Trump authorizes doubling of tariffs on Turkey's steel, aluminum

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In a bit of a "risk off" move, it makes sense that the Euro would fall against the greenback of all currencies, as it has been strengthening anyway.

Andrew Brunson has been in Turkish custody since 2016, when he was arrested on charges of terrorism and support of a group held responsible for an attempted coup of Turkish President Recep Tayyip Erdogan.

The Turkish lira hit a record low on August 10 after President Donald Trump authorized the doubling of tariffs on imports of Turkey's steel and aluminum.

Trump said Friday on Twitter that he authorized a new 20 percent tariff on aluminum and 50 percent tariff on steel from Turkey.

President Tayyip Erdogan denied on Saturday that Turkey is in a currency crisis, dismissing a plunge in the lira as "fluctuations" unrelated to the country's economic fundamentals.

On Friday, Erdogan asked Turkish citizens to sell off their gold and dollars and exchange them for the lira, in an attempt to prop up the currency.

"If they have their dollars, we have our people, our God".

-Turkish relationship, a deterioration made worse by Turkey's worsening human rights record and increased cooperation with Russian Federation and Iran in Syria.

Iranian Foreign Minister Javad Zarif said: "Trump's jubilation in inflicting economic hardship on its North Atlantic Treaty Organisation ally Turkey is shameful".

He added: "If there are dollars under your pillow, take these out".

First lady Melania Trump's parents have been sworn in as United States citizens
The Slovenian immigrants, a former vehicle dealer and textile factory worker, had been living in the U.S.as permanent residents. Viktor Knavs was a auto salesman in the Slovenian town of Sevnica, while his wife Amalija worked at a textile factory.

Investors also cited what they say is a lack of intervention from authorities to address the lira's weakness as a key reason for the consecutive daily falls.

Turkey imposed $266.5 million in tariffs against the U.S. in June, targeting American imports of coal, paper, walnuts, almonds, tobacco, whiskey and machinery, amongst other items.

The New York Times suggested that Trump could also be trying to offset the effects of Turkey's weakened currency on the existing tariffs. In his speech in the northeastern city of Bayburt, Erdogan added that he would decisively defend the country against economic attacks.

Washington has demanded the pastor's release and imposed financial sanctions on two Turkish ministers and warned of additional measures.

"The markets have lost confidence in the triumvirate of President Erdogan, his son-in-law as finance minister and the Turkish Central Bank's ability to act as it needs to", said Charles Robertson, global chief economist at Renaissance Capital.

"Unless the United States starts respecting Turkey's sovereignty and proves that it understands the dangers our nation faces, our partnership could be in jeopardy", he wrote.

He also said increasing production, exports and employment was the best response to the country's challenges.

Turkish authorities arrested Brunson in December 2016, claiming that he was a spy and was linked to a failed plot to overthrow the government.

The United States and Japan on Thursday began what the two sides call "free, fair and reciprocal" negotiations on trade, with the discussions due to continue on Friday. "This is a domestic and national struggle".

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