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Turkish lira hits record low amid financial panic, rising USA tensions
11 August 2018, 04:59 | Hattie Nash
President Erdogan has tried to reassure citizens as the currency has fallenReuters
"This innocent man of faith should be released immediately", Trump previously wrote on Twitter when it became clear Turkey would not release the evangelist, who was ordered to be held under house arrest.
Compounding the lira's agony, President Donald Trump said he had doubled steel and aluminium tariffs on Turkey, noting that relations between the North Atlantic Treaty Organisation allies were "not very good".
Trump is also declaring that, "Our relations with Turkey are not good at this time!"
"It's pretty remarkable how far the Trump administration is willing to go - putting at jeopardy the relationship with a North Atlantic Treaty Organisation ally over a preacher".
He did not offer an explanation for the tariff hike, which raises the tariffs to 20 percent on aluminum and 50 percent on steel, though there are a couple of possibilities.
Turkish President Recep Tayyip Erdogan is appealing for calm as the country's currency plunges, urging people to change foreign money into local lira.
Turkey's lira sank as low as 20 percent against the USA dollar Friday before settling at a 15 percent drop.
United States sanctions and president Erdogan's tightening control over monetary policy are driving the fall, which sent the lira to an all-time low of above 6 to the dollar this morning. "This is a national, domestic battle", he said.
But Aykan Erdemir, of the Foundation for Defense of Democracies, said Mr Trump's tariffs announcement comes "at the worst possible time for Mr Erdogan" and fits with U.S. strategy to increase pressure on Ankara until Mr Brunson is released.
The lira, which has lost a third of its value this year, fell on his comments and was trading at around 6.05 to the dollar after he spoke, almost 9 percent weaker on the day.
The United States is the world's biggest steel importer.
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Turkish President Tayyip Erdogan has remained defiant despite the lira being in free fall.
Axios reported that the Turkey is trying to lessen their dependence on Russian Federation, and the increased sanctions will make their goal more challenging to reach. Rate increases are the central bank's main tool to support the currency and fight inflation. "Don't heed them", Erdogan said (via CNBC).
Treasury and Finance Minister BeratAlbayrak - who is Erdogan's son-in-law - was scheduled later on Friday to outline a "new economic model". "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.
President Trump seems to think that Turkey has been trying to take advantage of us by having an economic crisis that's sent their currency tumbling.so he's taken steps to make it tumble even more?
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Trump doubles metal tariffs on Turkey as lira falls by 20%
However, a defiant Erdogan brushed aside concerns, telling a roaring crowd of Turks in the Black Sea city of Rize not to worry. Washington and Ankara are at odds over the detention of U.S. evangelical pastor Andrew Brunson on terrorism charges in Turkey.
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