What's The Deal With The Deepening Dispute Between U.S. And Turkey?
Turkey's currency is in a bad way.
That much is evident from the past week, which has seen the lira tumble in value at a breakneck pace. It has dropped more than 40 percent against the U.S. dollar on the year, with much of that plunge unfolding since the start of August. Before a modest rally early Monday, a single dollar bought about 7.2 lira — a grim new record for Turkey.
Amid this time of tumult, when one might expect a country to lean on its longtime friends, Turkey instead has found itself embroiled in an escalating diplomatic duel with an ally of some 66 years: the U.S.
Earlier this month the longtime NATO members engaged in a heated exchange of sanctions and threats of retaliation. Not long after that, President Trump said his administration would be on Turkish steel and aluminum — raising the levies to 50 percent and 20 percent, respectively, and helping encourage the lira's
