Tariffs On Turkish Steel And Aluminium Effect Lira
According to Reuters, Turkish President Tayyip Erdogan urged citizens to sell their gold and US dollars for lira.
The Turkish lira is down 40-percent on the year, but the currency has been in free fall since US President Donald Trump announced additional tariffs on Turkish steel and aluminium imports.
But on the day for August 10th, the lira is down about 18-percent against the dollar.
President Trump stated he has authorized higher tariffs on Turkey, which is a NATO ally.