Trump doubles steel and aluminium tariffs on Turkey as lira nosedives

The ECB bulletin said that since 2013'all countries have seen a clear trend marked by expansion

US President Donald Trump said he had authorized higher tariffs on imports from Turkey, imposing a 20 percent duty on aluminium and 50 percent one on steel. Trump wrote on Twitter. The president launched his steel and aluminum tariffs on the grounds that maintaining a robust domestic metal industry was a core national-security interest of the United States, and that competition with metal imports was threatening to drive said industry into extinction.

Image: Donald Trump claimed 'relations with Turkey are not good at this time!'

The Turkish lira has always been falling on worries about Erdogan's influence over monetary policy and worsening relations with the United States.

Trump tweeted on Friday that he would be doubling existing tariffs on steel and aluminum imports from Turkey.

President Tayyip Erdogan told Turks to exchange gold and hard currency into lira on Friday, framing Turkey's currency crisis as a "national battle" against economic enemies.

Turkey's lira sank as low as 20 percent against the US dollar Friday before settling at a 15 percent drop.

Turkish President Recep Tayyip Erdogan said Turks should not be alarmed by exchange rate movements.

Turkey's Foreign Ministry responded, saying "President Trump's decision on imposing additional tariffs targeting our country's steel and aluminum exports, in complete disregard of World Trade Organization rules, can not be associated with seriousness expected from a state".

The United States placed sanctions on two Turkish officials earlier this month because of Brunson's case. Negotiations for his release broke down when Turkey refused to free Brunson after his third courtroom hearing on July 18.

The collision results from inflexibility over two policies, the first being Erdogan's firm belief (against conventional economic theory) that high interest rates cause, rather than curb, inflation.

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Trump's action on Friday indicates he is willing to use his presidential powers as an economic and diplomatic weapon, even against allies, the Wall Street Journal reported.

"Also completely underestimated is Turkey's capacity to effectively shut down everything that happens in Brussels if they want to, because Brussels works on consensus and nothing, literally nothing happens without consensus", he said. "But if the United States can't handle relations with Turkey ... then a further deepening of relations with Moscow is an option".

The value of Turkey's currency has nosedived since January and has lost more than 34% of its value against the dollar.

"A US-induced crisis in Turkey will create a new martyr in the region, with far-reaching consequences which American congressmen and President Trump do not foresee", Bulent Gultekin, a professor at the Wharton School of the University of Pennsylvania and the former Turkish Central Bank governor, told MEE.

The lira was trading at 5.95 to the dollar, a loss on the day of 7.5 percent.

"I don't think foreign banks will be willing to lend to Turkish banks".

The Lira has plunged 66% since the start of the year, pushing up the cost of goods for Turkish people and shaking worldwide investors' confidence in the country. "If they have their dollar, we have the people, we have Allah".

"This could be the most expensive pastor in world history", Sekulow said, referring to the harm being done to Turkey's economy. It is obvious how it will be done: "since the final decision-maker of all policies in the new regime is the president, the responsibility of regaining confidence is on his shoulders", said Seyfettin Gursel, a professor at Turkey's Bahcesehir University.

Erdogan said Turkey is not afraid of outside "threats".

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