Trump puts pressure on Turkey by doubling down on tariffs

Economic turmoil hits Turkey, US bank stocks react

In a tweet, Trump announced the doubling of the tariffs in new punitive actions against Turkey, saying: "Our relations with Turkey are not good at this time!".

"A US-induced crisis in Turkey will create a new martyr in the region, with far-reaching consequences which American congressmen and President Trump do not foresee", Bulent Gultekin, a professor at the Wharton School of the University of Pennsylvania and the former Turkish Central Bank governor, told MEE. The central bank noted that Spain's BBVA, Italy's UniCredit and France's BNP Paribas all have significant exposure to Turkish debt and that a crashing lira could affect repayment of foreign currency loans.

US President Donald Trump said he authorised a doubling of steel and aluminium tariffs on Turkey, adding to the pressure on the lira amid souring diplomatic relations between Washington and Ankara. I hope we can soon get Pastor Brunson and other Americans released in a win-win fashion for both the United States and Turkey."Trump's move to double tariffs on Turkey was even praised by one of the president's most frequent Democratic critics".

The lira TRYTOM=D3 has always been falling on worries about Erdogan's influence over monetary policy and worsening relations with the United States.

United States stocks fell Friday amid the geopolitical concerns that pushed the Turkish lira to the record low against the dollar.

Turkish President Recep Tayyip Erdoğan said Friday that his country was the target of a global financial war and urged citizens to exchange their dollars, euros and gold for lira to bolster the economy. The currency has fallen more than 40 per cent this year, fanning worries about a full-blown economic crisis.

He also condemned as "unacceptable, irrational and ultimately detrimental", the sanctions imposed by the United States on several Turkish cabinet members over the Brunson issue.

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

Although Erdogan struck a defiant tone and warned of "economic war", his foreign ministry called for diplomacy and dialogue to solve problems with Washington and Trade Minister Ruhsar Pekcan said "we implore President Trump to return to the negotiating table".

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The United States is the biggest destination for Turkish steel exports.

Mr Erdogan said the USA had "repeatedly and consistently failed to understand and respect the Turkish people's concerns".

That is unlikely to mollify investors who are also anxious by the growing dispute with the United States.

Concerns mounted Friday after a report in the Financial Times that the supervisory wing of the European Central Bank had over the last weeks begun to look more closely at eurozone lenders' exposure to Turkey.

Aluminium will now be 20 per cent and Steel 50 per cent.

The tumble in Turkey's currency on Friday signaled deepening pessimism about the country's economy after months of market declines.

An important emerging market, Turkey borders Iran, Iraq and Syria and has been mostly pro-Western for decades. "It could serve as a template for further tariff actions against China if the renminbi depreciates further relative to the dollar, even if that depreciation were mainly a reflection of the relative strength of the US and Chinese economies". The US responded by imposing sanctions on Turkey and threatening more. This is a national struggle.

Turkish President Recep Tayyip Erdogan and his newly appointed finance minister, Berat Albayrak, are due to speak at 2 p.m. local time Friday.

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