Trump's new tariffs on Turkey are actually benefiting Russian Federation

11 August, 2018, 04:56 | Author: Billie Castillo
  • Air Force Boeing KC-135R Stratotanker as it touches down on the flight line at the Incirlik Air Base in Turkey

President Donald Trump announced in a tweet that he would be increasing the rate of existing tariffs against Turkey, as the value of the Turkish lira plunges.

Trump said Friday on Twitter that he authorized a new 20 percent tariff on aluminum and 50 percent tariff on steel from Turkey.

"Our relations with Turkey are not good at this time!" he wrote. I hope we can soon get Pastor Brunson and other Americans released in a win-win fashion for both the U.S. and Turkey."Trump's move to double tariffs on Turkey was even praised by one of the president's most frequent Democratic critics".

Turkey's economy is regarded as fragile because of its high debt, which the worldwide Monetary Fund estimates is 50 percent of its gross domestic product.

President Recep Tayyip Erdogan told Turks to exchange gold and dollars into lira on Friday, with the country's currency in free-fall after US President Donald Trump turned the screws on Ankara by doubling tariffs on metals imports.

Turkey's lira sank as low as 20 percent against the US dollar Friday before settling at a 15 percent drop.

'This is a national, domestic battle.

President Donald Trump's decision to double US tariffs on steel and aluminum imports from Turkey is "brutal", director of the European Council on Foreign Relations said.

The lira fell further as Erdogan spoke.

Turkey's ever combative President Recep Tayyip Erdogan vowed to not bow to economic pressure.

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Turkish newspaper Hurriyet and other media reports quote Erdogan as making the comment to a group of worshippers following traditional Muslim Friday prayers during a visit to the northern city of Bayburt.

Turkey's trade ministry said the US tariff moves were against World Trade Organization rules.

The lira, which had traded at 4 to the dollar as late as April, was being quoted at more than 7 to the dollar at one point Friday before rebounding to about 6.4.

The lira sell-off has deepened concern over whether over-indebted Turkish companies will be able to pay back loans taken out in euros and dollars after years of overseas borrowing to fund a construction boom under Erdogan.

Axios reported that the Turkey is trying to lessen their dependence on Russian Federation, and the increased sanctions will make their goal more challenging to reach.

They are also concerned over the central bank's ability to rein in persistent double-digit inflation with the president repeatedly calling for lower rates.

In modern economies, central banks are meant to be independent of governments to make sure they set policies that are best for the economy, not politicians.

As you can imagine, more people are reading The Jerusalem Post than ever before. "Don't heed them", Erdogan said.

Berat Albayrak, the Treasury minister and Mr Erdogan's son-in-law, is due to announce a "new economic model" for Turkey... That caused a further drop in the lira. President Erdogan has pressured the central bank to maintain low interest rates by refraining from implementing much-needed hikes. 'On some days, I end the day with a loss'.

What's happening to Turkey's currency right now?

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