The Turkish lira added to its steep losses on Friday, hitting a record low after President Donald Trump announced he was doubling metals tariffs on Turkey. The lira briefly fell 20 percent against the U.S. currency, reaching a record low, after Trump made the comment in a tweet. The currency last traded down 13.5 percent against the U.S. dollar.

The White House later said in a statement: “As he stated, the President has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey. Section 232 tariffs are imposed on imports from particular countries whose exports threaten to impair national security as defined in Section 232, independent of negotiations on trade or any other matter.” So far there has been no confirmation to CNBC of the new tariff policy from the U.S. Department of Commerce. READ MORE