Tensions between the US and Turkey continued to rise on Friday, with President Trump announcing that he is doubling tariffs on steel and aluminium coming out of Turkey. Trump added that relations between the two nations “are not good.”
This comes just over a week after the US had already sanctioned two top Turkish cabinet officials, and a day after Turkish lawyers filed criminal complaints seeking the arrest of a number of high-ranking US Air Force officers at Incirlik Air Base.
The additional US sanctions sent markets down worldwide, but especially across Europe. Turkey’s lira dropped 14% over the course of the day to a multi-year low. Trump bragged about that the lira “slides rapidly downward against our very strong Dollar!”
Turkey’s President Erdogan urged Turks to sell all gold and US dollars they hold and buy the lira to support the country. He also told them to put their trust in God. This is the biggest one-day fall in the lira since the 2001 Turkish financial crisis.