Skip to main content

Turkish lira plunges as Trump hits Ankara with increased tariffs

US President Donald Trump's tweeted promise to double tariffs on steel and aluminum has pushed Turkey's currency into yet another tumble.
U.S. President Donald Trump and Turkish President Tayyip Erdogan speak at the start of the NATO summit in Brussels, Belgium July 11, 2018.   REUTERS/Reinhard Krause - RC1E8AE4CB40

Ankara’s rocky relations with Washington took a further hit as President Donald Trump lobbed fresh salvos via Twitter against Turkey, plunging the sagging Turkish lira to new lows against the dollar. The Turkish currency shed about 17% of its value in a single day.

Trump struck a vengeful note, announcing, “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 our very strong Dollar!” He added, “Our relations with Turkey are not good at this time!”

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.