Turkish lira continues downward spiral, hits new record low

Lira historical lows

President Donald Trump broke the news on social media that he authorized the doubling of existing steel and aluminum duties on imports from Turkey.

U.S. President Donald Trump said he's authorized doubling some metals tariffs on Turkey, citing poor relations with the North Atlantic Treaty Organisation ally amid an escalating conflict over its detention of an American pastor.

Trump announced the action Friday on Twitter.

"Section 232 tariffs are imposed on imports from particular countries whose exports threaten to impair national security as defined in Section 232, independent of negotiations on trade or any other matter".

"While Turkey's fundamental challenges are numerous, there are plenty of straightforward textbook solutions.an aggressive interest rate hike from the Central Bank would be a good start, something of the order of +1,000bp that Argentina delivered back in May would be appropriate at this juncture". Washington slapped tariffs of 25 percent on steel and 10 percent on aluminum in March for imports from several countries, including Turkey.

President Donald Trump's decision to double US tariffs on steel and aluminum imports from Turkey is "brutal", director of the European Council on Foreign Relations said.

The Turkish president called on Turks to exchange dollars, euros and gold for Turkish lira.

Turkish President Recep Tayyip Erdogan is appealing for calm as the country's currency plunges, urging people to change foreign money into local lira.

The Turkish President, Recep Tayyip Erdogan, took a combative stance in an earlier press conference, pledging to "overcome this economic war".

Cam Newton, Kelvin Benjamin Have Confrontation Before Game
Newton however finished with the MVP award during the 2015 season when Benjamin wasn't playing. I guess we'll see how AJ McCarron, Nathan Peterman and Josh Allen treat you this year, bud.

The currency dropped as much as 18 percent at one point, the biggest one-day fall since a 2001 financial crisis in Turkey.

European shares and a gauge of global equity markets closed down more than 1 percent, while Wall Street also fell, though not as much. U.S. President Donald Trump introduced a round of sanctions on August 1, preventing the Turkish justice an interior ministries from doing business with U.S. businesses. But this seems less likely as Erdogan and his mouthpieces in the media cast the United States' moves as some kind of epic battle to wreck Turkey, and Trump just gave them fresh ammunition.

Turkey has arrested an American pastor and put him on trial for espionage and terror-related charges linked to a failed coup attempt in the country two years ago. One U.S. dollar traded at 5.96 lira by 2:15 p.m.

Emerging market currencies are ending the week with a brutal sea of red across the board, with consistent losses throughout Asia, while the South African rand and Turkish lira are leading the way with losses within the EMEA.

He said that the decision "demonstrates that the USA is not behaving rationally and is not showing patience when it is needed".

Erdogan's decision to name his son-in-law as finance minister also made people wonder about the direction of the country's economic policy.

A delegation of Turkish officials held discussions with their counterparts in Washington this week but there was no sign of a breakthrough.

Trump intensified the alarm on financial markets with his new tweet doubling the tariffs, noting for good measure the lira was sliding "rapidly downward against our very strong Dollar!".

Turkey's woes have been aggravated by investor worries about the economic policies of Erdogan, who won a new term in office in June with sweeping new powers.

Related News:



Most liked

'Multiple fatalities' in Canada shooting
At least four people have been killed in a shooting in the city of Fredericton in eastern Canada , according to police. He said he looked out his window and saw the body of a man on the ground, in the back parking lot of 237 Brookside.

Paul Pogba explains penalty row with Alexis Sanchez against Leicester
But Pogba also had his say after the game, writing on Instagram: "I'll always give my best for the fans and my teammates no matter what's going on".

College basketball coach pleads not guilty in punch that killed tourist
Jones is accused of punching Sabor Szabo after Szabo knocked on the window of Jones' vehicle last Sunday in Long Island City. " Wake Forest Athletics Director Ron Wellman has placed assistant men's basketball coach Jamill Jones on leave".

Government of Ontario are working to restore dollar Beers for labour Day
The minimum retail price for beer was $1 in Ontario between 2005 and 2008, before the government banned it in 2008. Ford has said buck-a-beer will be available in the province by August 27, in time for Labour Day weekend.

Everton seal hat-trick of deadline day deals
He has played 14 times for Brazil , scoring once, with his last global appearance coming at the 2014 World Cup . Everton will open their 2018-19 Premier League campaign against Wolverhampton Wanderers on Saturday afternoon.

Manchester United season preview: Worrying signs under Jose Mourinho
Manchester United kick the season off at 7:00 am on Saturday morning when they host the 2015-16 champions, Leicester City at Old Trafford.

Ben Schwartz to voice Sonic the Hedgehog in Paramount’s movie
Are you excited for the Sonic the Hedgehog movie? There's Dewy from the new Duck Tales , who is blue. Deadpool director Tim Miller is the executive producer for the film, while Jeff Fowler will direct.

Courtois wants Hazard to join him at Real
I'm incredibly happy to be here, this is a great challenge for me and it means a lot in my career and personal life. The Belgium global , named best goalkeeper at the World Cup this summer, has signed a six-year deal.

Ruby Rose Will Play Batwoman In Arrowverse Crossover Event
In a city desperate for a saviour, Kate must overcome her own demons before embracing the call to be Gotham's symbol of hope. The CW superhero shows can vary in quality from show to show and season to season so hopefully Batwoman comes out swinging.

2018 primary election: Check back for results from statewide and local races
James Thompson, their pick in Kansas' 4th Congressional District, won his race and will run against Rep. While provisional ballots were still outstanding, that's likely enough for him to avoid a recount.

Moms of 11 children found at New Mexico compound arrested
Wahhaj is being held in police custody while the second man, Lucas Morten, has been charged on suspicion of harbouring a fugitive. He began contacting law enforcement with concerns about what was happening on his land, but said he received no response.

Luxury yacht linked to 1MDB scandal arrives in Malaysia
The Malaysian authorities have revoked his passport and issued an arrest warrant although he has previously denied any wrongdoing. This relates to the case involving SRC International, a former unit of state fund 1Malaysia Development Berhad (1MDB ).

Becca Kufrin Details Deleted Finale Scene with Arie Luyendyk Jr
I also asked him if contestants, like Jordan for example, are what they seem on camera. "Uncle Chuck came in hot", he admitted. Kufrin walked Horstmann out as professed his love for her one last time and stated that she was making a mistake.

Venezuelan minister insists drone attack on Maduro was real
Mr Trump's adviser John Bolton stated "unequivocally" "there was no USA government involvement in this at all". Attackers used two DJI M600 drones, each carrying a kilogram of C-4 explosive, Reverol said.

Don Lemon Takes Jabs At Donald Trump After LeBron James Interview
An unnamed senior White House official told ABC News that Trump wasn't siding with James, but rather siding with children. However, Mrs Trump's spokeswoman said James was "working to do good things" with a school in his OH hometown.