Trump doubles steel & aluminum tariffs on Turkey

The lira went into free-fall sinking more than 10 percent

It fell to a record low this morning, and has now dropped 18 per cent today to 6.5 lira to the dollar, compared with 5.5 lira last night, as a deepening monetary crisis and diplomatic relations with the USA deteriorated.

Lapid's praise for Trump came after the U.S. president announced the doubling of steel and aluminum tariffs on Turkey.

He urged Turkish citizens to immediately exchange their gold and dollars for lira.

Economist Chad Bown, who specializes in trade issues, said Turkey accounted for just over four percent of USA steel imports in 2017, but a very small fraction of the aluminum brought into the country.

Brunson's charges include spying for the PKK, listed as a terrorist group by both the USA and Turkey, and the Fetullah Terrorist Organization (FETO), the group behind the defeated coup attempt in Turkey of July 2016.

European shares fell on Friday as a dramatic fall in the Turkish lira jolted markets, with banks such as Spain's BBVA and Italy's UniCredit hit by worries over their exposure to Turkey.

People change money at a currency exchange office in Istanbul, Turkey, Aug. 10, 2018.

According to figures from the Turkish Government, for the period of 2002 to October 2017, Turkish direct investments in the United States reached $3.7 billion while US investments in Turkey amounted to $11.1 billion, second only to the Netherlands' 21.6 billion.

Turkey currency crashes as Trump doubles metals tariffs
Mr Erdogan has been putting pressure on the central bank to not raise interest rates in order to keep fuelling economic growth. TURKS have been hitting bureau de changes, after being ordered to sell their gold and dollars to support the crumbling Lira .

The United States placed sanctions on two Turkish officials earlier this month because of Brunson's case. "This is a national, domestic battle", he said. Turkey's currency sagged to an all-time low Friday amid doubts about the country's economic management and souring ties with the United States.

Well, if you want azure seas, ancient temples and a holiday which most likely costs less than it did a year ago, then yes.

Erdogan is preaching calm as his country's currency collapses.

While Turkey and the United States are at odds over a host of issues, the most pressing disagreement has been over the detention of USA citizens in Turkey, notably Christian pastor Andrew Brunson who is on trial on terrorism charges.

Investors are concerned with Erdogan's firm grip on Turkish monetary policy.

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 said in a press release on August 9. "Turkey will fight economic hitmen just as it fought the coup plotters". -Turkish relations is a dispute over an American clergyman who has been jailed in Turkey since December 2016.

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

Meanwhile, Turkish Treasury and Finance Minister Berat Albayrak is expected to present a new economic development doctrine for the country on Friday. As the currency drops, Turkish companies and households with debt in foreign currencies see their debts expand. The predictable result is this has made inflation get out of control - it is up to 15.9 percent when they are supposedly trying to keep it to 5 percent - because the central bank has been so slow to raise rates, and, in fact, refused to do so at its most recent meeting. At one point, it was down as much as 19 percent on the day, before rallying a bit to bring it to "only" a 13.7 percent loss.

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