As Turkey Crisis Mounts, Contagion Jitters Hit Global Banks

Trump vows to double steel and aluminum tariffs on Turkey

U.S. President Donald Trump said on Friday he had authorised higher tariffs on imports from Turkey, imposing a 20 percent duty on aluminium and 50 percent one on steel, as tensions rose between the two North Atlantic Treaty Organisation allies over Ankara's detention of an evangelical pastor and other diplomatic issues.

Turkey says doubled tariffs on Turkish steel and aluminium announced by US President Donald Trump are against the rules of the World Trade Organisation (WTO).

"As he stated, the President has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey".

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?

Harsher US tariffs were likely to punish Turkey's already faltering steel exports to the United States.

The United States had warned it was reviewing Turkey's duty-free access to its markets, after Ankara imposed retaliatory tariffs on U.S. goods in response to American tariffs on steel and aluminium.

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"Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks".

Geopolitical tensions between the US and other countries set the tone for markets this week, with a speech from President Recep Erdogan doing little to quell investor angst that Turkey's crisis will spread to other economies.

Turkish President Recep Tayyip Erdogan said in a speech that the drop was part of a "campaign" led by foreign powers.

A favourable exchange rate though can't have harmed the situation: on Friday, the USA dollar would buy nearly six Turkish lira; at the end of January, it would have got you less than four. While it was true US sanctions on a few top Turkish officials over an American pastor being detained had put more pressure on the lira this past week, this was far from the main reason their currency has been falling so fast.

It is possible that Trump cited the lira's decline as a mere pretense for pressuring Turkey to release the American pastor. The Nasdaq composite was down more than 0.8 percent as technology stocks also dropped.

The Turkish lira hit an all-time low against the dollar on Friday, and there are growing concerns that the country's economic troubles could spread to the eurozone.

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The currency had spent much of 2014 hovering at just over two to the United States dollar but broke through the three mark for the first time after the 2016 failed coup bid and then slid to four earlier this year.

President Donald Trump announced in a tweet that he would be increasing the rate of existing tariffs against Turkey, as the value of the Turkish lira plunges.

Ankara wants the United States to extradite Fethullah Gulen, a Pennsylvania-based cleric who Turkish authorities say masterminded the 2016 coup attempt in which 250 people were killed. Hesse said that European banks could suffer losses if they loaned money in Turkey or owned Turkish banks but that the possible losses were not large enough to trigger a eurozone banking crisis.

While Turkey and the United States disagree over a host of issues, the most pressing disagreement has been over Brunson and the detention of other U.S. citizens in Turkey.

United States stocks fell Friday amid the geopolitical concerns that pushed the Turkish lira to the record low against the dollar.

"I have full confidence in this government, I'm sure it will find a way out and reverse the trend", said Erdogan supporter Sabahattin. One U.S. dollar traded at 5.96 lira by 2:15 p.m.

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The president is "not happy with Turkey's decision not to release Pastor [Brunson]", White House press secretary Sarah Sanders said.

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