Turkey's Agony Explodes As Trump Doubles Steel, Aluminum Tariffs

Just when you thought Turkey's moment of agony couldn't get any worse, it did moments ago when watching the collapse of the Turkish Lira and sensing perhaps that Erdogan's end is near, President Donald Trump blindsided the NATO member state with a tweet, announcing that he is doubling Turkey's steel and aluminum tariffs to 50% and 20%, respectively. Why? Because as he said "Our relations with Turkey are not good at this time!"

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!

Trump's ask: the release of Pastor Brunson, which Erdogan has so far staunchly refused to agree to.

In response, the Turkish Lira which already had its worst day ever, just plunged even more with the USDTRY surging as high as 6.3839, an all time high.

Meanwhile, the TUR ETF is crashing, and is down 15% in the premarket.