It's time to take away Trump's tariff toys

Posted August 14, 2018

Turkey's trade minister says Turkey is "deeply disappointed" by the decision of U.S. President Donald Trump's administration to double steel and aluminum tariffs on imports from Turkey.

"Trump says via tweet that the tariff on aluminum imports will be increased to 20 percent and the tariff on steel imports will be raised to 50 percent as the Turkish Lira "slides rapidly downward against our very strong Dollar!

Trump tweeted that he had authorized the doubling of steel and aluminum tariffs "with respect to Turkey".

U.S. imports of Turkish steel account for 4 percent of total steel imports, according to statistics from 2017. Turkey is the sixth-largest steel exporter to the United States.

Trump's move Friday seemed to be in retaliation for Turkey's refusal to release Andrew Brunson, the American pastor who was swept up in a crackdown after a failed coup attempt in 2016.

Someone Added the 'Halo' Theme Song to Mike Pence Space Force Speech
But, earlier this week, Mr Mattis said he is in "complete alignment" with Mr Trump's concerns about United States space assets. And yes, one of these just says "Mars awaits" even though presumably the Space Force is not just about Mars.

The Turkish Foreign Ministry announced on August 11 that Turkey would retaliate against the raising of steel and aluminium tariffs by the USA, while President Erdogan said Turkey would start looking for new friends if the U.S. continues with unilateral actions against its North Atlantic Treaty Organisation ally, added the report.

Over three decades of periodic currency storms, such as the early 1990s Mexican peso plunge, and the Asian crisis a few years later, "the market's underlying assumption was that the USA would try to be helpful" during periods of extreme foreign-exchange volatility, said Shahab Jalinoos, head of global currency strategy at Credit Suisse Group.

There is also widespread fear among foreign investors that the populist, authoritarian government of President Recep Tayyip Erdogan is pursuing irresponsible economic policies while undercutting the independence of the central bank.

"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".

This year, it lost more than 40 per cent.

Omarosa Claims She Walked In On Trump Eating Paper In Oval Office
Using the N-word wasn't just the way he talks but, more disturbing, it was how he thought of me and African-Americans as a whole'. Manigault Newman also alleges that allies of the president tried to buy her silence. "I didn't want to believe it", she writes.

Turkey's sovereign dollar-denominated bonds tumbled with many issues trading at record lows.

The lira fell further as Erdogan spoke.

Rather, he is giving voice to a long-held belief that he can play off Turkey's status as a North Atlantic Treaty Organisation member and European Union candidate country against a possible alignment with an anti-American alliance that could include the likes of Russia, China and Iran.

The nominally independent central bank has defied pressure over the last few weeks to hike interest rates in the face of high inflation and a collapsing currency.

Turkish Treasury and Finance Ministry announced a "new economic model", aiming to stabilize their economic growth.

Melania Trump backs National Basketball Association star LeBron James after Trump insults
The new school is a partnership between the LeBron James Family foundation and Akron Public Schools. Trump tweeted " Lebron James was just interviewed by the dumbest man on television, Don Lemon ".

As a result of the U.S. sanctions, any property or interest in property of both Turkish ministers within USA jurisdiction is blocked, and United States persons are generally prohibited from engaging in transactions with them.