Trump Doubles Tariffs on Turkey after Currency Freefall
TEHRAN (Tasnim) - US President Donald Trump announced on Friday that he is doubling tariffs against Turkey after Turkish President Recep Tayyip Erdogan asked citizens to convert foreign currencies, including US dollars, into local lira — leading to a dramatic drop in the Turkish currency.
"I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!" Trump tweeted.
The lira is at an all-time low against the dollar, according to CNBC.
Trump's announcement is his administration's latest hit against Turkey. The president last month issued sanctions against the longtime NATO ally after Turkey continued to detain American pastor Andrew Brunson.
