Trump increases tariffs on Turkey with lyres in free fall in the middle of the crisis on the US preacher. UU

President Donald Trump said on Friday he had authorized higher tariffs on imports from Turkey, imposing a 20 percent tax on aluminum and 50 percent on steel, while increasing tensions between the US leader and the Turkish president Tayyip Erdogan

President Donald Trump said on Friday he authorized higher tariffs on Turkish imports, imposing a 20 percent tax on aluminum and 50 percent on steel, while increasing tensions between the two NATO allies over the detention of an evangelical pastor and other diplomatic matters.

I've just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey since its currency, the Turkish Lira, is rapidly sliding down against our very strong Dollar. Trump said in a morning publication on Twitter.

& # 39; Aluminum will now be 20 percent and Steel 50 percent. Our relations with Turkey are not good at the moment!

In a statement, the White House clarified that Trump had authorized the preparation of documents to raise steel and aluminum tariffs through its authority under Section 232 of the US commercial law. UU He did not say when the rates would come into effect.

Last week, the United States imposed sanctions on the minister of justice and the Turkish interior minister for refusing to release US pastor Andrew Brunson, who was in custody since 2016 on charges of terrorism and espionage that Washington says are false and that the week passed he was transferred to house arrest.

President Donald Trump said on Friday he had authorized higher tariffs on imports from Turkey, imposing a 20 percent tax on aluminum and 50 percent on steel, while increasing tensions between the US leader and the Turkish president Tayyip Erdogan

President Donald Trump said on Friday he had authorized higher tariffs on imports from Turkey, imposing a 20 percent tax on aluminum and 50 percent on steel, while increasing tensions between the US leader and the Turkish president Tayyip Erdogan

In a statement, the White House clarified that Trump had authorized the preparation of documents to increase steel and aluminum tariffs. He did not say when the rates would come into effect

In a statement, the White House clarified that Trump had authorized the preparation of documents to increase steel and aluminum tariffs. He did not say when the rates would come into effect

In a statement, the White House clarified that Trump had authorized the preparation of documents to increase steel and aluminum tariffs. He did not say when the rates would come into effect

Turkey's lira plummeted before recovering slightly to 6.4 against the dollar

Turkey's lira plummeted before recovering slightly to 6.4 against the dollar

Turkey's lira plummeted before recovering slightly to 6.4 against the dollar

The euro fell sharply against the dollar after the announcement, as it was reported that the European Central Bank was concerned about the performance of the lira and the impact it was having on European financial institutions.

The euro fell sharply against the dollar after the announcement, as it was reported that the European Central Bank was concerned about the performance of the lira and the impact it was having on European financial institutions.

The euro fell sharply against the dollar after the announcement, as it was reported that the European Central Bank was concerned about the performance of the lira and the impact it was having on European financial institutions.

The euro fell sharply against the dollar after the announcement, as it was reported that the European Central Bank was concerned about the performance of the lira and the impact it was having on European financial institutions.

It went down about 0.5 percent to trade at $ 1,146 on Friday morning.

A Financial Times report said the ECB was concerned that Turkish citizens would begin to default on their loans. Foreign loans represent 40 percent of total assets in the Turkish banking sector, CNBC reported.

The Turkish lira also collapsed before recovering slightly to 6.4 against the dollar.

Trump's announcement that he would double tariffs on Turkey's metal imports came less than an hour after Turkish President Tayyip Erdogan urged his country to help him defend the nation against an economic war. Erdogan appealed to a crowd in the city of Bayburt to exchange dollars and gold for the Turkish lira to prop up the growing currency.

Erdogan framed the monetary crisis of Turkey as a "national battle" against the economic enemies, that is, the USA. UU., Saying: If they have their dollar, we have the people, we have Allah & # 39;

The United States imposed tariffs of 25 percent on steel and 10 percent on aluminum in March for imports from a variety of countries.

Since then, its relationship with Turkey, the sixth largest steel importer in the United States, the world's largest steel importer, has deteriorated, prompting Ankara to send a delegation to Washington this week to meet with the State Department and the Department of the Treasury.

The pastor of the USA UU Andrew Brunson is seen here on July 25 in Turkey after being released by the government to house arrest

The pastor of the USA UU Andrew Brunson is seen here on July 25 in Turkey after being released by the government to house arrest

The pastor of the USA UU Andrew Brunson is seen here on July 25 in Turkey after being released by the government to house arrest

WHO IS PASTOR ANDREW BRUNSON?

The relationship of the United States with Turkey, a NATO ally, has been plummeting for months due to the imprisonment of Andrew Brunson in the country.

The US pastor was arrested in October 2016 on charges of terrorism and espionage in Turkey.

Brunson had been living in Turkey, where he had a small congregation, for more than two decades at the time of his arrest.

He is accused of planning a coup against the Turkish government. He denies any involvement.

The US government hoped that Brunson would be released from custody in July, but instead the pastor was placed under house arrest.

Washington then blocked the sale of up to 100 US F-35 fighter jets to Ankara and imposed sanctions on two Turkish ministers.

With the lira in free fall in the middle of the dispute, Trump announced on Friday that it would double the steel and aluminum tariffs in the country. He did not mention Brunson in a tweet announcing the new policy, but hinted that the actions were related when he linked them to the bad relations of the countries.

Those conversations on Friday showed no signs of progress.

A White House spokeswoman said Trump raised rates in the name of national security, although the president hinted in his tweet that he was motivated to act on the deteriorating relationship.

Trump called Brunson's imprisonment a "total disgrace" and urged Erdogan to release him last month in a tweet.

Securing the release of Brunson, arrested in 2016, is a priority for the United States. It is also dealing with Turkey over the detention of three employees of the US embassy. UU Locally employed, commercial affairs and differences over Syria.

Erdogan urged the Turks to exchange gold and currencies for lira on Friday after the currency touched a record low against the dollar. That was before Trump

The lira fell to 14 percent on Friday, as concerns over Erdogan's influence on monetary policy and the worsening of relations with the United States turned into a panic in the market.

But President Erdogan sidestepped any concerns during a speech in the northeastern city of Bayburt on Friday, saying: & # 39; The dollar can not block our way. Do not worry

"However, I say it once again from here, if there is someone who has dollars or gold under their pillows, they should exchange it for liras in our banks.

President Recep Tayyip Erdogan, photographed last week, framed Turkey's currency crisis as a "national battle" and urged the Turks to exchange gold and currencies for lira

President Recep Tayyip Erdogan, photographed last week, framed Turkey's currency crisis as a "national battle" and urged the Turks to exchange gold and currencies for lira

President Recep Tayyip Erdogan, photographed last week, framed Turkey's currency crisis as a "national battle" and urged the Turks to exchange gold and currencies for lira

& # 39; This is a national, national battle. This will be the response of my people to those who have waged an economic war against us. "

Turkey was facing artificial financial volatility, Erdogan said, and people should not pay much attention to currency prices, and should focus on the "big picture."

He also said that increasing production, exports and employment was the best response to the country's challenges.

Everything changes, everything changes: currency sellers wait for customers in a market in Istanbul

Everything changes, everything changes: currency sellers wait for customers in a market in Istanbul

Everything changes, everything changes: currency sellers wait for customers in a market in Istanbul

The lira hit a record low of 6.24 per dollar on Friday, before recovering to 5.92, still below a huge 7 percent on the day.

The currency has fallen 66 percent since the beginning of the year, which has raised the cost of goods for Turks and has affected the confidence of international investors in the country.

One of the triggers of the confusion has been a confrontation with the United States over a detained US pastor that Turkey, a NATO ally, has been tried for espionage and terror-related charges related to a failed coup attempt in the country. two years ago.

Washington demanded the pastor's release and imposed financial sanctions on two Turkish ministers and warned of additional measures. The high-level meetings in Washington between US and Turkish officials ended this week without an apparent resolution.

Meanwhile, investors are worried about the economic policies of President Recep Tayyip Erdogan, who won a new mandate in June with broad new powers.

Erdogan has been lobbying the central bank not to raise interest rates in order to continue to fuel economic growth. He says that higher rates lead to higher inflation, contrary to what standard economic theory says.

Independent analysts argue that the central bank should raise rates to control inflation and support the currency.

The lira fell to 14 percent on Friday, amid concerns about the influence of Erdogan, photographed with his wife Emine, on monetary policy and the worsening of US relations.

The lira fell to 14 percent on Friday, amid concerns about the influence of Erdogan, photographed with his wife Emine, on monetary policy and the worsening of US relations.

The lira fell to 14 percent on Friday, amid concerns about the influence of Erdogan, photographed with his wife Emine, on monetary policy and the worsening of US relations.

In modern economies, central banks must be independent of governments to ensure that they establish policies that are better for the economy, not for politicians. But since the adoption of greater powers, Erdogan seems to have more control over the bank as well.

Erdogan described on Thursday the fall of the currency as a "campaign" to harm Turkey and asked people not to worry.

"If they have their money, we have the people, we have Allah," he said.

Last week, he called on the Turks to convert their currencies and gold into Turkish lira to help the currency.

The Minister of Finance and Finance, Berat Albayrak, who is Erdogan's son-in-law, was scheduled later on Friday to outline a "new economic model".

The fall of the currency is particularly painful for Turkey because the country finances a large part of its economic growth with foreign investment. As the currency falls, Turkish companies and households with foreign currency debt see their debts expand.

Along with an inflation rate of almost 16 percent, that could cause great harm to the local economy.

Foreign investors could be scared and try to take out their money, reinforcing the fall of the currency and potentially leading to financial instability.

Aylin Ertan, a 43-year-old catering company in Ankara, said she was concerned about the future of her small business.

"The price of the food I buy increases day by day, the fuel I put in my car to distribute lunches is more expensive, but I can not raise my prices overnight," he said. & # 39; In some days, I end the day with a loss & # 39;

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