In August, Turkish lira met a sharp drop by 18 percent, the biggest in a single day since the Turkish financial crisis in 2001. The fall of lira came after Trump’s announcement that the tariffs on steel and aluminum imports from Turkey would be doubled. Turkey is the eighth largest steel producer in the world and the sixth largest source of U.S. steel imports.
FOCAC has been an important engine for China-Africa collaboration, promoting cooperation in trade, investment, project contracting, cultural exchanges, finance and security. It also becomes an important platform for China and Africa to enhance cooperation under the framework of the Belt and Road Initiative in the new era. The Beijing Summit adopted the Beijing Action Plan (2019-2021), drawing the roadmap for China-Africa cooperation in the upcoming years.