Trump said Friday on Twitter that he authorized a new 20 percent tariff on aluminum and 50 percent tariffon 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.
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.
BeratAlbayrak, 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'.
As the crisis swelled he told his supporters not to worry. "Our relations with Turkey are not good at this time! " he noted. Last week, he called on Turks to convert their foreign currency and gold into Turkish lira to help the currency.
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.
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.
We look back now, and I guess him and his best friend had a convo and he was like, 'Dude. "Blacked is my favorite category". Jimmy Kimmel returned with a hip-hop edition of his popular " Mean Tweets " on last night's show.
Australia's most populous state is now "100 percent" in drought following the most intense dry spell in more than 50 years. Australia has long dealt with harsh, dry conditions, especially inland, away from coastal areas popular with tourists.
Hugo Martin, the game's creative director, promised double the enemies in the game as there were in the 2016 predecessor. The Nintendo Switch version will be handled by Panic Button , who previously ported Doom (2016) to the console.
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.
Schuette, Whitmer win primaries in gubernatorial races
Whitmer, the first-ever female leader of a MI state Senate caucus, beat back challenges from former Detroit health director Dr. Libertarians also had a choice for governor on the primary ticket, for the first time in Michigan's history.
Relations with Turkey are not good!
Erdogan has been putting pressure on the central bank to not raise interest rates in order to keep fueling economic growth. Turkish officials held talks in Washington this week but there was no breakthrough.
Israel PM defends law in face of Druze outrage
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".
Indonesia's Lombok hit by another strong quake
Lombok was hit by another quake on Thursday, the third in a little over a week, causing panic, injuries and damage to buildings. Across much of the island, a popular tourist destination, once-bustling villages have been turned into virtual ghost towns.