A man checks foreign currency exchange rates outside a currency exchange shop in an Istanbul’s market, Friday, Aug. 10, 2018. A financial shockwave ripped through Turkey on Friday as its currency nosedived on concerns about its economic policies and a dispute with the U.S. (AP Photo/Mucahid Yapici)

OAN Newsroom
UPDATED 10:34 AM PT — Fri. August 10, 2018

President Trump has authorized the doubling of steel and aluminum tariffs on Turkey amid heated tensions over detainment of an American pastor.

The president announced the move on Twitter Friday, saying turkey’s currency is rapidly declining against the U.S. dollar.

He added, America’s current relationship with Turkey is on a downward spiral.

This comes as the Trump administration plans to slap a 20-percent tariff on aluminum and a 50-percent tariff on steel.

The increase in tariffs is considered a blow to the value of Turkey’s lira, which reportedly fell further after the president’s announcement.

The post President Trump Authorizes Doubling of Steel and Aluminum Tariffs on Turkey appeared first on One America News Network.

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