TROUBLE IN TURKEY: Currency PLUNGES 20% After Trump DOUBLES Metal Tariff

Illustration

On Friday, Trump announced that the USA will impose a 20 percent duty on aluminum and 50 percent one on steels as tensions mount between the two North Atlantic Treaty Organisation allies over Ankara's imprisonment of United States pastor Andrew Brunson.

The lira, he noted on Twitter, "slides rapidly downward against our very strong Dollar!"

Turkey's unfolding economic crisis has deepened further after Donald Trump announced a doubling of U.S. import tariffs on Turkish steel and aluminium, deepening the country's currency freefall and rattling financial markets. "Our relations with Turkey are not good at this time!", the President tweeted.

Ben Schwartz to Voice Sonic the Hedgehog in Live-Action Movie
The film is set to be directed by Jeff Fowler, who previously worked on the Oscar-nominated Gopher Broke . And now he's getting his own movie, and the actor who will voice the speedy, blue hero has been revealed.


The lira fell as much as 12 percent against the dollar earlier in the day, its worst day since Turkey's financial crisis of 2001, on the back of a deepening rift with the United States, worries about its own economy and lack of action from policymakers. Turkey is prime among them.

"There are some big moves still in Turkey and Russian Federation that are preventing everyone from enjoying the summer", said Deutsche Bank strategists Jim Reid and Jeff Cai in their morning note. The unorthodox approach of the president, who has dominated Turkish politics for more than 15 years, has unnerved investors who have voiced concerns over Turkey's authoritarian trajectory under Erdogan. First, Erdogan has said that the high interest rates are the reasons for the high inflation, and that higher interest rates will not help the TRY. "This is a national, domestic battle", he told a crowd in the northeastern city of Bayburt, according to Reuters. "The dollar, the mollar, will not cut our path", said Erdogan using a figure of speech he repeatedly uses to mock something.

"This will be the response to those who have declared an economic war", he said, blaming Turkey's woes on what he described as an "interest rate lobby" seeking to push the country to higher rates.

Samsung Galaxy Note9 Malaysian Pre-order price and offer revealed
Alternatively, you can get both the headphones and the V-bucks for paying $99 on top of the phone. And yes, both come with a microSD slot offering up to 512gb of storage , meaning its 1TB ready.


The lira's relentless depreciation drives up the cost of imported goods from fuel to food for ordinary Turks. "This crisis is created by America", said Serap, a 23-year-old clerk at a clothes store in central Istanbul. But now, the relationship appears to have gone sideways.

Finance Minister Berat Albayrak is due to announce the government's latest plan for the economy at a press conference at 11:30 GMT. As the currency drops, Turkish companies and households with debt in foreign currencies see their debts expand.

After winning the election in June, he appointed his son-in-law as chief of a revamped finance ministry.

Pentagon restricts use of geolocation software for troops
However, the rule may also apply to military installations in the USA if the commander deems it necessary for base security. But it seems the heatmap was inadvertently mapping places that should have been kept secret.


Related news:

Hot News

isis-killer-beheading-video-story-top Israeli strike kills 2 Hamas militants in Gaza
Aug 09, 2018 - 22:53
Hamas and Palestinian health officials in Gaza confirmed the deaths near Beit Lahiya in northern Gaza , shortly before noon. The video then cuts to separate footage of a shell hitting the post and an explosion.

isis-killer-beheading-video-story-top John Bailey re-elected Film Academy president after dismissed sexual harassment allegation
Aug 09, 2018 - 22:26
For comparison, last year's ceremony aired in early March and the upcoming 2019 show is set for February 24. The Academy's new Oscars popular film category isn't so popular.

isis-killer-beheading-video-story-top Red Dead Redemption 2 - Gameplay Video
Aug 09, 2018 - 21:24
Rockstar Games introduced players to the outlaws known as the Van der Linde gang eight years ago in Red Dead Redemption . He's part of a crime gang, named Van der Linde, and is lead enforcer as well as Dutch's right hand man.

isis-killer-beheading-video-story-top New PS4 Pro Model Celebrates 500 Million PlayStations Sold
Aug 09, 2018 - 21:22
On top of the translucent blue design and its matching accessories, you're also getting a 2TB hard drive with this console. But hey, if anyone's willing to toss me $500, I'll be happy to pick up one and show it off for you.

isis-killer-beheading-video-story-top New Barcelona signing Vidal determined to win three Champions Leagues
Aug 09, 2018 - 21:20
During the three-year contract, I hope we can win everything we play for", a club statement quoted Vidal as saying. We know we needed a profile like his. "I am a rival of all the teams that play against Barcelona from now on".

isis-killer-beheading-video-story-top Maguire or Alderweireld? Rio Ferdinand picks out who Man Utd should sign
Aug 09, 2018 - 21:14
Pochettino added: "We have a very good squad, with very good players and it is very hard to add players to that". It is hard for me to understand we finish second.

isis-killer-beheading-video-story-top West Virginia will try mobile voting for troops serving overseas
Aug 09, 2018 - 20:44
West Virginia will reportedly allow troops serving overseas to vote in November's midterm elections using a mobile app. Voatz, a cybersecurity company based in Boston, Massachusetts, developed the blockchain-based voting software.

isis-killer-beheading-video-story-top Russian Federation warns of ‘horrible’ conflict if Georgia joins North Atlantic Treaty Organisation
Aug 09, 2018 - 20:43
The joint trip to Tbilisi followed in the footsteps of the late Polish President Lech Kaczyński , who in August 2008 organised a visit in support of Georgia.

isis-killer-beheading-video-story-top Cutest Carrie Underwood and Isaiah Mother-Son Moments
Aug 09, 2018 - 20:27
Carrie Underwood kicked off her Wednesday with two major announcements: a tour as well as her pregnancy. Carrie Underwood is coming to Lincoln's Pinnacle Bank Arena on Sunday, June 23, 2019.

isis-killer-beheading-video-story-top Transfer: Real Madrid midfielder to undergo Chelsea medicals today
Aug 09, 2018 - 20:15
The Blues could pay the €100m (£89m) release fee of Atletico Madrid goalkeeper Jan Oblak as the replacement for Courtois. The Standard says coach Unai Emery "has informed Welbeck he will not be a regular" and Arsenal will consider offers.

isis-killer-beheading-video-story-top Mobile Introduces Lower-cost 'Essentials' Unlimited Plan
Aug 09, 2018 - 19:12
Are you interested in a T-Mobile Essentials plan? For the money, customers will get unlimited talk, text, and high speed data. The plan still comes with the ability to turn your phone into a mobile WiFi hotspot, but that is limited to 3G speeds.

The Year’s Brightest Meteor Shower To Dazzle BC Skies This Week
Aug 09, 2018 - 19:07
Keen stargazers may have already spotted one or two streaking meteors since around mid-July when the Perseids started to appear. The annual show is the result of Earth's proximity to the "gritty" debris of Comet 109P/Swift-Tuttle, Boyle said in a release.

Kourtney Kardashian's Ex Slams Rumours Of Moving On With Tyga's Ex
Aug 09, 2018 - 18:56
The pair seemingly called it quits when 25-year-old Younes went off on another holiday where he allegedly cheated just days later. That's what prompted the breakup, but that doesn't explain why the news hasn't surfaced until recently.

isis-killer-beheading-video-story-top Xiaomi Mi A2 Price in India Leaked ahead of Today’s Launch
Aug 09, 2018 - 18:39
It will also get the Android Pie update and will also support Android's new gesture-based update with that comes with the update. Touted to be one of the most anticipated budget smartphones in India, Xiaomi Mi A2 will be launched in the Indian markets today.

American club professional golfer Tommy Fleetwood paid $154,000 prize money in error
Aug 09, 2018 - 18:25
Fleetwood, who begins his PGA Championship bid at Bellerive on Thursday , said: "It looks pretty genuine". The much older Fleetwood has also been a pro golfer - he's now attempting to get onto the senior tour.