Thursday, 16 August, 2018

Trump doubles tariffs on Turkish metals

One US dollar bought 5.57 lira during evening trading yesterday One US dollar bought 5.57 lira during evening trading yesterday
Pablo Mccormick | 12 August, 2018, 10:56

Reverberations spread through global financial markets, with European stock markets especially hit as investors took fright over banks' exposure to Turkey. (The last substantial hike was in January 2018; before then, it was in late 2013, when Turkey was dealing with the end of the U.S. Federal Reserve's quantitative easing program.) The country could also place controls on capital, but those can hamper private sector activity and won't be easy considering the government's relative inability to totally control private capital.

The lira has lost more than 40 percent this year.

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

"I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar!"

He said: 'There is definitely contagion from Turkey across emerging markets. Financial upheaval there risks further destabilising an already volatile region.

"In this process, we will finely work every single detail as a wide spectrum including all national and global stakeholders", he said in the first part of his speech, referring to Turkey's Medium-Term Economic Plan (OVP), which will soon be renamed.

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 tweet is mightier than the Turkish sword", Cristian Maggio, head of emerging markets strategy at TD Securities, said in a note to clients.

Buzarnescu damaged ligaments in fall at women's Rogers Cup
Maria Sharapova also beat the odds in emphatic style with a 6-0 6-2 win over number 12 seed Daria Kasatkina. But Konta could not continue her momentum as she squared up against number five seed Svitolina in Montreal.

On March 1, Trump had announced global tariffs of 10 percent on all aluminum to the US and 25 percent on all steel imports.

"Repeated efforts to communicate to the USA administration that none of the stated criteria driving America's tariffs are applicable to Turkey have thus far proven fruitless", he said.

Relations between the two North Atlantic Treaty Organisation allies have sunk to their lowest point in decades over a number of issues including the detention of United States pastor Andrew Brunson on terror-related charges, prompting the Turkish lira to hit record lows against the dollar.

A Turkish delegation visited Washington for talks this week but left with no signs of a breakthrough.

Erdogan on Saturday repeated a call to Turks to help support the lira to win what he described was a "war of independence".

His characteristic defiance has further unnerved investors.

Turning to the economic effects of the diplomatic row, Mr Erdogan said: "If they have the dollar, we have Allah".

Local pilot reacts to stolen Horizon airplane
Royal King told the Seattle Times he was photographing a wedding when he saw a plane and two F-15 fighter jets trailing it. Eyewitness John Waldron told CNN he watched the plane do "a complete loop", before it went "pretty much straight up".

"Those who have dollars, euros or gold under their pillows should go and exchange them into [Turkish] lira".

"This is a national, domestic battle".

Turkey, home to the Incirlik air base which is used by United States forces in the Middle East, has been a North Atlantic Treaty Organisation member since the 1950s. It is host to a critical part of the Western alliance's missile defence system against Iran.

In the New York Times article, 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". Gulen has denied the allegation.

American evangelicals have pressed Mr Trump for action on Pastor Brunson, who was held in prison for nearly two years but was recently moved to house arrest. At the beginning of August, the U.S. Treasury Department sanctioned Turkey's ministers of Justice and Interior because of Brunson's detainment.

Halkbank has said that all of its transactions were lawful.

Turkey has since accused Mr Trump of enforcing "economic terror" on the troubled nation.

Bairstow & Woakes put England in strong position at Lord’s
But Woakes, who had scored nine previous first-class hundreds, and Jonny Bairstow (93) turned the tide during a stand of 189. Bairstow reached his half-century first, cover driving wrist-spinner Kuldeep Yadav for four, before Woakes outpaced him.

"Confidence needs to be regained". In July, the president warned in a tweet that the U.S. Hard currency debt issued by Turkish banks suffered similar falls.

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