Economy

Erdogan to Trump: Shame on You, Shame on You

Erdogan to Trump: Shame on You, Shame on You

Trump said Friday on Twitter. Turkish aluminum will now be taxed at 50% and steel at 20%, essentially pricing Turkish metals out of the USA markets. "Aluminum will now be 20% and Steel 50%".

The US is the biggest destination for Turkish steel exports, at 11% of the Turkish export volume.

In 2017, 19 billion dollars worth of goods were traded between the USA and Turkey.

President Donald Trump said in a tweet Friday that he would hit Turkey with additional tariffs, as their national currency continues to drop.

President Donald Trump doubled United States tariffs on Turkish steel and aluminium, saying "US relations with Turkey are not good at this time".

The lira's value fell about 13 percent against the dollar on Friday. The weakened currency's value has helped increase inflation and anxious worldwide investors.

The slump is attributed to the tensions with the USA and concerns about President Recep Tayyip Erdogan's control of monetary policy.

Meanwhile, Atlantic Council Middle East expert, Aaron Stein, claims Erdogan might have made an error in overestimating his importance to President Trump, adding that if Turkey denied the United States access to the Incirlik military base, with which the USA has strategic interests, such a move would invoke the wrath of NATO allies.

Aylin Ertan, a 43-year-old caterer in Ankara, said she was concerned over the future of her small business.

Waves from the crisis spread overseas, with investors selling off shares in European banks with large exposure to the Turkish economy.

Erdogan has been putting pressure on Turkey's central bank to not raise interest rates in order to keep fueling economic growth.

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The central bank has over the last weeks defied calls from markets for rate hikes to combat these problems, raising fears of interference from Erdogan who has repeatedly called for low interest rates.

TRY stays sceptic on Erdogan's nationalist tone.

In Rize, Erdogan said the USA would pay a price by challenging Turkey for the sake of "petty calculations", denouncing Washington for declaring "economic war on the entire world" and holding countries "for ransom through sanction threats".

"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks". There are already ample signs that Trump's aggressive anti-trade rhetoric is dampening global economic activity as trade wars heat up and even risk morphing into currency wars.

In his tweet about the new tariffs, Trump said "Our relations with Turkey are not good at this time!". The U.S. exported $9.75 billion worth of goods-mostly cotton, scrap iron, steel, civilian aircraft parts, coal, and petroleum gases-to Turkey, and imported $9.42 billion worth of goods from them. -Turkish relations is a dispute over an American clergyman who has been jailed in Turkey since December 2016. After allegedly participating in a failed coup in 2016, Brunson is facing espionage and terrorism charges. He still faces a sentence of up to 35 years if he is convicted at his ongoing trial.

Pastor Andrew Brunson, a protestant cleric living in Izmir, was placed under house arrest last week.

The tensions with Washington have, for investors, underscored Turkey's authoritarian trajectory under Erdogan.

He added: "Relations with countries who behave like this have reached a point beyond salvaging".

On Friday, Erdogan spoke by telephone with Russian President Vladimir Putin.

Earlier in an editorial in Saturday's The New York Times, Erdogan said: "Attempting to force my government to intervene in the judicial process is not in line with our Constitution or our shared democratic values".

Bryan Lynn wrote this story for VOA Learning English, based on reports from Reuters, the Associated Press and Agence France-Presse.


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