Trump issued sanctions
against Turkey and threatened a 50% steel tariff and a 25% aluminum tariff on
Turkey. The stock market reacted on 8/10/18 as the Turkish Lira dropped. In
addition, Turkey announced they will ignore Trump’s sanctions on Iran and will
keep buying natural gas from Iran.
Turkey has
over-borrowed and is in danger of missing its loan payments, so their currency,
the Turkish Lira has fallen in value.
They need to make these payments in US dollars and will need to convert
their Lira into dollars to make these payments.
Turkey has a
population of 82 million and a land area of 302,535 square miles. It is a
Muslim country that is in the EU and NATO and has trade agreements everywhere.
GDP is $850 billion, Per capita GDP is $10,512.Labor force is 32 million,
Population below poverty is 22%. Unemployment is 10% and Inflation is 15%. GDP
by sector is services 55%, industry 27% and agriculture 17%.
Main industries
include petroleum, mining, steel, copper, chromate, boron, coal, lumber, paper,
textiles, food processing, autos, electronics and tourism.
Exports are $157
billion including Germany 9.6%, UK 6.1%, UAE 5.9%, Iraq 5.6%, US 5.5%, Italy
5.4%, France 4.2%, Spain 4%.
Imports are $234
billion including China 12%, Germany 10.3%, Russia 9.9%, US 5.4%, Italy 5.1%.
Government revenue is
$225 billion vs spending of $234 billion. Debt to GDP is 27%. External debt to foreign banks is high at
$410 billion.
Norb Leahy, Dunwoody
GA Tea Party Leader
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