After the announcement of doubling tariffs by US president Mr Donald Trump the economic crises of Turkey has become worse. These US import tariffs are primarily imposed on Turkish steel and aluminium. This has had a major impact on the country’s currency free fall and the financial markets. This sudden move by the US has also affected the European banks with prominent operation in Turkey as their shares also dropped significantly. This move has led to immense dissatisfaction as has been said by the Turkey’s trade Minister, Ruhsar Pekcan. Emergency support from the International Monetary Fund is also being considered by the country to save itself from the deepening economic crises.
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This post has been authored by Anushna Mishra, a Second Year Student of West Bengal National University of Juridical Sciences, Kolkata.
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