Trump Vows To Double Metal Tariffs On Turkey

Trump Vows To Double Metal Tariffs On Turkey

Trump Vows To Double Metal Tariffs On Turkey

According to the Wall Street Journal, the fall in the TRY in the face of increased USA tariffs on aluminum and steel raises uncertainty for investors in emerging markets.

"The American-Turkish Council is deeply troubled by the USA administration's increased steel and aluminum tariffs levied against Turkey.

As the tariffs will take effect immediately, a lot of Turkish steel exporters and USA importers could be hurt, as there are steel cargoes on the way to the United States and some cargoes waiting to be shipped, an S&P Global Platts report said citing Turkish industry sources.

The United States is the biggest destination for Turkish steel exports with 11 percent of the Turkish export volume.

"We will continue to support our iron, steel and aluminum exporters by defending their interests against illegal practices of other countries on every global platform, especially WTO", it said.

Trump's move Friday seemed to be in retaliation for Turkey's refusal to release Andrew Brunson, the American pastor who was swept up in a crackdown after a failed coup attempt in 2016.

Trump said the tariffs on aluminum imports would be increased to 20 percent and those on steel to 50 percent as the Turkish lira "slides rapidly downward against our very strong Dollar!"

Trump has declared that the reliance of USA importers on foreign metals poses a national security risk to the United States, and he has increased the cost of these imports on a range of countries, including Japan, Turkey and members of the European Union.

Earlier this month, the USA slapped sanctions on Turkey's justice and interior ministers over Brunson's imprisonment.

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And the U.S. Air Force has used Incirlik Air Base in southern Turkey for years, even though a number of people in Turkey have pressed to have the U.S. forces expelled.

"The ATC implores the Trump Administration to reconsider this escalation of a trade war that is without winners and to resolve this dispute at the negotiating table", it said.

Erdogan, who was re-elected two months ago, told Turks not to panic - but paradoxically urged them to buy lira to fight an "economic war".

"The basic reason the exchange rate has gone off the rails is that confidence in the management of the economy has disappeared both domestically and overseas", said Seyfettin Gursel, a prominent economist and a professor at Turkey's Bahcesehir University. "Our relations with Turkey are not good at this time!" he said.

Istanbul Chamber of Industry on Friday called for urgent measures to cushion the potential damage of a free-falling lira on real sector, saying the fluctuation has turned into a source of financial instability. The shared currency sank as much as 1.2 percent to the weakest in more than a year after a Financial Times report that the European Central Bank raised concern about the region's banks' exposure to Turkey.

"We will say bye bye to those, who sacrifice their strategic partnership and alliance with a country of 81 million people on the altar of their relations with terror organisations", he said.

Independent analysts argue the central bank should instead raise rates to tame inflation and support the currency.

Turkish Treasury and Finance Ministry announced a "new economic model", aiming to stabilize their economic growth.

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