{"id":1454,"date":"2018-08-13T03:48:20","date_gmt":"2018-08-13T03:48:20","guid":{"rendered":"http:\/\/euromenaenergy.com\/?p=1454"},"modified":"2018-08-13T03:48:20","modified_gmt":"2018-08-13T03:48:20","slug":"trump-orders-doubling-of-turkey-metals-tariffs","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=1454","title":{"rendered":"Trump orders doubling of Turkey metals tariffs"},"content":{"rendered":"
\n

Bloomberg\/Washington<\/p>\n<\/div>\n

President Donald Trump ordered the doubling of steel and aluminium tariffs against Turkey, roiling global markets as relations between the Nato allies hit a new low.
\nTrump announced the decision in a tweet yesterday morning following a defiantly nationalist speech yesterday by Turkish President Recep Tayyip Erdogan in which he vowed that his country wouldn\u2019t bow to \u201ceconomic warfare.\u201d Tensions have intensified in recent weeks over Turkey\u2019s detention of an American evangelical pastor.
\n\u201cI have just authorised 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!\u201d Trump said on Twitter.
\nHeightening the tension of the day, Erdogan conferred by phone yesterday with US adversary Russian President Vladimir Putin on economic ties, Turkish and Russian media reported.
\nA US deadline for Turkey to release Pastor Andrew Brunson lapsed less than two days ago, according to an administration official with knowledge of the ultimatum.
\nThe deadline \u2014 which had been set for 6 p.m. on August 8 \u2014 came just hours after Turkish officials met with counterparts at the State Department and Treasury Department in Washington to try to resolve the dispute.
\nThe clash reverberated across global markets as Turkey\u2019s economic crisis threatened to spread. The S&P 500 Index erased a weekly advance, European and emerging-market equities slid more than 1% and the 10-year Treasury yield slid to 2.90%. The euro sank as much as 1% to the weakest in more than a year, extending a drop triggered earlier by a Financial Times report that the European Central Bank raised concerns about banks\u2019 exposure to Turkey.
\nTurkey is seeking to stanch an economic meltdown amid fallout from US sanctions imposed last week over the continued detention of Brunson, who was jailed on espionage and terrorism allegations more than two years ago and recently released to house arrest.
\nThe US was Turkey\u2019s fourth largest trading partner last year with $21bn in commerce, behind Germany, China and Russia.
\nShares of Turkish steelmakers Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS and Eregli Demir ve Celik Fabrikalari TAS plunged as much as 8% and 9.9%, respectively, after Trump\u2019s tweet. Shares of the bank Turkiye Is Bankasi AS fell 8.7%, more than any full-day drop since 2013.
\nSteel was Turkey\u2019s fourth-largest export last year, valued at $11.5bn and accounting for about 7% of total exports, according to the country\u2019s Steel Exporters\u2019 Association. Turkey ranks as the world\u2019s sixth-biggest steel producer.
\nWhile the US was the top destination for Turkish steel exports last year, it tumbled to third place in the first half of this year as earlier tariffs diminished the trade.
\nThe move against Erdogan\u2019s government also highlights the disconnect between Turkey and the US as they fail to negotiate their way out of an array of conflicts.
\nRelations used to be based on strategic interests, but more recently they\u2019ve been dominated by discord over alliances in Syria\u2019s civil war, Ankara\u2019s strengthening ties with Moscow, and its uneasy position within Nato. Turkey has been a key ally in the fight against Islamist terrorism in Iraq and Syria, and the US base in Incirlik is an important staging area.
\nTrump is working \u201cdiligently\u201d to bring home Brunson, the president\u2019s lawyer Jay Sekulow said earlier on Fox News. Vice-President Mike Pence and Secretary of State Mike Pompeo are also involved in that effort, he said.
\nWhen Turkey moved Brunson from prison to house arrest last month, Pompeo said it was a welcome decision but not enough.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bloomberg\/Washington President Donald Trump ordered the doubling of steel and aluminium tariffs against Turkey, roiling global markets as relations between the Nato allies hit a new low. Trump announced the decision in…<\/p>\n","protected":false},"author":1,"featured_media":1460,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[46,57,90,96,107,137,139,160,174,184,201,202,209,232,233,244,246,249,256,267,277,279,288],"class_list":["post-1454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-aramco","tag-baroudi","tag-democracy","tag-doha","tag-embargo","tag-gas","tag-gazprom","tag-international-maritime-disputes","tag-lebanon","tag-maritime-disputes","tag-offshore","tag-oil","tag-opec","tag-putin","tag-qatar","tag-rosneft","tag-roudi","tag-russia","tag-saudi","tag-straddling-hydrocarbons-reserves","tag-total","tag-trump","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/1454","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1454"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/1454\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/1460"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1454"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1454"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1454"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}