ordering authorities to freeze the assets of the US justice and interior ministers in Turkey - "if there are any". "During this period, Turkey has set records in its exports, production and employment", Erdogan said.

"The US and Turkey are breaking up". It is host to a critical part of the Western alliance's missile defence system against Iran. Washington slapped tariffs of 25 percent on steel and 10 percent on aluminum in March for imports from several countries, including Turkey. "You are exchanging your strategic partner in North Atlantic Treaty Organisation for a priest".

"Shame on you, shame on you", he said in remarks directly addressed to Washington.

Relations between the U.S. and Turkey have not been helped by Turkey jailing an American citizen for an alleged attempted coup in 2016. Gulen denies the allegation.

A meeting between senior diplomats from the two countries on Wednesday in Washington did not produce significant progress to ease tensions over the trial of U.S. pastor Andrew Brunson in Turkey on charges of supporting terrorism and espionage.

His cause resonates with Trump's Christian conservative supporters, who could be influential as Republicans seek to retain control of Congress in midterm elections in November.

On Friday, the euro sagged to a 13-month low against the dollar, down 0.7 per cent to $1.1450, after the Financial Times reported that the European Central Bank was anxious about possible losses at eurozone banks operating in Turkey. He offered no further details.

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