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US to Increase Tariffs2 on Turkish Aluminum3, Steel
President Donald Trump4 says the United States has decided5 to increase tariff1 rates on Turkish steel and aluminum.
Trump announced the action Friday on Twitter.
The tariff for steel imported from Turkey will now be 50 percent. Import taxes for aluminum will be 20 percent. That is two times the level announced earlier this year in March.
The United States is the biggest destination for Turkish steel exports. Turkey answered the March tariff announcement by placing its own tariffs on $267 million of U.S. goods.
Turkey said it would respond to the new U.S. tariff action “without delay” and warned the move would further harm relations between the two countries.
Trump tweeted that the latest tariff decision came as Turkey’s currency, the lira, “slides rapidly downward against our very strong Dollar.”
The lira’s value fell about 13 percent against the dollar on Friday. The currency is down about 40 percent so far this year.
Economic experts believe the sharp fall of the lira is mainly because of concerns about the government’s economic policies. The weakened currency’s value has helped increase inflation6 and worried international investors7.
Turkish President Recep Tayyip Erdogan won another term in office in June with expanded powers.
He has said Turkey’s economy remains8 strong, noting a 7.4 percent growth rate in the first three months of this year. But some investors fear the Turkish economy is growing too quickly and could face problems.
Erdogan has been putting pressure on the central bank not to raise interest rates in an attempt to help borrowers. But experts argue that the central bank should instead raise interest rates to ease inflation and to support the currency.
Erdogan has blamed outside forces for trying to bring down Turkey’s economy. On Friday, he said the country had to take steps in answer “to those who have waged an economic war against us.” He urged Turkish citizens to immediately exchange their gold and dollars for lira.
Relations "not good at this time"
In his tweet about the new tariffs, Trump said “Our relations with Turkey are not good at this time!”
One of the difficult issues affecting U.S.-Turkish relations is a dispute over an American clergyman who has been jailed in Turkey since December 2016.
Turkey has accused Andrew Craig Brunson of spying and “committing crimes on behalf of terror groups without being a member.” Brunson is on trial and faces up to 35 years in prison if he is found guilty.
The United States placed sanctions10 on two Turkish officials earlier this month because of Brunson’s case.
Erdogan said Turkey is not afraid of outside "threats." He added that the country will continue to enjoy good economic relations with several major nations. These include places "from Iran, to Russia, to China and some European countries," he said.
On Friday, Erdogan spoke11 by telephone with Russian President Vladimir Putin. A Russian government statement said the two discussed economic and trade ties, including the success of several joint12 projects.
I’m Bryan Lynn.
Words in This Story
tariff – n. a tax on goods coming into or leaving a country
destination – n. the place where someone or something is going
rapidly – adj. happening or moving very quickly
wage – v. to fight or organize in order to achieve something
commit – v. carry out or do something
behalf – n. someone’s interest or support
sanction9 – n. an order given to limit or stop trade under international law
1 tariff | |
n.关税,税率;(旅馆、饭店等)价目表,收费表 | |
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2 tariffs | |
关税制度; 关税( tariff的名词复数 ); 关税表; (旅馆或饭店等的)收费表; 量刑标准 | |
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3 aluminum | |
n.(aluminium)铝 | |
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4 trump | |
n.王牌,法宝;v.打出王牌,吹喇叭 | |
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5 decided | |
adj.决定了的,坚决的;明显的,明确的 | |
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6 inflation | |
n.胀大,夸张,通货膨胀 | |
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7 investors | |
n.投资者,出资者( investor的名词复数 ) | |
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8 remains | |
n.剩余物,残留物;遗体,遗迹 | |
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9 sanction | |
v.同意(某事),批准,认可;n.批准,国际制裁 | |
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10 sanctions | |
批准( sanction的名词复数 ); 认可; 制裁; 约束力 | |
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11 spoke | |
n.(车轮的)辐条;轮辐;破坏某人的计划;阻挠某人的行动 v.讲,谈(speak的过去式);说;演说;从某种观点来说 | |
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12 joint | |
adj.联合的,共同的;n.关节,接合处;v.连接,贴合 | |
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