Furthermore, compounding the current issues was U.S. President Donald Trump announcing that he would double tariffs on steel and aluminum, which further hampered the Turkish lira. The situation reached dire straits as Turkish President Recep Tayyip Erdogan went as far as asking citizens to convert their dollars and other foreign currencies, including gold to Turkish lira.
“We are never accepting this order which declared economic war to the entire world and which held countries to ransom through sanction threats,” Erdogan said.
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