US President Donald Trump has doubled US tariffs on Turkish steel and aluminium, as the precipitous fall of the Turkish lira accelerates.
In a tweet, Mr Trump said the currency was weak against “our very strong dollar”, adding that “US relations with Turkey are not good at this time”.
Turkish President Recep Tayyip Erdogan said in a speech that the drop was part of a “campaign” led by foreign powers.
Relations between the two Nato allies have grown strained in recent months.
The two countries are at odds on a range of issues, from how to fight the so-called Islamic State to how to punish the alleged plotters of a failed 2016 coup in Turkey.
Most recently, President Trump issued sanctions on top Turkish officials over the ongoing detention of a US pastor who is facing terror and espionage charges in Turkey.
What is happening in Turkey?
In the past 24 hours, the lira has lost around 20% of its value. It had already fallen more than 40% in the past year.
In a televised speech on Friday, Turkish President Recep Tayyip Erdogan called on citizens to exchange foreign currency and gold for lira, calling it an “economic war”.
“This is a domestic and national struggle,” he said, as the lira continued to fall.
