President Trump said Friday the U.S. will double tariffs on steel and aluminum for Turkey, noting the relationship between the two states “are not good at this time!”
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
A statement from the White House confirmed the president’s decision to pool reporters.
“As he stated, the President has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey. Section 232 tariffs are imposed on imports from particular countries whose exports threaten to impair national security as defined in Section 232, independent of negotiations on trade or any other matter,” it read.
The Turkish lira fell at least 13 percent Friday, as President Erdogan called for people to exchange their other forms of money to the lira. It was nearly 6 per dollar early Friday morning in D.C.
Turkey is currently under a 25 percent tariff on imported steel and 10 percent on aluminum, which went into effect in March.
On June 21, Turkey’s retaliatory tariffs went into effect on 4 to 70 percent of more than $1 billion worth of U.S. goods. The U.S. responded by filing a complaint against the country with the World Trade Organization.
This story is based in part on wire service reports.