FILE IMAGE: hurriyetdailynews.com
On August 10, US President Donald Trump authorized a decision to double the steel and aluminum tariffs already in place against imports from Turkey. “Aluminum will now be 20% and Steel 50%,” Trump wrote in his Twitter account.
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!
— Donald J. Trump (@realDonaldTrump) 10 August 2018
Following the announcement of new tarrifs, the exchange rate of the Turkish lira fell by more than 16% to the US dollar and once again reached the all-time low.
Earlier, President Recep Tayyip Erdogan said his country will respond to those who had started an “economic war” against it and called on Turkish citizens to not panic.
“While they have dollars, we have our people, law and Allah,” Erdogan said.
