Donald Trump Authorizes More Steel and Aluminum Tariffs on Turkey

A almost hour-long presentation on Turkey's new economic policy by Treasury and Finance Minister Berat Albayrak - Erdogan's son-in-law - also did little to limit the currency's free-fall.

He continued: "A painful admittance that his powers are outmatched by the forces of markets and that he may have misjudged the economic situation may be a lot to ask of the autocratic leader Erdogan, but the alternative is that the lira will meet the ground at terminal velocity; an impact that will damage the Turkish economy for years to come".

Q: Why is Turkey's currency so weak? Together, that can weigh on the currency. It is astonishing that no matter how punished the Lira looks, traders are showing absolutely no indication that they are finished with pricing in "bad news" into the market.

Just last week, Washington announced new sanctions on Turkish officials in response to the detention of an American pastor accused of supporting a 2016 failed coup against Turkish President Recep Tayyip Erdogan. He has urged the central bank to not raise interest rates. Erdogan has appealed to the people to convert their dollars to liras, saying Turkey is in the midst of an "economic war" with the West.

Erdogan and his newly appointed finance minister, Berat Albayrak, are due to speak at 2 p.m. local time Friday.

Q: What about the dispute with the U.S.? Overnight it had retreated to its lowest since November 2016 on threats of new USA sanctions, weakening beyond the psychologically important 65-per-dollar threshold.

President Donald Trump's decision to double US tariffs on steel and aluminum imports from Turkey is "brutal", director of the European Council on Foreign Relations said. "Aluminum will now be 20% and Steel 50%", Trump said in a tweet.

Erdogan's comments offered no support for the currency, which fell as he spoke.

Speaking to Middle East Eye this week, small shopowners in Turkey said the dramatic fall in the lira had had devastating consequences for their businesses.

President Trump seems to think that Turkey has been trying to take advantage of us by having an economic crisis that's sent their currency tumbling.so he's taken steps to make it tumble even more? "Look at what we were 16 years ago and look at us now", Erdogan told supporters.

The turmoil in Turkey raised fears over what it means for the eurozone, sparking a sell-off in bank stocks and other assets in the region. The euro currency dropped to a 13-month low on Friday, and bank shares fell. Any resumption of serious migrant flows from Turkey would be a big political issue in Europe, where opposition to immigration has fueled the rise of right-wing parties such as Itay's League and the Alternative for Germany.

Marcus Chenevix, Middle East analyst at TS Lombard said that Turkey's economy is fragile.

Turkey's economy is regarded as fragile because of its high debt, which the worldwide Monetary Fund estimates is 50 percent of its gross domestic product.

'This is a national, domestic battle. President Erdogan has pressured the central bank to maintain low interest rates by refraining from implementing much-needed hikes.

McHugh reported from Frankfurt, Germany.

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