Trump's new tariffs on Turkey are actually benefiting Russian Federation

Trump's new tariffs on Turkey are actually benefiting Russian Federation

He said he had authorized higher tariffs on imports from the United States' NATO ally, imposing duties of 20 percent on aluminum and 50 percent on steel.

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

Investors fear Turkey is teetering on the edge of financial crisis following a dramatic plunge in its currency that has gathered pace this week.

European and American bank stocks declined on concerns about their exposure to Turkey.

The currency is down 40 percent just this year, shaking global investors' confidence in the country.

Trump announced the doubling of aluminum and steel tariffs in a tweet Friday, citing bilateral strains.

The US president revealed the action on Friday as he noted how the Turkish lira "slides rapidly downward" against the "very strong" US dollar.

The New York Times suggested that Trump could also be trying to offset the effects of Turkey's weakened currency on the existing tariffs. Financial upheaval there risks further destabilizing an already volatile region. Speaking in the northeastern province of Gumushane, Erdogan said, "Apparently, those who believe they can force us to capitulate don't know [our] people at all".

The Trump administration's original move in March to raise tariffs on most steel and aluminum imports was proposed to safeguard United States jobs against overseas rivals.

"Turkey expects other member countries to abide by worldwide rules", the country's trade ministry said in a statement.

"Some countries have engaged in behavior that protects coup plotters and knows no laws or justice", he said. And under Turkey's new executive presidential system, Erdogan pretty much calls all the shots.

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On March 1, Trump had announced global tariffs of 10 percent on all aluminum to the USA and 25 percent on all steel imports.

Turkey's ever combative President Recep Tayyip Erdogan vowed to not bow to economic pressure.

The sides held talks in Washington this week but failed to resolve the spat, and Trump took advantage of Turkey's turmoil on Friday to turn the screws on the country.

"If they have their dollar, we have the people, we have Allah, " he said.

US President Donald Trump has announced to double steel and aluminum tariffs on Turkey, saying relations between Washington and Ankara "not good" as tensions mount between the two countries.

In many nations, including the U.S. and European Union states, the central bank is independent of government and no one can tell it what to do with interest rates.

Officials from Mr Erdogan's office said the two men "expressed pleasure" that relations between Turkey and Russian Federation were progressing "positively" amid joint defence and energy projects. -Turkish relations is a dispute over an American clergyman who has been jailed in Turkey since December 2016. Gulen denies the allegation.

His cause resonates with Mr Trump's Christian conservative supporters.

The prospect of a deal for Brunson's release appeared high as Turkish officials traveled to Washington this week, but the deal apparently fell apart over last-minute Turkish demands. He offered no further details. The White House thought that Turkey had agreed to release the pastor in exchange for Israel's release of a Turkish woman that had allegedly given funding to Hamas.

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

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