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Turkey shaken by financial fears, Trump rattles it further

San Francisco Chronicle
Turkey shaken by financial fears, Trump rattles it further

ANKARA, Turkey (AP) - A financial shockwave ripped through Turkey on Friday, when its currency nosedived on concerns about its economic policies and a dispute with the U.S., which President Donald Trump stoked further with a promise to double tariffs on the NATO ally. The lira tumbled 14 percent in one day, to 6.51 per dollar, a massive move for a currency that will make the Turkish poorer and further erode international investors' confidence in the country. The currency's drop - 41 percent so far this year - is a gauge of fear over a country coming to terms with years of high debt, international concern over President Recep Tayyip Erdogan's push to amass power, and a souring in relations with allies like the U.S.