Trump says his tariffs against Turkey are the 'strongest you can imagine.' Markets and economists say otherwise.
Trump says that his penalties, which include sanctions on individual ministers and a 50% tariff on Turkish steel exports to the U.S., are the "strongest you can imagine."Turkey's lira rose on Tuesday after the tariffs Trump had threatened came up less serious than markets expected.
He told media on Tuesday that "We're being very tough on Turkey and a lot of others … we're asking for a cease-fire, we put the strongest sanctions that you can imagine … including massive tariffs on steel, they ship a lot of steel to the U.S., they make a lot of money shipping steel, they won't be making so much money."
Much of the fall last year was on the back of temporary 50% steel tariffs issued over the Turkish detention of Andrew Brunson, an American pastor accused of involvement in Turkey's 2016 attempted coup. The Trump administration cut the tariffs down to 25% last May.
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