At the 13th G20 Summit in Argentina, Chinese President Xi Jinping and Trump reached an agreement on December 1. It was decided there would be a 90-day pause before fresh tariffs were imposed. The two sides agreed to step up negotiations during the truce to remove all additional tariffs and reach a win-win deal.
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.