Trump authorizes doubling of steel, aluminum tariffs on Turkey

Turkey to reveal 'new economic model' on Friday

U.S. President Donald Trump said on Friday he had authorized higher tariffs on imports from Turkey, imposing a 20 per cent duty on aluminum and 50 percent one on steel, as tensions mount between the two North Atlantic Treaty Organisation allies over Ankara's detention of an evangelical pastor and other diplomatic issues.

The lira tumbled about 10 percent on Friday to another record low as investors worry about Erdogan's unorthodox economic policies and US sanctions.

The White House said Mr Trump had authorised them under a section of United States trade law that allows for tariffs on national security grounds.

President Recep Tayyip Erdogan says his government "will not lose the economic war".

The Turkish leader also hailed economic ties with Russia, saying as many as 6 million Russians tourists would visit Turkey this year. The currency has fallen 66 percent since the start of the year.

Turkey, home to the Incirlik air base which is used by US forces in the Middle East, has been a North Atlantic Treaty Organisation member since the 1950s.

Erdogan said during an address to supporters: "Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks". A Republican ally of the president, Sen.

'Turkey's partnership with U.S. 'in jeopardy'
Erdogan blamed his country's economic downturn on the USA and other nations that he claims are waging "war" against his country. He has said Turkey's economy remains strong, noting a 7.4 percent growth rate in the first three months of this year.

The Pentagon said Friday that operations were continuing as normal at Incirlik air base, a key USA staging ground for Middle East operations, though the country suspended American access during a dispute over arms trading in the 1970s.

"(Section 232 is) being employed more in a punitive sense rather than protecting a USA industry for the sake of national security", said Dan Mahaffee, senior vice president and director of policy at the Center for the Study of the Presidency and Congress. Graham called Turkey's case against Brunson a "sham". "It is also noteworthy to observe the Trump administration's combination of the trade and sanctions policy playbooks, as visible earlier by the timing of the sanctions onRusal- one of the largest aluminum producers globally- amid a broader push for aluminum tariffs".

Last week, the Trump administration said it would review Turkey's duty-free access to US markets, a decision that could impact some $1.7 billion of imports.

Trump on Friday 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.

The United States is the biggest destination for Turkish steel exports with 11 percent of the Turkish export volume. Washington imposed financial sanctions on two Turkish ministers and warned of additional measures.

"We implore President Trump to return to the negotiating table - this can and should be resolved through dialogue and cooperation", he said in a statement. This article is strictly for informational purposes only.

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.

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