Turkish lira slumps to new record low as Donald Trump doubles tariffs

13 August, 2018, 01:34 | Author: Kim Reid
  • An investor looks at an electronic board showing stock information at a brokerage house in Shanghai China. Aly Song Reuters  File

Regarding the situation of the Turkish currency, Erdogan once again called on his fellow citizens to back the lira, which depreciated 18 percent on Friday, by selling their dollars and euros.

The U.S.is the biggest importer of Turkish steel, and on Friday President Donald Trump said he will authorize higher tariffs on steel and aluminum from Turkey, a North Atlantic Treaty Organisation ally. Earlier, it had crashed some 12 percent through the 6.00 level for the first time in history, trading at one point at more than 6.20 lira per dollar.

Relations between the two North Atlantic Treaty Organisation allies have taken a turn for the worse amid dispute over the detention in Turkey of U.S. evangelical pastor Andrew Brunson on terrorism charges.

On Thursday, Erdogan said "If they have their dollar, we have the people, we have Allah".

Last week, the United States government imposed economic sanctions against two Turkish ministers involved in Brunson's arrest.

"Because this is the language they understand".

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The pastor's arrest further soured ties with Washington, which were already very frail.

Mr Erdogan has said that supporters of a failed military coup two years ago, which Ankara says was organised by a US-based Muslim cleric, were attacking Turkey in new ways since his re-election two months ago.

Trump has described Brunson's detention as a "total disgrace" and urged Erdogan to free him "immediately".

Erdoğan said that the US had set a deadline of last Wednesday for Brunson's release, threatening Turkey with sanctions if it did not comply with USA wishes. He also wrote in the New York Times that Ankara will be forced to look for "new friends and allies".

Turkey was reportedly the sixth largest steel importer to the United States.

We look the issue straining relations between the United States and Turkey.

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"Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies".

Turkish President Recep Tayyip Erdoğan has sharply criticized the United States decision to double tariffs on Turkish steel and aluminum imports, calling the move as an "operation" and portraying the plunge in the Turkish currency's value as an "economic war" against Turkey.

Erdogan renewed his call for Turks to sell dollars and buy lira to boost the currency, while telling business owners to not stockpile the American currency.

This is a very bad rationale for hiking tariffs on a country's exports.

"The US runs the risk of losing Turkey as a whole", he wrote. "The US has to rehabilitate its addiction to sanctions (and) bullying or entire world will unite - beyond verbal condemnations - to force it to".

"Those who can't compete with us on the ground have brought online fictional currency plots that have nothing to with the realities of our country, production and real economy", he stated.

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"Failure to reverse this trend of unilateralism and disrespect will require us to start looking for new friends and allies", he said, noting that the relationship between the two North Atlantic Treaty Organisation member states "could be in jeopardy" unless the USA changes course.

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