Trump Doubles Tariffs on Turkish Steel, Aluminum Imports

11 August, 2018, 01:42 | Author: Billie Castillo
  • Erdogan warns of campaign against Turkey as lira plummets

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 risk of contagion saw the euro fall by 0.5% against the dollar to 1.1471 at 10:15 a.m. BST (5:15 a.m. ET) on Friday.

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.

Relations are also tense because of new U.S.

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