Imports: President Tweeted and Aluminium

imports: Pressure has been applied on the country in recent days to stage an emergency interest rate rise to avert further economic damage, according to The Guardian. Revealing an increase in US taxes on Turkish steel imports to 50% and on aluminium to 20%, the president tweeted Our relations with Turkey are not good at this time! Donald J. Trump real Donald Trump 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!August 10, 2018 Even before Trump's tweet, the lira had plunged 14% as investors rushed for the exits, choosing to buy the dollar, yen and other assets seen as safe havens during times of financial market volatility. The Turkish lira plunged by more than 20% against the dollar after the president announced the move, amid a widening dispute between Washington and Ankara over the imprisonment of the US pastor Andrew Brunson. The lira has been under sustained pressure on foreign exchanges, dropping by almost 50% against the dollar in the past 12 months and hitting a succession of record lows this week. Recep Tayyip Erdo an, having secured sweeping new powers in presidential elections this summer, tried to restore confidence in the currency on Friday in a speech filled with nationalist rhetoric but offered little to calm the international currency markets. Inflation reached an annual rate of 15.9% in July more than five times the average rate for wealthy nations and government borrowing in foreign currencies has risen dangerously high. (news.financializer.com). As reported in the news.