NEWS NATIONAL NEWS        10/08/2018

Turkish lira slumps as Trump doubles steel & aluminium tariffs

US President Donald Trump today tweeted that he had authorised a doubling of tariffs on steel and aluminium imports from Turkey. The tariff on steel is now 50% and the tariff on aluminium  is now 20%. This move by the US administration follows mounting tension between the two NATO allies over Ankara’s imprisonment of the evangelical pastor Andrew Brunson and other diplomatic issues.


Trump tweeted  “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 percent and Steel 50 percent. Our relations with Turkey are not good at this time!”


The effect on the Turkish lira was immediate. The Turkish lira plummeted some 20% to TL 6.50 to the dollar (TL 7.32 to the euro). The Turkish lira had already been under extreme pressure in recent weeks and the new level meant that the Turkish lira had devalued some 70% since the beginning of the year.



Turkey’s net minimum wage has been raised 26.05% to TL 2,020 (USD 381) as of 01.01.2019       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s annual inflation rate increases to 16.65% in July 2019       Turkey’s unemployment rate decreases to 12.8% in May 2019       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 82,003,882 as of 2018 yearend       Number of foreigners visiting Turkey in 2018 increases by 21.8% to 39.5 million       Turkey’s private sector foreign debt is USD 225.8 billion as of 2018 yearend       Turkey’s economy contracted by 2.6% in the first quarter of 2019       Turkey shows surplus of USD 538 million in its 12 month rolling current account balance in June 2019