Atweet by U.S. President Donald Trump last Friday shook the Turkish markets. It said: "I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20 percent and Steel 50 percent. Our relations with Turkey are not good at this time!"
Following Trump's remark, the Turkish lira rapidly depreciated against the U.S. dollar. The situation was made worse when big banks based in London and Tokyo bought U.S. dollar by borrowing in Turkish lira after Turkish markets closed.
But thanks to its strong banking system and stable economy administration, Turkey managed to stop the economic attack openly mentioned by Trump. Though not as fast as its appreciation against the Turkish lira, the U.S. dollar has entered a downward trend. Ankara's objective now is to take measures against the long-term effects of the operation.
However, the Trump administration, which is doing the exact opposite of what it promised before coming to power, does not have an easy task this time. This is because Trump's menacing and crisis-building attitude toward other countries that do not fulfill his requests, go against the international law and diplomatic conventions. It has turned into a global problem.
The U.S.-driven abnormal currency movement in Turkey or U.S. sanctions against Iran and Russia are affecting other countries too. Countries that work with banks in these countries and have well-established trade relations with the U.S.-targeted states are also rebelling against Trump's arbitrary remarks and actions.
Countries led by Germany, Italy, the U.K., Spain, Turkey, China and Russia are discussing the use of other reserve currencies instead of the dollar in foreign trade in order to undermine U.S. hegemony. They are planning to implement the equivalents of quotas, which have been introduced by Trump by intervening into the free markets, against Washington.
There is no need to be a soothsayer to say that this wave, which affects the world markets, will affect U.S. stock exchanges and trade as well. Moreover, Germany considers Trump's decisions to be "unlawful" and supports Turkey. It also announced that it will not recognize U.S. sanctions against Iran, in an indication of a rising political crisis.
Yes, Trump has pushed the balances this time by trying to intervene in the internal affairs, judiciary and trade of independent countries. And this time, along with all the peoples of the world, U.S. citizens will also be a partner to the price. Before the November elections, the world must stop Trump, who is trying to burn the world to cycle the debt that has gone up to 103 percent!
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