Seems like an entirely rational and reasonable response:
The Turkish lira added to its steep losses on Friday, hitting a record low after President Donald Trump announced he was doubling metals tariffs on Turkey.
The lira briefly fell 20 percent against the U.S. currency, reaching a record low, after Trump made the comment in a tweet. The currency last traded down 13.5 percent against the U.S. dollar.
The White House later said in a statement: “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.”
So far there has been no confirmation to CNBC of the new tariff policy from the U.S. Department of Commerce.
Trump’s tweet and the White House comment came after Turkish President Recep Tayyip Erdogan asked citizens to convert their dollars and other foreign currencies as well as gold holdings to lira.
“Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks. This is a domestic and national struggle,” Erdogan said, according to an Associated Press translation.
Erdogan said Turkey was facing an “economic war” and noted the country would respond to those countries who had started it.
“We are facing economic attacks today, and we need to defend our country,” Erdogan said, according to a separate translation. “The economic attack against us now is the same as the coup attempt against us. I’m urging our country to increase outputs, to increase exports.”
Now and perhaps “coincidentally,” Turkish lawyers are demanding that the government arrest a dozen U.S. military personnel at the Incirlik base in Turkey for having ties to the “terrorists” that tried to overthrow Erdogan in a coup attempt. One has to ask: is it really a good idea to house dozens of nuclear weapons inside of a country that is threatening to march in and raid
A group of independent Turkish lawyers has petitioned the country’s courts to arrest nearly a dozen U.S. military personnel over alleged links to a coup attempt against President Recep Tayyip Erdoğan in 2016 and a leaked document purports to show that they were directly involved in planning the plot. These latest accusations again call into question whether it still makes sense for the U.S. government to store dozens of nuclear weapons at Incirlik Air Base in the country or even use that facility as a springboard for conventional military operations.
The Turkish legal non-governmental organization Association for Social Justice and Aid, which includes prominent backers of Erdoğan’s government and enjoys support from the country’s authorities, filed the charges with the Adana Chief Public Prosecutor’s Office on Aug. 3, 2018. The 60-page criminal complaint also calls for Turkish officials to shut down U.S. military flights from Incirlik, a portion of which the U.S. Air Force has sole control over, and execute a search warrant at the facility to look for additional evidence. So far, the Turkish government does not appear to have acted on any of the charges.
Tay-Der, #Erdogan’s front outfit run by thugs and criminals, files criminal complaint today, asking for the arrest of American officers in #Turkey’s Incirlik Air Base where NATO and US troops deployed. https://t.co/FuBa6chx4t