TROUBLE IN TURKEY: Currency PLUNGES 20% After Trump DOUBLES Metal Tariff

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The Turkish lira plunged 20% Friday after President Trump announced he would be doubling the import tariff on metal produced in that country, sending Turkey’s currency to a record low against the US dollar.

Turkish President Erdogan urged all residents to rapidly convert dollars and other foreign currency into liras, saying the nation was facing an escalating financial crisis that would likely get worse in the coming weeks.

“Change the euros, the dollars and the gold that you are keeping beneath your pillows into lira at our banks. This is a domestic and national struggle," Erdogan said according to CNBC.

The President announced the stiff tariffs on social media Friday morning, saying he was “authorizing a doubling of tariffs on steel and aluminum with respect to Turkey.”

The President threatened to levy harsh tariffs on Turkey last month, demanding the release of an American pastor currently held by Erdogan’s government.

Read the full story at CNBC.