UPDATED 10:34 AM PT — Fri. August 10, 2018
President Trump has authorized the doubling of steel and aluminum tariffs on Turkey amid heated tensions over detainment of an American pastor.
The president announced the move on Twitter Friday, saying turkey’s currency is rapidly declining against the U.S. dollar.
He added, America’s current relationship with Turkey is on a downward spiral.
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) August 10, 2018
This comes as the Trump administration plans to slap a 20-percent tariff on aluminum and a 50-percent tariff on steel.
The increase in tariffs is considered a blow to the value of Turkey’s lira, which reportedly fell further after the president’s announcement.