Steel tariffs to be 50%, aluminum 20%, Trump says in tweet
- Turkish lira slides to new record low on latest development
President Donald Trump said he’s authorized doubling some metals tariffs on Turkey, citing poor relations with the NATO ally amid an escalating conflict over its detention of an American pastor.
“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! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!” Trump said on Twitter.
Trump’s tariff decision followed a defiantly nationalist speech Friday by Turkish President Recep Tayyip Erdogan in which he vowed that his country wouldn’t bow to “economic warfare” and urged the people of Turkey to sell their foreign-exchange reserves. Erdogan was to speak for the second time on Friday shortly after Trump posted the tweet.
A U.S. deadline for Turkey to release Pastor Andrew Brunson lapsed less than two days ago, according to an administration official with knowledge of the ultimatum. The deadline — which had been set for 6 p.m. on Aug. 8 — came just hours after Turkish officials met with counterparts at the State Department and Treasury Department in Washington to try to resolve the dispute. https://www.bloomberg.com/news/articles/2018-08-10/trump-authorizes-doubling-of-tariffs-on-turkey-s-steel-aluminum