Skip to main content

Turkey 'implores' Trump to return to table on tariffs




Turkey on Friday “implored” U.S. President Donald Trump to return to the negotiating table on tariffs, saying the trade rift between the NATO allies should be resolved through dialogue.

Trump intensified his spat with Ankara by imposing higher tariffs on metal imports, putting unprecedented economic pressure on a NATO ally and deepening turmoil in Turkish financial markets.

The announcement accelerated the sell-off of Turkey’s lira currency, already battered by worries about President Tayyip Erdogan’s influence over the central bank. 

The lira tumbled as much as 20 percent on Friday, its biggest one-day drop since 2001.

“Repeated efforts to communicate to the U.S. administration that none of the stated criteria driving America’s tariffs are applicable to Turkey have thus far proven fruitless,” Trade Minister Ruhsar Pekcan said in a statement.


SPONSORED

“Nevertheless, we implore President Trump to return to the negotiating table – this can and should be resolved through dialogue and cooperation.”

Trump, outraged by Turkey’s detention of an American evangelical pastor on terrorism charges, said on Twitter he would double duties on Turkish aluminum and steel, to 20 percent and 50 percent respectively.

Turkey said the tariffs were against the rules of the World Trade Organisation (WTO).

A spokesman for Ankara’s foreign ministry said it would retaliate against the tariffs as it has done so far. Sanctions and pressure would only serve to harm ties between the two NATO allies, Hami Aksoy also said in a statement.

Turkey wanted issues to be solved through diplomacy, dialogue and good intentions, Aksoy said.


RETALIATION

The United States, the world’s biggest steel importer, imposed tariffs of 10 percent on aluminum and 25 percent on steel in March for imports from a variety of countries. 

Turkey is the sixth-largest steel exporter to the United States.

Turkey then retaliated by slapping import duties on $1.78 billion worth of U.S. products, including coal, paper, nuts, whiskey, autos, machinery and petrochemicals.

Last week, the Trump administration said it would review Turkey’s duty-free access to U.S. markets, a decision that could impact some $1.7 billion of imports.

Erdogan has cast the sell-off in the currency that has followed the trade row as an economic war and an attempt to undermine Turkey’s economy. 

On Friday, some of his ministers took to Twitter with the hashtag “#kazanacagiz”, meaning “we will win”.

Trump pointed out on Twitter that the lira was not doing well, but one of Erdogan’s economic advisers, Yigit Bulut, responded that the sell-off in the lira had caused $300 billion in losses in the U.S. stock market.

“America is great,” he wrote. “The world is greater than America.”

Comments

Popular posts from this blog

Armenian protesters block traffic, railways & airport as protest leader loses PM bid

Anti-government protesters disrupted traffic in Armenia’s capital, blocking railways and roads leading to Yerevan International Airport, after the parliament voted against opposition leader Nikol Pashinyan’s bid for interim PM.
Protesters managed to block streets connecting downtown Yerevan to residential districts, disrupting transportation in Armenia’s capital, footage from the scene shows. 
Yerevan’s metro system has also been paralyzed as demonstrators sit on the tracks, preventing trains from passing.
Meanwhile, protesters disrupted traffic on a road leading to Yerevan’s Zvartnots International Airport, located just 12km from the center of the city. 
Consequently, some passengers had to go the rest of the way on foot in order to catch their flights, according to Sputnik news agency.
Railway services have also been disrupted all across the country amid the demonstrations, a spokesman for South Caucasus Railways confirmed to Interfax. 
Some other highways, including the one connecting th…

Strange phenomenon under Africa threatens to flip Earth’s magnetic field

Earth’s magnetic field is decaying at such a rapid rate that scientists think the poles may flip. 
New research shows the most significant weakening is happening under Africa, in an area called the ‘South Atlantic Anomaly.’
As well as giving us our north and south poles, the magnetic field blankets the Earth, protecting it from solar winds and cosmic radiation. 
Without it there would likely be no life on our planet today. 
However, the forcefield has weakened significantly in the past 160 years and scientists have suggested that it could be in the process of flipping. 
Effectively this means a switch in magnetic polarity and would see compasses point south instead of north.
Strangely, this has actually happened several times in the history of the planet, occurring roughly every 200,000 to 300,000 years. 
Approximately 40,000 years ago, it attempted to switch before snapping back into place. 
This NASA illustration captures the enormous disruption to the fields during a reversal:




The birthplac…

Professor Stephen Hawking Says Knows What Existed Before The Big Bang

According to the latest comments made by Professor Stephen Hawking, Before the Big Bang, time existed in a bent state that was distorted along another dimension.
The famous theoretical physicist Stephen Hawking has an answer to the enigma of what existed before the Big Bang, the beginning of the Universe, 13,800 million years ago.
In an interview with his colleague Neil deGrasse Tyson in the TV show ‘Star Talk‘ broadcasted on the National Geographic Channel, Hawking explained what existed before the universe.
“The boundary condition of the universe…is that it has no boundary,” Hawking said.
According to this theory, the history of the universe is not a flat line but a four-dimensional, curved object, “just as the surface of the Earth, but with two more dimensions,” Hawking said. 
As explained by Professor Hawking, the Big Bang was practically the formation as we today understand as ‘time,’ since this event, 13,800 million years ago, broke the known laws of physics. 
It also means that anyth…