BUSINESS Turkey's lira falls further after US steps up tariffs

BUSINESS

Turkey's lira falls further after US steps up tariffs

By Chen Lidan | People's Daily app

21:59, August 10, 2018

Turkey US.jpg

(Photo: VCG)

The value of the Turkish currency continues to dive after US President Donald Trump announced he had stepped up tariffs on aluminum and steel from Turkey on Friday. 

“I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey,” Trump tweeted early Friday morning. “Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!”

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The move came after Turkish President Recep Tayyip Erdogan urged his nation to change all savings in US dollar and gold into Turkish lira.

Trump's announcement immediately triggered a new round of devaluation of lira, which passed 6.80 against the US dollar, setting another new record low. The currency has surpassed the Argentine peso as the worst performer of 2018, according to a Bloomberg’s analyst. 

The lira has fallen more than 10 percent on Friday, a week after the US slapped sanctions against two Turkish ministers. Washington accused them of playing a role in the detention of American pastor Andrew Brunson.

(With inputs from Xinhua)


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