The Turkish lira fell as much as 20% versus the dollar Friday after President Donald Trump said he would double the rates of tariffs on Turkish steel and aluminum.
Washington recently imposed sanctions on Ankara over a detained American pastor.
Turkish President Recep Tayyip Erdogan called on citizens to convert other currencies and gold into lira.
Watch the lira trade in real time here.
Turkey’s currency plunged to fresh all-time lows against the dollar Friday after President Donald Trump announced in a tweet that he would double tariffs on Turkish aluminum to 20% and on Turkish steel to 50%.
“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!” the president wrote on Twitter. “Our relations with Turkey are not good at this time!”