As the most reliable and balanced news aggregation service on the internet, DML News offers the following information published by CNBC:
The Turkish lira added to its steep losses on Friday, hitting a fresh record low, after President Donald Trump authorized the doubling of metals tariffs on Turkey.
The lira traded down 15 percent against the U.S. dollar at 6.38 after Trump made the comment in a tweet. The currency also traded down 20 percent earlier in the day, reaching a record low.
The article goes on to state the following:
The White House later said in a statement: “As he stated, the President has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey. Section 232 tariffs are imposed on imports from particular countries whose exports threaten to impair national security as defined in Section 232, independent of negotiations on trade or any other matter.”
Trump’s tweet and the White House comment came after Turkish President Recep Tayyip Erdogan asked citizens to convert their dollars and other foreign currencies as well as gold holdings to local lira.
“Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks. This is a domestic and national struggle,” Erdogan said, according to an Associated Press translation.
Erdogan said Turkey was facing an “economic war” and noted the country would respond to those countries who had started it.
“We are facing economic attacks today, and we need to defend our country,” Erdogan said, according to a translation. “The economic attack against us now is the same as the coup attempt against us. I’m urging our country to increase outputs, to increase exports.”
In a separate report, CNBC also provided the following information that led to Trump’s decision Friday morning:
Late Thursday, and before Trump’s tweet, Turkish President Recep Tayyip Erdogan said he would stand up to pressure from the United States.
“There are various campaigns being carried out. Don’t heed them,” Erdogan said Thursday. “Don’t forget, if they have their dollars, we have our people, our God. We are working hard. Look at what we were 16 years ago and look at us now,” Erdogan told supporters.
Erdogan: «They have their Dollars, we have our Allah.» Turkish Lira: pic.twitter.com/UanJPagbuI
— Fabian Eberhard (@FabianEberhard) August 10, 2018
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
This is what happened to the lira as Turkey’s President Recep Tayyip Erdogan urged his fellow countrymen to sell gold, euros and dollars in exchange for the lira. pic.twitter.com/ae0px3AhGd
— Financial Times (@FinancialTimes) August 10, 2018
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