Aug 10 2018

Trump doubles metal tariffs on Turkey

U.S. President Donald Trump has doubled tariffs on steel and aluminium from Turkey, he tweeted on Friday.

The tweet, made during an important speech on the economy by Turkish President Recep Tayyip Erdoğan’s son-in-law, Finance and Treasury Minister Berat Albayrak, further hit the lira at a time of fevered currency trading.

“I have just authorized a doubling of Tariffs on Steel and Aluminium with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!” Trump wrote.

“Aluminium will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!”

The Turkish lira has fallen to record lows after the United States placed sanctions on two Turkish ministers for their role in Turkey’s detention of American evangelist pastor David Brunson.

Following the latest Trump intervention, the lira fell to 6.48 to the dollar, from 3.74 at the start of the year.