President Donald Trump tweeted Friday that he authorized a doubling of steel and aluminum tariffs on Turkey amid a growing diplomatic dispute between the two countries that is causing a currency crisis for Turkish President Recep Tayyip Erdogan.
“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! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!” Trump wrote.
Losses in the Turkish lira deepened on Trump’s tweet, falling as much as 20 percent versus the U.S. dollar in Friday trading.