Lira falls by 20% after US doubles tariffs on Turkish steel, aluminum
Turkey’s national currency falls by 20% as US intensifies its economic pressure on the country by doubling tariffs on Turkish steel and aluminum.
The lira’s plunge comes as Turkey’s government has faced one of the most serious economic crises since coming to power in 2003 following a financial crisis in 2001 which brought the country’s economy to near meltdown.
Turkish President Recep Tayyip Erdogan says his country would emerge victorious in what he described as an "economic war" with the US. He also called the war a national fight and urged Turks to take matters into their own hands.
“If you have dollars, euros or gold under your pillow, go to banks to exchange them for Turkish lira. This will be the response to those who have declared an economic war," he said.
On the other hand, the Turkish Foreign Ministry said in a statement the US should know that the “only result that such sanctions and pressure will bring... will be harming our relationship as allies."
The relations between the US and Turkey as two NATO allies have severed over a number of issues recently including fight against Daesh, Turkey’s plan to buy Russian missile systems and punish those behind the failed coup attempt in 2016 and ongoing detention of an American pastor over terror and espionage charges.
US President Donald Trump doubled the tariffs on Turkish steel and aluminum as part of Wahsington’s pressure on Turkey over the pastor’s detention.
“For good measure the lira was sliding "rapidly downward against our very strong Dollar!" he tweeted.
Trump added that aluminum tariffs "with respect to Turkey" would be raised to 20% and steel to 50%.
The Turkish Trade Ministry said the additional tariffs violate the rules of the World Trade Organization.
"Turkey expects other member countries to abide by international rules," the Ministry said in a statement.
Reports say, after Trump's tweet, Turkish president Erdogan spoke on the phone with his Russian counterpart Vladimir Putin. According to the Kremlin the two leaders discussed economic and trade ties during the talks.
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