Trump OKs stiffer tariffs on Turkish metals as lira plummets

Trump OKs stiffer tariffs on Turkish metals as lira plummets

Trump OKs stiffer tariffs on Turkish metals as lira plummets

The embattled lira tumbled 16% against the dollar on Friday, falling further when US President Donald Trump said he had doubled steel and aluminium tariffs on Turkey.

Erdogan has further attempted to bolster the nation against this "economic war", calling for citizens to exchange foreign currency and gold for lira as part of the "domestic and national struggle".

U.S. President Donald Trump introduced a round of sanctions on August 1, preventing the Turkish justice an interior ministries from doing business with U.S. businesses.

President Donald Trump said on Friday he'd authorised higher tariffs on imports from Turkey.

"Turkey expects other member countries to abide by global rules", the country's trade ministry said in a statement. "Our relations with Turkey are not good at this time!"

Iran has also suffered a major tumbling of its currency this year partly over the reimposition of U.S. sanctions after Trump abandoned the 2015 nuclear deal. He has denied the charges. In response to Turkey's tightening embrace of Russia, Congress slapped a hold on delivery of F-35s to the Turkish air force, for fear that the Russians would be invited to examine the world's most advanced stealth warplane.

The Trump administration gave Turkey until last Wednesday to release American pastor Andrew Brunson from custody, Turkish President Recep Tayyip Erdogan reported revealed.

Turkey also warned there would be retaliation against the US' imposition of the tariffs.

The president, who says a shadowy "interest rate lobby" and Western credit ratings agencies are attempting to bring down Turkey's economy, appealed to his countrymen's patriotism.

"I'm not aware of any prior administration using tariffs in this way, and there's a very simple reason: because they're an incredibly blunt instrument that often can have blowback on American workers and consumers as we've seen in the China context", said Ned Price, a former Central Intelligence Agency officer who also served as a National Security Council spokesman during the Obama administration.

In a Friday opinion piece for the New York Times, though, he used a milder tone to restore ties before it is too late, reminding of long-standing relations the USA established with Turkey over half a century ago upon its accession into North Atlantic Treaty Organisation.

Downbeat US inflation report could rescue the Euro bulls.

Turkey wants the United States to extradite cleric Fethullah Gulen, a Pennsylvania-based cleric who Turkish authorities say masterminded the coup attempt in which 250 people were killed. I am addressing the U.S. once again: it is a pity that you chose a pastor over your strategic partner in North Atlantic Treaty Organisation.

Without naming countries, Mr Erdogan said supporters of a failed military coup two years ago, which Ankara said was organised by a US-based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago.

Turkey will "never accept the order, which declares war against the whole world", through the threats of sanctions, he said, referring to the U.S.

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