Turkey says extra USA tariffs against rules of WTO

Tuesday, 14 Aug, 2018

USA experts say President Donald Trump's tweet on Friday stating that he has authorized doubling the tariff on steel and aluminum imports from Turkey will further destabilize the Turkish economy and put ties between the two countries in a "real dilemma".

Foreign Ministry spokesman Hami Aksoy also said on Friday that imposing sanctions on a North Atlantic Treaty Organisation ally wouldn't help Washington achieve its goals and would harm an "alliance that was built by surmounting arduous tests".

Trump added that the Turkish currency Lira "slides rapidly downward against our very strong Dollar!"

That turned into a rout on Friday, with the lira diving more than 18 percent at one point, the biggest one-day drop since Turkey's 2001 financial crisis.

Washington has demanded the pastor's release and imposed financial sanctions on two Turkish ministers and warned of additional measures.

Kinder Morgan had applied to the U.S. Commerce Department for an exemption to the original, 25 percent tariff but had not yet received a decision, the spokeswoman added.

The new set of economic steps are aimed at securing an economic growth of 3-4 percent in 2019, and decreasing the inflation rate to single digits, the Ministry of Treasury and Finance said in a press release on August 9.

Washington in response sanctioned two Turkish ministers and Trump on Friday announced it was doubling the tariffs on steel and aluminium imports from Turkey, saying relations with Ankara were "not good at this time".

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The currency's drop - 41 percent so far this year - is a gauge of fear over a country coming to terms with years of high debt, worldwide concern over President Recep Tayyip Erdogan's push to amass power, and a souring in relations with allies like the U.S.

"President Erdogan's strengthened powers under the new presidential system have made it increasingly uncertain whether policymakers will be able to act to stabilize the economy", William Jackson, the chief emerging markets economist at Capital Economics in London, said. The lira fell further after Trump's tweet.

'If they have their dollar, we have the people, we have Allah, ' he said.

"If you have dollars, euros or gold under your pillow, go to banks to exchange them for the Turkish lira". In an example of his increased role, he has resisted calls for a rise in interest rates to curb inflation and to ease pressure on the lira.

Criticizing what he called the "interest lobbies", he reiterated that they can not defeat Turkey.

"This could be the most expensive pastor in world history", Sekulow said, referring to the harm being done to Turkey's economy. She called on Trump to return to the negotiating table, saying "this can and should be resolved through dialogue and cooperation". "Aluminum will now be 20% and steel 50%".

Turkey exported about 500,000 tons to the U.S.in the five months to May, compared with more than 1 million tons in the same period past year, according to data from the U.S. Census bureau.

The sharp decline of the lira, and worries over the wider consequences of Turkey's economic turmoil, helped drive the main stock indexes in Tokyo, Frankfurt and Paris more than 1 percent lower. The shared currency sank as much as 1.2 percent to the weakest in more than a year after a Financial Times report that the European Central Bank raised concern about the region's banks' exposure to Turkey. 'On some days, I end the day with a loss'.