(CNBC) The Turkish lira added to its steep losses on Friday, hitting a record low after President Donald Trump announced he was doubling metals tariffs on Turkey.
The lira briefly fell 20 percent against the U.S. currency, reaching a record low, after Trump made the comment in a tweet. The currency last traded down 13.5 percent against the U.S. dollar.
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!
— Donald J. Trump (@realDonaldTrump) August 10, 2018
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