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Fierce tensions between the United States and Turkey have continued to escalate over the weekend – resounding through the global economy and inseminating volatility throughout the Middle East markets – in response to Trump’s tough crackdown on the once esteemed NATO ally.
“I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%,” Trump tweeted Friday. “Our relations with Turkey are not good at this time!”
The article goes on to state the following:
The Turkish lira, tumbled from 4.7 to the dollar to a depleted 6.4 to the dollar, for the first time in history breaking the 6 mark. The lira is reported to have more than 30 percent of its value throughout August, with the biggest hit – a fall of 14 percent – happening Friday. The yield on Turkish decade-long bonds has risen to over 20 percent and inflation is now running at over 15 percent compared to 11 percent one year ago, according to TradingEconomics.
At the crux of the diplomatic dispute is Turkey’s refusal to release American Pastor Andrew Brunson, who has been detained in Turkey for 21 months on “terrorism” charges – suspected of having ties to the outlawed Gulenist movement – along with alleged espionage accusations. U.S. State Department representatives have called the file against him as entirely uncreditable.
I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!
— Donald J. Trump (@realDonaldTrump) August 10, 2018
Turkey: People burn dollar bills in response to Trump tariffs
Turkish citizens burning dollar bills in response to Trump doubling steel and aluminium tariffs pic.twitter.com/OAG5slp19r
— مزروع المزروع (@Mazroa) August 11, 2018
President Trump doubles down on steel and aluminum tariffs on Turkey pic.twitter.com/RryKAYcq4w
— FOX & friends (@foxandfriends) August 11, 2018
— The Jerusalem Post (@Jerusalem_Post) August 10, 2018
— Al Jazeera English (@AJEnglish) August 10, 2018
— ANADOLU AGENCY (ENG) (@anadoluagency) August 12, 2018
Turkey will respond to trade wars by seeking new alliances and heading to new markets, Erdoğan says in response to Trump’s decision to double tariffs on Turkish steel and aluminum https://t.co/LfVmJVZqze
— DAILY SABAH (@DailySabah) August 12, 2018
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