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

Turkish US talks end at State Department

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.

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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.

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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.

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