15 August 2018

Trump's 'doubling' of tariffs violates WTO rules

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Turkey's Trade Ministry Friday said additional steel and aluminum tariffs announced by U.S. President Donald Trump violate the rules of the World Trade Organisation (WTO) amid mounting tension between the two NATO allies. informs citing DS.

"Turkey expects other member countries to abide by international rules," the ministry said in a statement, adding that it would support steel and aluminum exporters in all international platforms, adding that the United States remained an important trade partner.

Turkish Trade Minister Ruhsar Pekcan said in a statement: "Repeated efforts to communicate to the U.S. administration that none of the stated criteria driving America's tariffs are applicable to Turkey have thus far proven fruitless."

"Nevertheless, we implore President Trump to return to the negotiating table – this can and should be resolved through dialogue and cooperation."

The foreign ministry also released a statement Friday and warned the U.S. that sanctions and pressure would only serve to harm ties between the two NATO allies, adding Ankara would continue to retaliate as necessary against U.S. tariffs.

Foreign Ministry spokesman Hami Aksoy also said in a statement that Turkey wanted issues to be solved through diplomacy, dialogue, good intentions and bilateral understanding.

Trump announced a doubling of steel and aluminum tariffs on Turkish imports days after a Turkish delegation returned from Washington with no progress on the detention of American pastor Andrew Brunson, who is under house arrest in Turkey on terrorism charges.

"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 percent and Steel 50 percent," he said in a Twitter post.

"Our relations with Turkey are not good at this time!" Trump said.

Turkish President Recep Tayyip Erdoğan remained defiant and said Turkey will not be brought to its knees with economic manipulations.

Meanwhile, the U.S. dollar exchange hit 6.41 early Friday before easing slightly, while it stood at around 5.46 as of 5 p.m. local time on Thursday.

The dollar/lira exchange rate was at the level of 6.46 at around 8:00 p.m. local time on Friday.

2018.08.10 / 23:14
See also

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Brexit: Over 100 UK seats ‘switch’ from Leave to Remain

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Can Turkey rely on the Lira in International Trade?

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