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Compounding the current issues was U.S. President Donald Trump announcing that he would double tariffs on steel and aluminum, which caused further pain to the Turkish lira. President Erdogan went as far as asking citizens to convert their dollars and other foreign currencies, including gold to Turkish lira.
To add even more fuel to the flames, Turkey’s annual inflation rate has reached estimates of over 100%, according to analysts. O’Leary posited that the mounting issues could put President Erdogan in a tenuous position that could cost him the presidency.
“Turkey is going to have to fix itself because it’s under tremendous pressure or this guy (President Erdogan) is going to lose his job,” said O’Leary. “Any of these leaders who let their people experience horrific inflation usually get wacked.”
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