Turkish lira plunges as Trump hits Ankara with increased tariffs

Trump Relations with Turkey are not good

Turkish President Recep Tayyip Erdogan spoke before the nation twice on August 10, but the country's currency continued its descent, reaching about 6.4 lire per dollar, a decline of about 14.6 percent.

The Turkish lira TRYTOM=D3 has always been falling on worries about Erdogan's influence over monetary policy and worsening relations with the United States.

Brunson is now on trial in Turkey for espionage and terror-related charges linked to a failed coup attempt in the country two years ago. On Friday, he said the country had to take steps in answer "to those who have waged an economic war against us".

Tariffs on Turkish aluminum are to be increased to 20 percent and steel tariffs are to be moved up to 50 percent, according to Trump. "It could serve as a template for further tariff actions against China if the renminbi depreciates further relative to the dollar, even if that depreciation were mainly a reflection of the relative strength of the USA and Chinese economies".

The president, who says a shadowy "interest rate lobby" and Western credit ratings agencies are attempting to bring down Turkey's economy, appealed to his countrymen's patriotism.

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"President Erdogan's strengthened powers under the new presidential system have made it increasingly uncertain whether policymakers will be able to act to stabilise the economy", said William Jackson, chief emerging markets economist at Capital Economics in London.

"Interest rates should be kept to a minimum because they are a tool of exploitation that makes the poor poorer and the rich richer", he said. There are multiple factors, many of which are related to the economic policies of Turkey's leader, Recep Tayyip Erdogan.

"I am once again calling on those in America: it is a pity that you choose a pastor over your strategic partner in North Atlantic Treaty Organisation", he said.

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

"The dollar, the mollar, will not cut our path", said Erdogan using a figure of speech he repeatedly uses to mock something.

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The lira's value fell about 13 percent against the dollar on Friday.

Concerns mounted Friday after a report in the Financial Times that the supervisory wing of the European Central Bank had over the last weeks begun to look more closely at eurozone lenders' exposure to Turkey. On Friday, The New York Times published an article by Erdogan himself.

"Unless the United States starts respecting Turkey's sovereignty and proves that it understands the dangers that our nation faces, our partnership could be in jeopardy", Mr. Erdogan wrote in his article.

Washington "must give up the misguided notion that our relationship can be asymmetrical", he said in the opinion piece. Trump's public announcement of tariffs will only fan Erdogan's economic warfare narrative, which puts the source of Turkey's economic woes outside its borders. U.S. stocks were also rattled.

Turkey's troubles, compounded by a new round of United States sanctions, are unlikely to cause any kind of permanent hit to United States markets or its economy, but it does offer two cautionary tales, one for President Donald Trump and the other for Federal Reserve Chairman Jerome Powell.

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On Friday Turkey made it clear Erdogan had spoken on the phone with Russian President Vladimir Putin after the latest USA tariffs, with the two men "expressing pleasure" that relations were progressing "positively".

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