USA to double Turkey tariffs amid decline in relations

Turkish Finance Minister Berat Albayrak

Last week, the United States imposed sanctions on Turkey's justice minister and interior minister for not releasing US pastor Andrew Brunson. Financial upheaval risks further destabilizing an already volatile region.

Countries like Turkey that are experiencing economic turmoil usually get sympathy from the rest of the world, said Torsten Sløk, chief worldwide economist for Deutsche Bank.

Trump has declared that the reliance of US importers on foreign metals poses a national security risk to the United States, and he has increased the cost of these imports on a range of countries, including Japan, Turkey and members of the European Union.

U.S. President Donald Trump intensified his spat with Turkey on Friday by imposing higher tariffs on metal imports, putting unprecedented economic pressure on a North Atlantic Treaty Organisation ally and deepening turmoil in Turkish financial markets.

In a statement, deputy White House press secretary Lindsay Walters said, "Section 232 tariffs are imposed on imports from particular countries whose exports threaten to impair national security as defined in Section 232, independent of negotiations on trade or any other matter". Brunson denies the charge. The decision deepened the lira's drop and worsened market fears that the weaker currency could exacerbate fragilities in the economy, making it harder for the heavily indebted corporate sector to pay back domestic and foreign loans, putting strains on the country's banks.

If there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks. A delegation of Turkish officials held talks with their counterparts in Washington this week but there is no sign of a breakthrough.

But President Erdogan brushed off any concerns during a speech in the northeastern city of Bayburt on Friday, saying: 'The dollar can not block our path.

"Tariffs on another country", said Rodriguez Valladares.

"Before it is too late, Washington must give up the misguided notion that our relationship can be asymmetrical and come to terms with the fact that Turkey has alternatives. Don't heed them", Erdogan said.

Ruhsar Pekcan said in a statement the move would not only have an impact on Turkey but affect US companies as well.

Presenting the government's new economic model, he said the next steps of rebalancing would entail lowering the current account deficit and improving trust.

"We are moving forward with the project, but believe that imposing a tax on pre-existing orders is unjust, especially considering the specific materials we purchased overseas were not readily available in the U.S.", Willie Chiang, Plains' chief operating officer, said on Tuesday.

Although Erdogan struck a defiant tone, his foreign ministry called for diplomacy and dialogue to solve problems with Washington and Trade Minister Ruhsar Pekcan said "we implore President Trump to return to the negotiating table".

His cause resonates with Trump's Christian conservative supporters, who could be influential as Republicans seek to retain control of Congress in midterm elections in November.

The Brunson case has enraged the Evangelicals in the United States, who constitute a critical electoral base for Trump. Gulen denies the allegation. "Threats, sanctions and bullying against Turkey will not work", he said.

Erdogan enjoys the support of many Turks even though rents and food and fuel prices have all surged.

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