Trump doubles steel and aluminum tariffs on Turkey to 20 and 50%

Erdogan says attempts to exert economic pressure on Turkey futile

Erdogan says attempts to exert economic pressure on Turkey futile

"The sharp weakness in the rand reflects the risk of environment that has emerged because of the idiosyncratic challenges we have seen in Turkey and Russian Federation".

Help us grow and continue telling Israel's story to the world. Trump wrote. "Aluminum will now be 20% and Steel 50%".

Trump says via tweet that the tariff on aluminium imports will be increased to 20 percent and the tariff on steel imports will be raised to 50 percent as the Turkish Lira "slides rapidly downward against our very strong Dollar!"

Turkey's currency hit a record low against the USA dollar and euro early on Friday, falling around 7% against the dollar after initially losing 12%.

But analysts say that while there may be losses at some banks, Turkey's economic problems do not pose a big threat to Europe or other big economies like the United States. But those talks on Thursday showed no signs of breakthrough.

Caught in a fresh wave of global currency turbulence, the rupee fell sharply by 15 paise to end at 68.83 against the resurgent dollar amid fears of escalation in trade tensions worldwide.

"If there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks".

'This is a national, domestic battle. "The dollar, the mollar, will not cut our path", said Erdogan using a figure of speech he repeatedly uses to mock something. "Don't worry", Mr Erdogan assured the crowd.

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Developing stock markets also felt the pinch. But now, the relationship appears to have gone sideways.

"First of all, confidence needs to be regained". In response, the currency renewed its sell-off. It has come under sustained pressure on foreign exchanges, having dropped by a third against the dollar in the past 12 months and hitting a record low earlier this week.

With many Turkish companies have taken out loans in dollars, banks face a higher risk of default. Such relentless depreciation drives up the cost of imported goods from fuel to food for ordinary Turks.

Shares in France's BNP Paribas (BNPP.PA), Italy's UniCredit (CRDI.MI) and Spain's BBVA (BBVA.MC) fell by around 3 percent.

This did nothing to revive the currency.

"The situation in Turkey can not go on for much longer", said Cristian Maggio, head of emerging markets strategy at TD Securities. "Albayrak's plan was uninspiring at best". He is a self described "enemy of interest rates" and wants banks to lend cheap credit to fuel growth, something experts are anxious could seriously affect the economy.

After winning the election in June, he appointed his son-in-law as chief of a revamped finance ministry.

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

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