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EU Bank Concerns Grow over Lira After Trump Doubles Turkey Tariffs

EU Bank Concerns Grow over Lira After Trump Doubles Turkey Tariffs

The panic has prompted investors to dump eurozone bank shares, with BBVA, UniCredit, and BNP, which have significant operations in Turkey, the worst effected.

Shares in Spain’s BBVA were down 5.7 percent late on Friday, Italy’s UniCredit off 6.4 percent, and France’s BNP Paribas dropping 4.4 percent, all exceeding a 4.3 percent drop in the euro zone bank index, according to Reuters.

President Donald J Trump tweeted on Friday that “Our relations with Turkey are not good at this time!” adding that he had “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!”

The President had tweeted at Turkey’s Islamist President Recep Tayyip Erdo?an last month to free Pastor Brunson, writing: “He has been held hostage far too long.

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!

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