International News

Donald Trump announces higher tariffs on steel and aluminium imported from Turkey

The Turkish lira plunged more than 20% against the dollar after the announcement.

United States President Donald Trump on Friday announced the imposition of higher tariffs on metal imports from Turkey, reported Reuters. He said his country’s relations with Turkey – an ally in the North Atlantic Treaty Organisation – were “not good at this time”.

Trump said he had authorised a doubling of duties on aluminium and steel imported from Turkey, to 20% and 50% respectively. According to the White House, Trump will employ a section of US law, which allows for tariffs on grounds of national security, claiming that excess of steel and aluminium harmed US companies and its economy.

The White House later clarified that the President’s announcement “authorised the preparation of documents”, reported AFP. The decision could take some time to come into effect.

The two countries have been embroiled in a spat over the detention of American pastor Andrew Brunson, the Syrian civil war, and other diplomatic matters. Earlier this month, the US imposed sanctions on senior Turkish officials, which led to retaliatory measures by Ankara, according to AFP.

On Wednesday, a Turkish delegation met both officials of the State and Treasury Departments to resolve some of the disputes. However, there was no sign of a breakthrough, Reuters reported.

The announcement led to the Turkish lira plunging more than 20% against the dollar, reported The Guardian. Investors in Turkey are opting to buy the dollar, yen, and other safe assets in a financially volatile market. Over the last year, the lira has dropped by almost 50% against the dollar.

Meanwhile, Turkish President Recep Tayyip Erdogan called on citizens to support the struggling lira, exhorting them to exchange their dollars and gold for the national currency, reported AFP. “We will not lose the economic war,” state-run TRT Haber television quoted Erdogan as saying. “If you have dollars, euros or gold under your pillow, go to banks to exchange them for Turkish lira. It is a national fight.”

Support our journalism by subscribing to Scroll+ here. We welcome your comments at letters@scroll.in.
Sponsored Content BY 

Innovations in payment options are making premium products more accessible

No need for documentation or applications to own high-quality items

Credit cards have long been associated with an aspirational lifestyle. The ability to buy something out of your wish list without needing to pay the entire amount can tempt even the most disciplined shoppers. A designer couch, the latest mobile phone, a home entertainment system or a car, as long as you can pay back the borrowed amount within the grace period, your credit card purchases know no bounds.

However, credit cards, pre-approved or not, come with a number of complications. The tedious application procedure starts with the collection and submission of various documents. Moreover, there are several reasons your credit card application might get rejected including low income that compromises your repayment capability, certain occupations or work history, mistakes in the application form, possession of multiple cards or even a failed physical verification attempt. While applying for a credit card might have become easier, the success of the application can take time and effort.

Credit card owners are regaled with benefits all year round with attractive EMIs, offers on purchases, airline miles, lounge access, cashbacks and a plethora of exclusive deals. It’s worth noting that debit card owners don’t get even half of these benefits and offers, despite the sheer size of the debit card customer base in the country (846.7 million compared to 36.2 million credit card holders).

This imbalance of finance and purchase options between credit card and debit card owners is slowly changing. For instance, the new EMIs on debit card feature on Flipkart ensures affordability and accessibility to Indian consumers who don’t own credit cards. The payment innovation increases the purchasing power of the consumer. By providing credit access to non-credit card holders, expensive and high-quality products are made more affordable for a large base of customers without denting their cash flow. The video below comically captures a scenario that people who don’t own a credit card will relate to.

Play

Flipkart’s EMIs on debit card feature doesn’t require a minimum account balance, documentation, nor does it charge a processing fee, making online shopping a seamless experience even for more high-end products. To find out if you’re eligible for EMIs on debit card, see here.

This article was produced by the Scroll marketing team on behalf of Flipkart and not by the Scroll editorial team.