Why Trump's Turkey Tariffs Are Worrying Investors

11 August, 2018, 01:44 | Author: Martin Tyler
  • Erdogan warns of campaign against Turkey as lira plummets

US President Donald Trump said he had authorized higher tariffs on imports from Turkey, imposing a 20 percent duty on aluminium and 50 percent one on steel.

On Friday, Trump announced that the U.S. will impose a 20 percent duty on aluminum and 50 percent one on steels as tensions mount between the two North Atlantic Treaty Organisation allies over Ankara's imprisonment of United States pastor Andrew Brunson.

Turkey's financial crisis and further US pressure spurred more concern among investors as fears appeared to spread to American markets.

The move against President Recep Tayyip Erdogan's government also highlights the disconnect between Turkey and the U.S.as they fail to negotiate their way out of an array of conflicts.

Turkey remains at loggerheads with the United States in one of the worst spats between the two North Atlantic Treaty Organisation allies in years over the detention for the last two years of American pastor Andrew Brunson and a host of other issues.

On Friday, President Trump announced that he will double America's metal tariffs on Turkey - despite the fact that he has no good reason for doing so.

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"There are several campaigns being carried out [against Turkey]".

"In that sense, the Turkey situation can be a contagion not only in Europe but across emerging markets", Anderson said.

Ankara's rocky relations with Washington took a further hit as President Donald Trump lobbed fresh salvoes via Twitter against Turkey, plunging the sagging Turkish lira to new lows against the dollar. "This is a domestic and national struggle", Erdogan said according to CNBC.

Turkey's lira and the Russian rouble were hit hardest, according to analysts, with the lira hitting a new record low against the United States dollar on Friday.

Washington imposed the metals tariffs on national security grounds, claiming the glut of steel and aluminum harmed USA companies and the economy. "Look at what we were 16 years ago and look at us now".

He is a self described "enemy of interest rates" and wants banks to lend cheap credit to fuel growth, something experts are anxious could seriously affect the economy.

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"It is expected that the current account deficit would be balanced at around 4 percent", the ministry said, adding that a saving program in the public sector, which was launched this year, will continue in the medium-term.

Independent analysts argue the central bank should instead raise rates to tame inflation and support the currency.

Shortly after Mr Trump's tweet, Mr Erdogan spoke on the phone with Russian President Vladimir Putin. They include BBVA, UniCredit, and BNP Paribas, and the exposure to those lenders is being closely watched, the Financial Times reported.

You can follow the lira price live on Markets Insider. It was eight lira in 2006.

Global markets are in turmoil on Friday, with a historic plunge in the Turkish lira at the center of the chaos.

But the shop owners say that change never came and that they still pay their rent in dollars.

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