Friday, 19 October, 2018

Turkey 'implores' Trump to return to table on tariffs

President Trump’s sanctions saw the Turkish lira plummet to a dangerous low President Trump’s sanctions saw the Turkish lira plummet to a dangerous low
Jodi Jackson | 11 August, 2018, 20:37

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

In the New York Times, Erdogan warned Washington not to risk relations with Ankara, saying his country would otherwise look for "new friends and allies".

The Turkish economic woes and the USA sanctions were sparked by a diplomatic row between the two countries over the detention of an American pastor in Turkey. Sanctions and pressure would only serve to harm ties between the two North Atlantic Treaty Organisation allies, Hami Aksoy also said in a statement.

Trump's announcement came as Turkey's embattled lira hit new record lows against the U.S. dollar and euro, losing almost nine percent in value as strains with the United States showed no sign of abating and fears grew over the exposure of European banks.

The lira tumbled about 10 per cent on Friday to another record low as investors worry about Erdogan's unorthodox economic policies and U.S. sanctions.

That turned into a rout on Friday, with the lira diving more than 18 percent on the day and more than 40 percent this year to a new record low after Trump took steps to punish Turkey in a wide-ranging dispute.

"This is a domestic and national struggle", Erdoğan said, according to The Associated Press.

Economic experts believe the sharp fall of the lira is mainly because of concerns about the government's economic policies. Trump said in a post on Twitter.

President Donald Trump said in a tweet Friday that he would hit Turkey with additional tariffs, as their national currency continues to drop.

The Dow Jones Industrial Average had lost more than 270 points by 2:45 p.m. Friday, a 1 percent loss, while falling bank stocks dragged the S&P 500 index down roughly 0.9 percent. The weakened currency's value has helped increase inflation and anxious worldwide investors.

The White House also cited currency movements in China last week when Trump called for a possible increase in tariff rates on Chinese imports. A delegation of Turkish officials held talks with their counterparts in Washington this week but there was no sign of a breakthrough. The president, who says a shadowy "interest rate lobby" and Western credit ratings agencies are attempting to bring down Turkey's economy, appealed to his countrymen's patriotism.

The new set of economic steps are aimed at securing an economic growth of 3-4 percent in 2019, and decreasing the inflation rate to single digits, the ministry said in a press release on August 9.

Turkey's President Recep Tayyip Erdogan addresses his supporters in Bayburt, Turkey, Friday, Aug. 10, 2018. The predictable result is this has made inflation get out of control - it is up to 15.9 percent when they are supposedly trying to keep it to 5 percent - because the central bank has been so slow to raise rates, and, in fact, refused to do so at its most recent meeting.

Turning to the economic effects of the diplomatic row, Mr Erdogan said: "If they have the dollar, we have Allah". Minutes before Ankara learned about the higher tariffs, the lira had already hit an all-time low of 6.87 against the dollar.

This situation has led the European Central Bank to sound alarm bells warning that Turkey's currency problems could infect Europe's banks.

The latest escalation came as Turkey's Economy Minister Berat Albayrak, who is Erdogan's son-in-law and a trusted lieutenant, unveiled what was touted as a new economic plan, pledging Central Bank independence, tighter budget discipline and sustainable and healthy growth.

Canada's main stock index also fell on Friday. "Threats, sanctions and bullying against Turkey will not work", he said.

Recommended

Omarosa recorded John Kelly firing her Omarosa recorded John Kelly firing her It is the same amount that a few others who have departed the White House under inauspicious circumstances are receiving. In a statement to ABC News, Pierson said, "Omarosa is being intentionally dishonest in order to sell her new book".

Activists rally against hate on Charlottesville anniversary Activists rally against hate on Charlottesville anniversary Authorities are bracing for the anniversary of last year's white nationalist rally in Charlottesville, Virginia. Murphy also chose to close the City Market Aug. 11 due to public safety concerns in the downtown area.

Another strong quake hits Indonesia's Lombok, witnesses say buildings have collapsed Another strong quake hits Indonesia's Lombok, witnesses say buildings have collapsed Workers with heavy machinery are searching the rubble of homes, schools and mosques, with hope of finding any survivors fading. The Indonesian Red Cross said it had set up 10 mobile clinics in the north of the island.

Sergio Rico on loan at Fulham until the end of the season Sergio Rico on loan at Fulham until the end of the season We will have more information after the first game, it is better to think this way and we will see our level at the end of the season.

Plane stolen from SeaTac International Airport, multiple sources claim Plane stolen from SeaTac International Airport, multiple sources claim Witnesses at the airport, posting on social media, said they were told that someone had stolen an aircraft. "The smoke lingered. Within minutes of the plane's takeoff, the military scrambled two F-15 jets from Portland to follow the plane authorities said.

Manchester United wanted to pay £100m plus for Rafael Varane Manchester United wanted to pay £100m plus for Rafael Varane Their only signings this summer were Fred from Shakhtar Donetsk, Diogo Dalot and Lee Grant. Another said: "King @ericcantona to be next manager #ggmu".

Amnesty International calls for united front against Saudi Arabia Amnesty International calls for united front against Saudi Arabia Saudi Arabia says it will withdraw all of its students studying in Canada in an intensifying feud between the two countries . Saudi neighbours Bahrain and the United Arab Emirates have voiced solidarity with Riyadh, according to media reports .

When and where to watch IND v ENG Test match? When and where to watch IND v ENG Test match? In his 200 Test matches for his country, he scored 15,921 runs, averaging 53.78 and making 51 centuries in the process. Incessant rain didn't allow any play and washed out the entire day without a ball being bowled at the historic venue.

Coalition: Yemen strike targeted ballistic missile planners, not civilians Coalition: Yemen strike targeted ballistic missile planners, not civilians The Iran-aligned Houthis regularly fire into Saudi Arabia and have targeted its capital, Riyadh , with ballistic missiles. Air strikes by the Saudi-led coalition have killed hundreds of civilians at hospitals, schools and markets.

Trump says tariffs 'working far better' than anticipated Trump says tariffs 'working far better' than anticipated A Chinese Foreign Ministry spokesman had earlier called on Washington to "come to its senses" and settle the dispute. Trump has threatened tariffs on over $500 billion in Chinese goods, covering virtually all USA imports from China.

New York Congressman Arrested On Insider Trading Charges New York Congressman Arrested On Insider Trading Charges Collins' son Cameron and Stephen Zarsky, the father of Cameron Collins' fiancée, were also listed as defendants. When the drug trials failed, the public announcement caused the stock price of Innate to plunge 92 percent.

Gates Describes Manafort Orders While Defense Hammers 'Secret Life' Gates said that these loans were actually income. "In reality, it was basically money moving between accounts", Gates said. For most of his testimony, Gates did not look at Mr Manafort, while the defendant stared intently at his former partner.

Transfer: Chelsea sign £71.8m goalkeeper from Athletic Bilbao Transfer: Chelsea sign £71.8m goalkeeper from Athletic Bilbao AS claim Kepa flew to Madrid from Bilbao on Tuesday and held meetings with his agent to look over Chelsea's contract offer. The Blues hope to have the deal wrapped up and announced later on Wednesday.

Manchester United 'offered Miralem Pjanic in Paul Pogba bid' Manchester United 'offered Miralem Pjanic in Paul Pogba bid' The club has had to deny the claim that Pogba sent a text message to Woodward demanding he be allowed to leave. An impressive showing at the World Cup under Didier Deschamps raised more debate over his United form too.

Backed candidates in Ohio, Kansas locked in tight races Backed candidates in Ohio, Kansas locked in tight races In Michigan, three mainstream Democrats in suburban Detroit were among those vying for a chance at retiring Republican Rep. Democrats hoped to turn the 12th, the last special election ahead of the November 6 midterms, into a referendum on Mr.