Turkey+faces+financial+turmoil+over+US+tariffs
Saturday, 11 August 2018 - 8:49
Turkey faces financial turmoil over US tariffs
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Turkey says doubled tariffs on Turkish steel and aluminium announced by US President Donald Trump are against the rules of the World Trade Organisation (WTO).
 
"Turkey expects other member countries to abide by international rules," the country's trade ministry said in a statement.
 
It said it would support steel and aluminium exporters on all international platforms, and the US remained an important trade partner.
 
The Turkish lira dropped as much as 18 percent at one point after Trump's announcement — the biggest one-day fall since a 2001 financial crisis in the country.
 
This year, it lost more than 40 percent.
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