Economics

Trump Targets a Doubling of Turkey Metals Tariffs

Steel tariffs to be 50%, aluminum 20%, Trump says in tweet
Turkish lira slides to new record low on latest development

Turkish Lira Hits New Low as Trump Increases Tariffs

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By Terrence Dopp

August 10, 2018 at 1:06 PM UTC

Corrected

August 16, 2018 at 10:40 AM UTC

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President Donald Trump ordered the doubling of steel and aluminum tariffs against Turkey, roiling global markets as relations between the NATO allies hit a new low.

Trump announced the decision in a Friday morning tweet following a defiantly nationalist speech Friday by Turkish President Recep Tayyip Erdogan in which he vowed that his country wouldn’t bow to “economic warfare.” Tensions have intensified in recent weeks over Turkey’s detention of an American evangelical pastor.