Topic: Turkish Lira Plunges, Dollar Hits Year High. Global stock markets are tanking.
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HILLARY 2020


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President Donald Trump said he would double steel and aluminum tariffs on Turkey, deepening tensions over the country’s refusal to free an American pastor and amplifying an economic crisis that sent the lira down sharply on Friday.

Mr. Trump said on Friday in a tweet that the U.S. would impose aluminum tariffs of 20% and steel tariffs of 50% on Turkey. The threat came more than a week after the U.S. imposed sanctions against two top Turkish officials over the detention of Pastor Andrew Brunson, a 50-year-old North Carolina native who was arrested three months after a failed July 2016 military coup.

Earlier on Friday, Turkey President Recep Tayyip Erdogan struck a defiant tone Friday, saying the country would prevail in what he called an “economic war.”

The Turkish lira fell nearly 14% against the dollar on Friday, amid concerns about Turkey’s foreign debts. Turkey’s external debt to gross domestic product is above 50%, one of the highest among developing economies.

The Treasury Department last week moved to prevent Americans from doing business with Turkey’s ministers of justice and interior, both of whom the U.S. accused of “serious human rights abuses” for their roles in detaining Mr. Brunson.



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