Lira tumbles as US terminates Turkey's preferential trade treatment
|Reuters reported the latest headlines on trade last minutes, citing that the US terminated the preferential trade agreement with Turkey, as announced by the White House.
Key Details:
Had been allowing some of the country's exports into the US duty-free, but not anymore.
The White House statement: The decision will be effective on Friday, May, 17th.
FT adds: “The US cutting tariffs on Turkish steel to 25 percent from 50 percent.
Reversing a controversial decision taken last August by President Donald Trump to double them
… a sharp drop in steel imports from Turkey over the past year. "Given these improvements, I have determined that it is necessary and appropriate to remove the higher tariff on steel imports from Turkey," Mr. Trump said.”
The Turkish Lira fell to fresh three-day lows versus its American peer on the above headlines, driving the USD/TRY cross to 6.0949 levels.
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