Trump authorizes doubling of tariffs on Turkey's steel, aluminum

11 August, 2018, 01:44 | Author: Brooke Harris
  • A U.S. Air Force A-10 Thunderbolt II departs Incirlik Air Base Turkey Jan. 20 2018

It came as a Turkish delegation returned from the United States, reporting no progress on negotiations involving a USA pastor imprisoned in Turkey. At the time, the Turkish woes contributed to poor sentiment towards emerging markets, leading to net bond outflows of R29.59bn in June alone, according to JSE data.

But Aykan Erdemir, of the Foundation for Defense of Democracies, said Mr Trump's tariffs announcement comes "at the worst possible time for Mr Erdogan" and fits with U.S. strategy to increase pressure on Ankara until Mr Brunson is released.

As you can imagine, more people are reading The Jerusalem Post than ever before. It was at R16.0729 to the euro from R15.8015, and at R17.9245 to the pound from R17.5780. But since adopting increased powers, Mr Erdogan appears to have greater control over the bank as well.

Severe economic and geopolitical troubles that have continued to plague Turkey combined on Friday to cause the exceptionally sharp currency moves. A looming debt crisis that potentially involves a Turkish request for assistance or a bailout from the International Monetary Fund could have significant European and global economic repercussions.

He also urged Trump to recognize the 1915 Turkish slaughter and exile of 1.5 million Armenians as a genocide, which US presidents have declined to do for decades.

Turkey's currency plunged to more than six and a half lira against the dollar, a fall of about 20 percent, overnight and into Friday after a Turkish delegation returned from talks in Washington on Thursday with no apparent solutions to the row.

New Israeli strike in Gaza City wounds 18: ministry
Palestinian President Mahmoud Abbas called on the worldwide community to "immediately and urgently intervene". And in the same way, the IDF attacks continue throughout the Gaza Strip, according to Palestinian media.

This week, the Turkish lira has fallen 23% against the dollar, losing almost a quarter of its value.

Turkey's new economic perspective was unveiled on Friday by the state's top economic official, Treasury and Finance Minister Berat Albayrak. In Europe, where exposure to Turkey is far higher, Germany's DAX fell by 1.7% and France's CAC by 1.2%. 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.

The Australian dollar - often viewed as a proxy for global risk appetite because of its commodity reliance - was the biggest faller among developed currencies, down 1 percent on the day. Minutes before Ankara learned about the higher tariffs, the lira had already hit an all-time low of 6.87 against the dollar.

Trump commented on the issue as the Turkish lira has fallen 36 percent in 2018, and the country faces increasing debt without foreign investment. "Albayrak's plan was uninspiring at best".

Erdogan, a self-described "enemy of interest rates", wants cheap credit from banks to fuel growth, but investors fear the economy is overheating and could be set for a hard landing. He has urged the central bank to not raise interest rates.

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