US-Turkish alliance reaches the point of no return | WHAT REALLY HAPPENED


US-Turkish alliance reaches the point of no return

The Turkish lira fell 22% on Friday before recovering to 17% on the backdrop of the Trump administration’s announcement to double the tariffs on imports of Turkish steel and aluminum.

The tariffs affect Turkish exports worth more than $1 billion in trade with the United States.

The US was the top destination for Turkish steel exports in 2017. Turkey came in sixth place among the countries the US imported steel from last year, while the share of Turkish steel was 7% of total US steel imports.

More to the point, President Trump brazenly hinted that this was a political decision and he tauntingly noted that he also kept an eye on the Turkish lira’s exchange rate.

Trump tweeted: “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!”

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