On August 10, US President Donald Trump authorized a decision to double the steel and aluminum tariffs already in place against imports from Turkey. “Aluminum will now be 20% and Steel 50%,” Trump wrote in his Twitter account.
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!
— Donald J. Trump (@realDonaldTrump) 10 August 2018
Following the announcement of new tarrifs, the exchange rate of the Turkish lira fell by more than 16% to the US dollar and once again reached the all-time low.
Earlier, President Recep Tayyip Erdogan said his country will respond to those who had started an “economic war” against it and called on Turkish citizens to not panic.