President Donald Trump said he authorized the doubling of existing steel and aluminum tariffs on imports from Turkey in response to a dramatic slide of more than 15% in the Turkish lira on Friday.
Donald J. Trump
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% and Steel 50%. Our relations with Turkey are not good at this time!
7:47 PM - Aug 10, 2018
Trump has previously called out trade partners’ weak currencies versus the greenback, and has openly favored a weaker U.S. currency. Trump’s negative view of the strong dollar is predicated on goods priced in weaker currencies being more attractive on the global market.
U.S.-Turkish relations have been rocky of late over the detention of a U.S. pastor by Turkish authorities.
Earlier Turkish President Recep Tayyip Erdogan in a speech called on his population to exchange dollars and gold for lira to stave off its fall. He also said “Turkey won’t surrender to economic hitmen.”