Aluminium will now be 20 percent and Steel 50 percent. Import taxes for aluminum will be 20 percent.
Oil prices were mixed with Brent off 11 cents at $72.70 a barrel (LCc1), while US crude was flat at $67.63 (CLc1).
Recep Tayyip Erdogan said his country would instead seek “new markets, new partnerships and new allies” after Trump announced higher tariffs on imports from Turkey.
After losing around 18% against the USA dollar on Friday the lira plunged another 10% as Asian currency markets opened on Monday at 7am AEST.
The lira extended its losses to trade at 6.2 to the dollar, a loss of 11.5 percent on Friday.
On Friday, Turkey’s currency, the Lira, fell as much as 14%, causing the global financial markets to shudder.
Chase chief economist Anthony Chan discusses whether the drop in Turkey’s lira will impact emerging markets. It had already fallen more than 40% in the past year.
On Friday, as the Lira plunged and the USA imposed its higher sanctions on Turkey, Turkish President Erdogan and Russian President Vladimir Putin spoke on the phone.
President Recep Tayyip Erdogan on Sunday criticized the US, saying Turkey will say “bye bye” to those, who prefer terrorists to their strategic partner.
“The country is neither crumbling, nor being destroyed or bankrupt or in a crisis”, he said, and added that the way out of the “currency plot” was to boost production and “minimise interest rates”.
But that does not appear to be on the table as Erdogan pursues low rates to keep growth humming.
The nominally independent central bank has defied pressure over the last few weeks to hike interest rates in the face of high inflation and the collapsing currency.
More evidence of how nervous investors are about Turkey’s economy could be seen in the iShares MSCI Turkey exchange-traded fund, which plunged 18% and saw the most premarket trades ever, according to Bloomberg.
President Recep Tayyip Erdogan hit back Saturday at United States “threats” over a detained American pastor which has escalated tensions between the two North Atlantic Treaty Organisation allies and piled pressure on the Turkish currency. US President Donald Trump referred to the plunging lira in a tweet.
The diplomatic dispute with the United States was one of the triggers for the turmoil this week.
-Turkish relations is a dispute over an American clergyman who has been jailed in Turkey since December 2016.
Turkey has since accused Mr Trump of enforcing “economic terror” on the troubled nation.
Andrew Craig Brunson, an evangelical pastor from Black Mountain, North Carolina, arrives at his house in Izmir, Turkey, July 25, 2018. Trump said on Twitter.
He added: “Relations with countries who behave like this have reached a point beyond salvaging”.
He also said Turkey had alternatives “from Iran, to Russian Federation, to China and some European countries”. Mario Ritter was the editor. Do not take a stance saying “We are bankrupt, we are done, we should guarantee ourselves.’ If you do that, that would be wrong”.