Turkish lira slips as Trump unclear on sanctions

Turkey's troubled lira tumbled on August 13, 2018 to fresh record lows against the euro and dollar, piling pressure on stock markets on fears the country's crisis could spill over into the world economy.
Updated 19 July 2019

Turkish lira slips as Trump unclear on sanctions

  • At 0454 GMT, the lira was at 5.6295 against the dollar, easing from a close of 5.6150 on Thursday
  • The currency had firmed late on Thursday from levels around 5.7 earlier in the day after Trump said the United States is not currently looking at sanctioning

ISTANBUL: The Turkish lira weakened slightly early on Friday, giving up some of the gains made the previous evening as U.S. President Donald Trump was unclear over whether his administration was looking at imposing sanctions on Turkey.

His comments came following a U.S. decision to remove Ankara from the F-35 fighter jet programme after it began receiving delivery of the Russian S-400 missile defence system last week.

At 0454 GMT, the lira was at 5.6295 against the dollar, easing from a close of 5.6150 on Thursday. The currency had firmed late on Thursday from levels around 5.7 earlier in the day after Trump said the United States is not currently looking at sanctioning Turkey over its purchase of the Russian defence system.
But Trump appeared to contradict that comment later, saying such a move on sanctions was in fact under consideration, sparking confusion at a tense time for relations between the two NATO allies.

"It's a very, very difficult situation for a lot of reasons," Trump said, when asked if he had ruled out sanctions on Ankara. "So we're looking at it. We'll see what we do."
The first parts of the S-400 air defence system were flown to the Murted military air base northwest of Ankara last Friday, sealing Turkey's deal with Russia.


White House says Trump regrets not raising tariffs higher

US President Donald Trump arrives at the G7 summit in Biarritz, France, on Sunday. Trump had been trying to use the conference to rally global leaders to do more to stimulate their economies, as fears rise of a potential slowdown in the US ahead of his reelection. (AP)
Updated 26 August 2019

White House says Trump regrets not raising tariffs higher

  • President’s comments appear at first to mark a rare moment of self-reflection by the US leader

TOKYO: President Donald Trump said Sunday that he had second thoughts about escalating the trade war with China, but the White House later reversed that message saying the president was misinterpreted and that his only regret in hiking tariffs is that he didn’t raise them higher. Trump faced a tense reception from world leaders meeting amid mounting anxiety of a global economic slowdown at the Group of Seven summit in France. During a breakfast meeting with British Prime Minister Boris Johnson, Trump suggested he had qualms about the spiraling conflict. “Yeah. For sure,” Trump told reporters when asked if he has second thoughts about escalating the dispute, adding he has “second thoughts about everything.”
But hours later, White House press secretary Stephanie Grisham issued a statement saying Trump’s comments about US tariffs on China were “greatly misinterpreted.”
She said Trump only responded “in the affirmative — because he regrets not raising the tariffs higher.” The comments appeared at first to mark a rare moment of self-reflection by the famously hard-nosed leader. But the later reversal fit a pattern for Trump in recoiling from statements he believes suggest weakness.

HIGHLIGHTS

• President Donald Trump faced a tense reception from world leaders meeting amid mounting anxiety of a global economic slowdown at the Group of Seven summit in France.

• White House said comments about US tariffs on China were ‘greatly misinterpreted.’

Trump had been trying to use the conference to rally global leaders to do more to stimulate their economies, as fears rise of a potential slowdown in the US ahead of his reelection. Trump’s counterparts, including Johnson, are trying to convince him to back off his trade wars with China and other countries, which they see as contributing to the economic weakening.

US-Japan agreement
Trump and Japan’s Prime Minister Shinzo Abe announced on Sunday a deal in principle on a major bilateral trade deal.
“It’s a very big transaction,” Trump said after talks with Abe on the sidelines of the G7 summit.
“Billions and billions of dollars,” he said. “It involves agriculture, it involves e-commerce. It involves many things. We’ve agreed in principle.”

Amazon fires
Also on Sunday, French President Emmanuel Macron said that world leaders at the G7 summit have agreed to help the countries affected by the huge wildfires ravaging the Amazon rainforest as soon as possible.
“We are all agreed on helping those countries which have been hit by the fires as fast as possible,” he told journalists.