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Turkey shaken by financial fears, Trump rattles it further

BayToday.ca
Turkey shaken by financial fears, Trump rattles it further

ANKARA, Turkey — A financial shockwave ripped through Turkey on Friday as 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 13 per cent in one day, to 6.51 per dollar, a massive move for a currency that will make the Turkish poorer and further shake international investors' confidence in the country. The currency's drop — 40 per cent so far this year — has become a gauge of fear over a country facing the fallout of years of debt-fueled growth, international concern over President Recep Tayyip Erdogan's push to amass power, and a souring in relations