The son-in-law’s presentation today was utterly ridiculous. They are just making fun of citizens… 

Recep Tayyip Erdoğan tried to restore confidence in the Turkish lira after it plunged by more than 20% against the dollar on Friday. The sudden drop came when Donald Trump announced on Twitter he was doubling US import tariffs on Turkish steel and aluminium.

The Minister of Finance and Customs Albayrak delivered his speech at the publicity meeting, where he introduced the “New Economic Model”, when the exchange rate of US Dollar was 6.13 TRY. In the course of his speech, the exchange rate has hit 6.56 TRY.

Trump Doubles Tariffs on Turkey as Its Currency Craters

The president’s decision, announced in a tweet, raised the possibility of further tariff escalations with China and other countries whose currencies are falling against the dollar.

How Turkey Sees the Crisis with the U.S.

Unilateral actions against Turkey by the United States will undermine American interests and force Turkey to look for other friends and allies.
U.S. President Donald Trump said on Aug. 10 he had authorized higher tariffs on imports from Turkey, imposing a 20 percent duty on aluminum and 50 percent one on steel, as tensions mount between the two NATO allies over Ankara’s imprisonment of an evangelical pastor and other diplomatic issues.
Treasury and Finance Minister Berat Albayrak has vowed to execute Turkey’s new economic model together with “all national and international stakeholders,” while adopting a “decisive” approach.
US State Department Spokesperson Nauert has touched upon the bilateral meeting held with delegation from Turkey and said that they will “define progress as Pastor Brunson being brought home”.
The loss of confidence in the currency reflects tension between Ankara and Washington, as well as concerns among foreign investors over domestic policies.
Turkey’s currency falls 20% as the US leader announces a doubling of metal tariffs on the Nato ally.
A Litany of Grievances: How Turkish-American Relations Deteriorated

The case of a detained American pastor seemed to trigger the latest salvo. But a long list of complaints has been building between the two NATO allies.

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