Trump Doubles Tariffs on Turkish Steel, Aluminum Imports
11 August, 2018, 01:42 | Author: Billie Castillo
Germany's DAX index slid 2 percent.
More evidence that emerging currencies were having a bad day came from Russian Federation, where the ruble dived again on Friday and is now down five percent since the USA on Wednesday hit Russian Federation with new sanctions over its alleged involvement in a nerve agent attack in Britain.
Harsher US tariffs were likely to punish Turkey's already faltering steel exports to the United States.
Recep Tayyip Erdoğan tried to restore confidence in the Turkish lira after it plunged by more than 20% against the dollar on Friday.
The news comes as tensions between the USA and Turkey continue to grow over the North Atlantic Treaty Organisation ally's continued detainment of Pastor Andrew Brunson.
As the crisis swelled he told his supporters not to worry. "Our relations with Turkey are not good at this time!" he noted. The country is not a member of the European Union but is economically linked to it.
"In this process, we will finely work every single detail as a wide spectrum including all national and worldwide stakeholders", he said in the first part of his speech, referring to Turkey's Medium-Term Economic Plan (OVP), which will soon be renamed.
The flare-up in tensions has made it hard for global investors to justify remaining in Europe and is negative for emerging markets, he said.
"There is zero credibility in the Central Bank of Turkey and zero credibility in Turkish policy making".
Presenting the government's new economic model, he said the next steps of rebalancing would entail lowering the current account deficit and improving trust.
"The only way to correct these policy mistakes is to really make some concrete changes on the fiscal and monetary side".
Najib pleads not guilty to money laundering
The new government reopened the investigations stifled under Mr Najib's rule and barred him and his wife from leaving the country. Malaysian financier Low Taek Jho (better known as Jho Low) allegedly bought the yacht using funds stolen from 1MDB.
Last week, he called on Turks to convert their foreign currency and gold into Turkish lira to help the currency.
The MSCI All-Country World index, which tracks shares in 47 countries, was down 1.22 percent and erased all its gains for the week.
"Aluminum will now be 20% and Steel 50%".
As far as ongoing effects on USA stocks, we'll have to wait and see. Going in the opposite direction was the safe haven Japanese yen, which hit a one-month high against the dollar.
The Turkish lira has lost 13 per cent of its value against the dollar since midnight, pushing the battered currency further into crisis.
Key European equity markets shed up to two percent, while Wall Street was down 0.7 percent after the opening bell in NY.
"The situation of Turkey can not go on for much longer - I think they will have to intervene", Cristian Maggio, head of emerging markets strategy at TD Securities, adding that the intervention needed to be "drastic".
In 2016, when the dollar began to rise, the Grand Bazaar said it had made a decision to accept rent in lira to support the Turkish economy.
Before the Eagles-Steelers game, Malcolm Jenkins and De'Vante Bausby raised a fist during the playing of the anthem. Teammate Chris Long reportedly "placed his arm around Jenkins' shoulder" during the song.
The touchscreen and Joy-Con control methods of the Switch will offer up great gameplay mechanics for The World Ends With You . Ever since its reveal earlier this year I've been waiting and waiting to dive back into The World Ends With You on my Switch.
PUBG has honestly taken its own sweet time to fix the stability issues in the game which gave much ground to Fortnite . However, developer PUBG Corp is determined to fix the game and has revealed a roadmap for Fix PUBG .
He thanked his many "friends around the world, whether they´re spectators, whether they´re golfers, whether they´re marshals". Gow says one incredible trait perfectly sums up the incredible human being that Lyle was - even during his darkest days.
Newman claims in her book that her former boss, President Donald Trump , is a racist who has repeatedly used the N-word. Omarosa says she rejected the offer. "It must have been something very, very sensitive", she writes in her book.
The wave of criticism piles pressure on Prime Minister Benjamin Netanyahu, who is already beset by corruption allegations. She added that there was no need "to categorize them as leftists or as those who want to undermine the government".
In his final PGA Championship news conference as CEO, Pete Bevacqua addressed possible a headquarters move to Frisco, Texas. I didn't really have those issues when I was early in my career because I didn't have a fixed point in my back.
Available in 42mm and 46mm sizes, it has a 360×360 AMOLED display that's scratch resistant and is water-resistant up to 5ATM. But we were impressed with the Gear Sport's 300mAh battery, as it lasted about three full days on a single charge.
Lawyer: Ohio State never contacted Courtney Smith
Meyer added that there were "more questions to be answered" and he pledged to "cooperate fully" with investigators hired by OSU. It's unclear, of course, if the smaller raise had anything to do with the domestic violence accusations against Smith in 2015.
Abby Huntsman Leaving Fox News to Join The View
She will be taking the slot that was previously filled by panelist Sara Haines who will be moving to ABC's Good Morning America . The new View will see a lineup comprised of Whoopi Goldberg , Joy Behar , Sunny Hostin , Meghan McCain , and Abby Huntsman .