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Pay Attention To Machine Knife Business With Turkey Now
- Aug 28, 2018 -

Since the United States announced sanctions against Turkey, Turkey has entered a crisis mode. On August 10th, as Trump announced that it would double the tariff on steel and aluminum imported from Turkey, that is, 50% and 20% respectively, the Turkish lira fell by 20% against the US dollar to 6.87, the largest since 2001. A one-day drop. According to statistics, since the lowest point of this round of adjustments this year, the depreciation of the lira is about 48%.

The United States is considering a fine of several billion dollars for the Turkish People's Bank (Halkbank), one of Turkey's largest state-owned banks, on the grounds of helping Iran to evade US sanctions. This blow made the fragile Turkish financial industry worse.

Many foreign traders have already said that "after the sanctions imposed by the US economy, the customers said that they could not get the money." "The lira is devalued, and the new customers are finally lost."

On the one hand, US sanctions will tighten the US dollar channel, and many Turkish businessmen will not find payment channels. Banks in China will also tighten their collections and need to be reviewed. More importantly, when the sharp and rapid depreciation of the currency will cause the cost of local importers to rise, some Turkish merchants will choose to suspend trade and even suspend payment.

If you have machine knife business with Turkish customers, better wait and see now.