US stocks open broadly lower on Turkish crisis. Selling accelerates after Trump double down the tariffs on Turkish steel and aluminum. So, does it justify Erdogan’s claim that they’re under “economic attack”?
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% and Steel 50%. Our relations with Turkey are not good at this time!
— Donald J. Trump (@realDonaldTrump) August 10, 2018
At this time of writing, DOW is down -0.9% or -2340 points. Focus in on 25120.07 support. As long as it holds, recent bullish run from 23997.21 is still on course for 25800.35 resistance. But a firm break there should indicate near term reversal.
