Higher US tariffs increase pressure on Turkish economy

Andrew Brunson an American pastor is released to home detention last month in Izmir Turkey

"The tweet is mightier than the Turkish sword", Cristian Maggio, head of emerging markets strategy at TD Securities, said in a note to clients, with reference to Trump's comments.

A diplomatic source, however, familiar with talks of Turkish deputy foreign minister Sedat Onal in Washington this week, told The National that exchanging Mr Brunson for Mr Atilla is not on the table from the U.S. side.

Brunson, an evangelical Presbyterian pastor from North Carolina, was jailed for allegedly supporting Fethullah Gulen, the US-based cleric Ankara blames for an attempted coup in 2016.

The tensions with Washington have, for investors, underscored Turkey's authoritarian trajectory under Erdogan. "Repeated efforts to communicate to the United States administration that none of the stated criteria driving America's tariffs are applicable to Turkey have thus far proven fruitless", he said.

Mr Trump said he had authorised a 20% duty on aluminium and 50% on steel.

The sudden drop came when Donald Trump announced on Twitter he was doubling USA import tariffs on Turkish steel and aluminium.

Turkey's trade ministry said the USA tariff moves were against World Trade Organization rules.

The United States is the biggest destination for Turkish steel exports with 11% of the Turkish export volume.

The sudden announcement turned a run on the Turkish lira into a rout; it crashed more than 18 percent to a new record low against the dollar.

Mosquitoes Test Positive For West Nile In Wethersfield
By the end of mosquito season in October, 26 Dallas County residents had reported infections, leading to two deaths. The health district said mosquito testing, which began in June is expected to continue through the late fall.

Subtropical Storm Debby forms far out over the Atlantic
Hawaii emergency officials are keeping track of a hurricane that's expected to pass to the south of the islands this week. Beachgoers are warned of strong breaking waves and currents that will make swimming hard and risky , the news site said.

LeBron James’ documentary series, ‘Shut Up and Dribble,’ to air on Showtime
She said she thought the President was referring to "some reporters" who she said "aren't always telling the truth". Grisham added the first lady "would be open to visiting" James' new school.

Turkish President Recep Tayyip Erdogan said in a speech that the drop was part of a "campaign" led by foreign powers.

It did not disclose details, but suggests Turkey might gravitate further away from its North Atlantic Treaty Organisation allies towards co-operation with Russian Federation, whose relations with the West are at their lowest since the Cold War.

Meanwhile, investors are anxious about the economic policies of President Recep Tayyip Erdogan, who won a new term in office in June with sweeping new powers.

Investors are turning against emerging markets as the rising prospect of a prolonged trade war compounds a backdrop characterised by a more hawkish Federal Reserve and European Central Bank.

A statement from the Kremlin said the two leaders discussed economic and trade ties.

They are also concerned over the central bank's ability to rein in persistent double-digit inflation with the president repeatedly calling for lower rates.

In modern economies, central banks are meant to be independent of governments to make sure they set policies that are best for the economy, not politicians.

Turkish President Erdogan urged all residents to rapidly convert dollars and other foreign currency into liras, saying the nation was facing an escalating financial crisis that would likely get worse in the coming weeks.

The Turkish president called on Turks to exchange dollars, euros and gold for Turkish lira. "This is a national, domestic battle", he told a crowd in the northeastern city of Bayburt, according to Reuters.

Related news:

Hot News

isis-killer-beheading-video-story-top At Least 4 People Killed in Canada Shooting; Suspect in Custody
Aug 11, 2018 - 01:42
The Fredericton Police Department Twitter page also confirms that two of the people killed in the shooting are police officers. The shooting left two more people dead - both civilians, a man and woman - but police have not released their identities.

isis-killer-beheading-video-story-top MUELLER'S EXCUSES: Manafort Judge DELAYS Testimony After Special Counsel COMPLAINS
Aug 11, 2018 - 01:36
Early Friday, prosecutors said Ellis' crack "misrepresents the law" regarding bank conspiracy and "is likely to confuse the jury". Friday's unexplained delay has sparked speculation among observers that there could be discussions about a potential plea deal.

isis-killer-beheading-video-story-top PM tells Boris Johnson to apologise for Muslim women in burkas comment
Aug 10, 2018 - 01:24
Mr Johnson was backed by his father, Stanley, who said people were " whipping up a little mountain out of a molehill on this one". He didn't think Britain should ban the veils in public places, as Denmark has done, but said they were "absolutely ridiculous".

isis-killer-beheading-video-story-top Tribune calls off $3.9B buyout by Sinclair
Aug 10, 2018 - 01:04
Kern said he would continue to run the company until Tribune reached a "permanent state". Sinclair did not immediately respond to requests for comment.

isis-killer-beheading-video-story-top Ben Schwartz Set To Voice Paramount's 'Sonic The Hedgehog'
Aug 10, 2018 - 00:59
It's hard to believe, but the live-action/CGI Sonic the Hedgehog movie is well on its way to becoming a reality. The actor joins a star-studded cast that already includes James Marsden , Tika Sumpter and Jim Carrey .

isis-killer-beheading-video-story-top Fortnite Beta on Android exclusive to Samsung Galaxy owners
Aug 10, 2018 - 00:30
The phone, which looks almost identical to 2017's Galaxy Note 8, is an incremental upgrade much like the Galaxy S9 was to the S8. The Note 9 starts at $999.99, while the 512GB version will cost you $1,249.99. "It's a little bit underwhelming", he said .

isis-killer-beheading-video-story-top Space Force: Pence details plans for creation of 6th military branch
Aug 10, 2018 - 00:25
This force will draw from across the military to provide space expertise in times of crisis and conflict, Pence said. Be that as it may, the administration is starting to fill out some details about what might go into a space force.

isis-killer-beheading-video-story-top Kepa Arrizabalaga aspiring to become Chelsea legend
Aug 10, 2018 - 00:10
Kepa played 30 times in La Liga for Bilbao last season and kept seven clean sheets as the Basque side finished 16th in the table. That deal contained the clause that forced Chelsea to make the 23-year-old the most expensive goalkeeper of all time.

isis-killer-beheading-video-story-top NCAA adopts college basketball reforms for draft, recruiting
Aug 09, 2018 - 09:40
College players would have to request an evaluation from the NBA Undergraduate Advisory Committee on their draft prospects.

isis-killer-beheading-video-story-top Indonesia natural disaster : Death toll tops 100 as thousands wait for aid
Aug 09, 2018 - 09:28
The north of Lombok has been devastated by the magnitude 7.0 quake and rescuers are struggling to reach all the affected areas. Lombok airport's general manager said airlines had laid on extra flights and his staff had been providing blankets and snacks.

isis-killer-beheading-video-story-top Tiger Woods takes ice bath, prepares for final major of year
Aug 09, 2018 - 09:23
I have said this many times this year, I didn't know if I could do this again, and lo and behold, here I am. The PGA Championship is the first time Woods has been back at Bellerive since 2001.

isis-killer-beheading-video-story-top SEC inquired about Elon Musk's tweet regarding taking TSLA private
Aug 09, 2018 - 09:09
There still are near-term execution risks around ramping up Model 3 production and the ability to generate cash, Jonas believes. However, they may balk if Tesla becomes even more leveraged and risky in the process of going private.

isis-killer-beheading-video-story-top Mossad behind assassination of Syrian rocket scientist
Aug 09, 2018 - 08:59
Fadi al-Batsh, was shot dead by an unidentified gunman on his way to morning prayers in Malaysia's capital of Kuala Lumpur. It's moving from a conflict between rebels and the government to a conflict that plays out within the region.

isis-killer-beheading-video-story-top Chelsea Set To Complete Loan Signing Of Real Madrid Midfielder Mateo Kovacic
Aug 08, 2018 - 03:57
The La Liga transfer window closes on 31 August and Kovacic wants to move away from Madrid before the transfer window shuts down.

isis-killer-beheading-video-story-top Wild brawl at nail salon
Aug 08, 2018 - 02:54
There is a man holding one of the women as the workers attack at the New Red Apple Nails on Norstrand Avenue in East Flatbush. Zhing was hospitalized with visible injuries to her face and body, and Thomas refused medical attention, according to police.