Turkey Lira crisis to ‘spark WW3’ Erdogan phones Putin in emergency call as Trump hits out | World | News
The two leaders spoke by phone earlier today to discuss economic ties amid the deepening crisis.
A Kremlin source said they talked about projects such as energy, just hours after Donald Trump weighed in on the economic crisis by declaring more Turkish sanctions via Twitter.
Donald Trump tweeted: “I have just authorised 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! Aluminium will now be 20 percent and Steel 50 percent. Our relations with Turkey are not good at this time!”
Shares of Turkish steelmakers Kardemir and Erdemir plunged as much as eight percent and 9.9 percent respectively after Trump’s tweet.
Both the US and Turkey have been at loggerheads over the detention of US evangelic pastor Andrew Brunson on terrorism charges.
The lira stood 5.75 against the dollar on Friday morning.
This was a weakening further from Thursday’s 5.55.
The decline comes amid Turkey’s rift with the US.
Turkey’s turmoil hits Wall Street as the Dow Jones Industrial Average fell more than 200 points.
It comes amid a widespread selloff in global stocks as the Turkish lira tumbled due to concerns over the country’s economy and deepening rift with the US.
Erdogan urged Turks to help defend the country against “economic war” against the country.
He appealed to a crowd in the city of Bayburt to exchange dollars and gold for Turkish lira to prop up the plunging currency.
The president then made a second address in Gumushane.
He repeated a line from his earlier speech in which he said: “If there is anyone among you who has gold, dollar, euros under your pillows, you should take it to banks and sell for liras.”