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Turkey's Currency Takes A Hard Hit

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Turkey's currency plunged to fresh all-time lows against the dollar Friday. This after President Donald Trump announced in a tweet that he would double tariffs on aluminum to 20% and on steel to 50%. Business Insider reports that the president wrote in a tweet, "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 Dollar Our relations with Turkey are not good at this time!" The lira dropped as much as 17% against the dollar, its steepest daily drop in nearly two decades.

Added on the 10/08/2018 09:50:52 - Copyright : Wochit

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