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Trump doubles metal tariffs on Turkey as lira falls by 20%

Trump doubles metal tariffs on Turkey as lira falls by 20%

World
President Donald Trump has doubled US tariffs on Turkish steel and aluminium, as the precipitous fall of the Turkish lira accelerates. In a tweet, Mr Trump said the currency was weak against "our very strong dollar", adding that "US relations with Turkey are not good at this time". Turkish President Recep Tayyip Erdogan said in a speech that the drop was part of a "campaign" led by foreign powers.Turkey also warned it would retaliate against the US tariffs move."The United States should know that the only result that such sanctions and pressure will bring... will be harming our relationship as allies," the Turkish foreign ministry said in a statement.The two Nato members are at odds on a range of issues - how to fight the Islamic...
Turkish lira at record low as Trump doubles tariffs

Turkish lira at record low as Trump doubles tariffs

Business
Turkey's currency slumped to a new record low as Donald Trump compounded the country's economic crisis by doubling steel and aluminium tariffs. The US president revealed the action on Friday as he noted how the Turkish lira "slides rapidly downward" against the "very strong" US dollar.Amid an escalating feud with Ankara, Mr Trump added on Twitter: "Our relations with Turkey are not good at this time!"The day saw the lira plunge as much as 18% at one point, the biggest one-day drop since Turkey's 2001 financial crisis.Now at a new record low, Turkey's currency has lost more than 40% this year. Image: Donald Trump claimed 'relations with Turkey are not good at this time!' The slump is attributed to the tensions...
Trump: US and EU agree to work towards lower trade barriers

Trump: US and EU agree to work towards lower trade barriers

World
The US has agreed to work towards lowering trade barriers with the European Union, Donald Trump said on Wednesday after a meeting with European Commission chief Jean-Claude Juncker.The two would work for zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto goods, he said.They also agreed to increase trade in services and agriculture, including greater US soy bean exports to the EU.The agreements come amid heightened tensions between the US and EU.The two leaders diffused what had threatened to become a trade war between the two blocs, fuelled by tariffs set by Mr Trump on European steel and aluminium exports, and threats to expand the tariffs to cars.The relationship between the US and Europe had been further fr...
Trump targets Obama-era critics' security clearances

Trump targets Obama-era critics' security clearances

World
President Donald Trump is considering revoking security clearances for ex-CIA Director John Brennan and other Obama-era critics of his administration.The White House named six former intelligence, law enforcement and national security chiefs.Press secretary Sarah Sanders said they had "politicised and in some cases monetised their public service" to make "baseless accusations" about Mr Trump.But at least two of them no longer have security clearance.In Monday's scheduled news conference, Mrs Sanders also cited: James Comey, former FBI director Andrew McCabe, former FBI deputy director James Clapper, former Director of National Intelligence National Susan Rice, former National Security Adviser Michael Hayden, former National Sec...
Trump 'ready' to impose tariffs on all Chinese goods

Trump 'ready' to impose tariffs on all Chinese goods

Business
Donald Trump said he is "ready to go" with tariffs on an additional $ 500bn of imports from China.  "We are being taken advantage of and I don't like it," Trump said in an interview with CNBC. "We're down a tremendous amount."He added: "I'm ready to go to 500."China exported goods worth $ 505.5bn to the US in 2007, compared to $ 129.9bn of American goods sent to China.Earlier this month, the US imposed 25% tariffs on $ 34bn of Chinese imports. China hit back with its own levies.The Trump administration is threatening to impose fresh tariffs of 10% on another $ 200bn of Chinese goods, which Beijing has called "totally unacceptable." China, the European Union and others have been manipulating their currencies and interest rates lower, whi...