Trump vows to double steel and aluminum tariffs on Turkey
Trump vows to double steel and aluminum tariffs on Turkey
Erdogan says attempts to exert economic pressure on Turkey futile
10 August, 2018, 19:32
Concerns were intensified Friday by a report in the Financial Times that the supervisory wing of the European Central Bank (ECB) had over the last weeks began to look more closely at eurozone lenders' exposure to Turkey.
The lira, which has lost a third of its value this year, fell on his comments and was trading at around 6.05 to the dollar after he spoke, almost 9 per cent weaker on the day.
The United States is the biggest destination for Turkish steel exports with 11 percent of the Turkish export volume.
That is unlikely to mollify investors who are also anxious by a growing dispute with the United States.
The Treasury Department slapped sanctions on two Turkish officials last week because the country refused to release American pastor Andrew Brunson, who faces charges in Turkey that include attempting to overthrow the government and espionage.
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President Recep Tayyip Erdogan is urging the Turkish people to exchange gold and hard currency into lira, after the currency hit a record low against the dollar today. Do not heed them,"Erdogan said".
A plunge in the Turkish lira rocked global equities and emerging markets on Friday and fear of more turmoil sent investors scurrying for safety in assets like the yen and US government bonds.
Turkey's woes shook world markets, pushing down stock indexes and lifting the dollar, which traders around the world typically buy in times of concern.
'However, I say it once again from here.
'This is a national, domestic battle.
"This will be my people's response to those who have waged an economic war against us". China's state-owned shipping company COSCO Pacific already owns 65% of Turkey's third largest port. Atli said, "I believe Turkey and China could also expand their partnerships in Turkey's other ports, in the Mediterranean Sea, in the Aegean Sea, and at the Black Sea".
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The Canadian dollar weakened to a more-than two-week low against its USA counterpart as geopolitical risk rattled global financial markets, offsetting stronger-than-expected domestic jobs data. The weakening lira has been pushing up the cost of goods for Turkish people and shaken worldwide investors' confidence in the country. The U.S. has already imposed financial sanctions on two Turkish ministers and has warned there could be more measures - the doubling of tariffs might be that move.
The lira hit a fresh record low, plunging initially almost 12% to 6.4915 to the dollar with markets holding little hope for a resolution of the widening rift between Ankara and Washington with the country's policy makers notably silent.
Meanwhile, markets are deeply concerned over the direction of economic policy under Erdogan with inflation almost 16 percent but the central bank reluctant to raise rates in response.
Erdogan, a self-described "enemy of interest rates", wants cheap credit from banks to fuel growth, but investors fear the economy is overheating and could be set for a hard landing. He claims higher rates lead to higher inflation - the opposite of what standard economic theory says.
The lack of central-bank action to support the currency is also spooking investors and Erdogan's previous comment that interest rates are the "mother and father of all evil" hasn't helped.
Honestly, if you could bottle character and spirit, his would sell worldwide - he is so incredibly positive and full of energy. The source added that the fee will include £18m guaranteed with a further £2m in add-ons based on appearances.
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It happened in the Brookside Drive area where there are a number of shops and houses. "It was sort of like a pop, pop, pop, pop". At least four people were killed in a shooting incident in the eastern Canadian city of Fredericton , police said on Friday.
He continued, "And what it represented to me is not about policies - because I'm not a politician like that". Kim Kardashian has revealed that her daughter North West has already asked about why their family is famous.
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Australia's most populous state entirely in drought
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