Trump doubles steel and aluminum tariffs on Turkey

Trump doubles steel and aluminum tariffs on Turkey

As the currency continued to fall, United States President Donald Trump announced on Friday he had doubled steel and aluminum tariffs on his North Atlantic Treaty Organisation ally before admitting that relations between Washington and Ankara were "not very good".

Turkish Presidential Spokesman Ibrahim Kalin earlier wrote in the Daily Sabah newspaper that the U.S. runs the risk of losing Turkey as its ally.

On Friday, President Trump announced that he will double America's metal tariffs on Turkey - despite the fact that he has no good reason for doing so.

Erdogan added that Washington had always "failed to understand and respect the Turkish people's concerns".

Later speaking in northeastern Rize province, Erdogan spoke of Turkey's plans to trade in local currencies with some countries.

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

"I am once again calling on those in America: it is a pity that you choose a pastor over your strategic partner in North Atlantic Treaty Organisation", he said.

The tariff for steel imported from Turkey will now be 50 percent. At the beginning of August, the U.S. Treasury Department sanctioned Turkey's ministers of Justice and Interior because of Brunson's detainment.

Mr Erdogan also wrote in the New York Times that unless the United States changed course, Turkey would look for new friends and allies.

"Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies", he added. Henri Barkey, a professor of International Relations at Lehigh University, the tariffs "an unnecessary escalation" and advised direct talks between Mr Trump and Mr Erdogan.

Reminding the world of the time when Turkey rushed to America's help whenever necessary, during the past six decades, Erdogan recounted Turkish contribution in defusing the Korean and Cuba missile crises, and sending troops to Afghanistan in the wake of the September 11 terror attacks.

U.S. support for Kurdish rebel groups fighting Islamic State fighters in northern Syria.is another major difficulty, given Turkey's battle against a Kurdish insurgency in its own country.

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The lira has been falling on worries about Erdogan's influence over monetary policy and worsening relations with the United States. "We think that Erdogan needs to act now if he does not want Turkey to develop into a mini-Venezuela (worst case scenario)".

The United States is the biggest destination for Turkish steel exports with 11 percent of the Turkish export volume.

He railed against "those waging economic war" against Turkey.

Now at a new record low, Turkey's currency has lost more than 40% this year.

Erdogan downplayed the currency crisis in a speech on Friday, advising Turks not to be anxious over exchange rate fluctuations.

After nearly 20 months in a Turkish jail, a court moved Brunson was moved to house arrest in July. "We've stood with neighbors before, and will again now", he warned.

The 64-year-old also highlighted the major difficulty in battling the Kurdish insurgency which has full USA support for fighting Islamic State fighters in northern Syria.

"If some of these vulnerabilities crystalise they could tip the economy into a full blown crisis", said its economist Yasemin Engin.

It's an awkward triangle, given that Turkey is a Nato member, Russian Federation is Nato's number one threat and the organisation is obliged to defend any member that is attacked.

"The U.S. runs the risk of losing Turkey as a whole".

Shares of Turkish steelmakers Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS and Eregli Demir ve Celik Fabrikalari TAS plunged as much as 8 per cent and 9.9 per cent, respectively, after Trump's tweet.

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