With Turkey’s currency crashing, the government’s response has been to blame outsiders and double down on bad economic policy that is only making it worse. The Turkish lira had lost 44 percent of its value against the dollar this year before recovering slightly overnight. And there are already signs that it’s dragging down markets in Asia.
The crisis accelerated last Friday after President Trump promised to double tariffs on Turkish exports because of Turkey’s continued detention of American Pastor Andrew Brunson. Turkish President Recep Tayyip Erdoğan said Monday his nation is under siege, accusing the U.S. of stabbing an ally in the back. Today he announced a boycott of US electronics. READ MORE
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