Trump doubles steel and aluminium tariffs on Turkey

Trump doubles steel and aluminium tariffs on Turkey

That is two times the level announced earlier this year in March.

Turkey was reportedly the sixth largest steel importer to the United States.

In an opinion piece in the New York Times, he warned the us that Ankara had other alternatives as allies.

"I have just authorized a doubling of tariffs on steel and aluminum with respect to Turkey as their currency slides rapidly downward against our very strong dollar", The US president said on Twitter.

Now at a new record low, Turkey's currency has lost more than 40% this year. The lira fell further as Erdogan spoke. The weakened currency's value has helped increase inflation and anxious worldwide investors.

On Friday, Mr Erdogan also held a telephone call with Russian President Vladimir Putin, with the pair discussing economic ties between their two countries.

The development comes after US President Donald Trump said on Friday he would be imposing a 20 per cent duty on aluminum and 50 per cent one on steel.

The president's characteristic defiance in the face of a shaky economy has further unnerved investors.

Erdogan has been putting pressure on Turkey's central bank to not raise interest rates in order to keep fueling economic growth. Relations between the United States and Turkey have been weakening for several reasons.

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In Rize, Erdogan said the USA 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".

Erdoğan attempted to downplay economic concerns by telling Turks "not to worry", telling supporters they were in an "economic war" and to convert their dollars and "gold under the pillow" into lira. Its currency is plunging and Turkey is also in a diplomatic spat with the US, a major trading partner.

President Recep Tayyip Erdoğan has said that Turkey will respond to trade wars by seeking new alliances and heading to new markets, referring to U.S. President Donald Trump's decision to double the tariff on Turkish steel and aluminum.

Stocks in the USA and Europe skidded Friday as investors anxious about the financial stability of Turkey and how it might affect the global banking system. The United States sanctioned Turkey for imprisoning an American priest on bogus charges.

After Mr. Brunson had been in jail for nearly 20 months, a court in July ordered him to be moved to house arrest. The move came as Washington was in a diplomatic standoff with Ankara over Turkey's detention of an evangelical pastor from North Carolina.

Erdoğan said that the US had set a deadline of last Wednesday for Brunson's release, threatening Turkey with sanctions if it did not comply with USA wishes.

At the same time, the United States is fighting an economic war against China through tariffs and other measures.

A Turkish delegation visited Washington for talks this week but left with no signs of a breakthrough.

He also said increasing production, exports and employment was the best response to the country's challenges.

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